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Volume 4 Number 41 October 12, 2007 |
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CONSUMER
SERVICES HELPLINE
800-342-2762 |
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Fellow Floridian:
Two momentous events occurred this week that are
generating more conversations about climate change and the urgent need to
understand and address the risks we all face. One of those events was the
death of Tim Wagner, Nebraska Insurance Director, who also served as
co-chairman of the Climate Changes and Global Warming Task Force of the
National Association of Insurance Commissioners. The other event was the
announcement that former Vice President Al Gore and a United Nation’s panel
won the Nobel Peace Prize for their global work on climate change.
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For years, Tim's work has been at the forefront of
addressing the impact of social and environmental issues on the
insurance industry. In fact, through his wealth of insurance regulatory
knowledge, we became more aware about climate risk and the insurance
industry, re-evaluating the state’s risks in light of reports on the
potential impact of climate change.
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Both Gore and the UN Panel deserve much credit for
their efforts to increase awareness about the growing reality of climate
change. If not for their efforts, many people would still be unaware of
its increasing presence and real threat to our way of life.
Nearly seven months ago, with Commissioner of
Agriculture Charles Bronson we began the first in a series of discussions on
climate change and its impact on our state with the Florida Cabinet.
Director Wagner was a speaker at the first workshop, and that meeting marked
the beginning of public conversations, among elected officials in Florida,
about the potential economic and environmental impacts and opportunities
climate change may bring.
Next month, we will hold our final "Conversation on Climate Change" in
Florida. This is a global issue, and we urge Floridians to participate and
make their voices heard. The world is finally listening.
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CFO SINK UNVEILS PROPOSAL TO REFORM
FLORIDA’S CAT FUND
CFO’s proposal will allow Cabinet to reduce the potential for future
assessments and better safeguard the state’s financial risk

Holding up a stack of property, auto and other insurance bills full of
assessments, Florida Chief Financial Officer Alex Sink unveiled her proposal
today to reform the Florida Hurricane Catastrophe Fund (Cat Fund), which
could reduce the potential for future Cat Fund assessments on Florida’s
insurance consumers.
CFO Sink’s proposal would give the Governor and Florida Cabinet the ability
to set both the reinsurance levels and pricing of the Cat Fund’s optional
coverages, giving greater flexibility and accountability to the management
of Florida’s reinsurance fund. This move would also promote increased
competition in the private insurance market.
“I hear all the time from Floridians who are wondering why
they have to pay these taxes on their insurance polices,”
said CFO Sink, who oversees the Department of Financial Services. “If we
want to reduce the potential for future assessments, we need to reform the
Hurricane Catastrophe Fund to allow us to be more nimble and respond to the
volatile financial and insurance markets.”
CONTINUED
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CFO SINK ON
GOVERNOR’S SIGNING OF NO-FAULT REFORM LEGISLATION
On Thursday,
Governor Charlie Crist signed into law HB 13C, which
makes crucial reforms to Florida’s Motor Vehicle
No-Fault Law.
Chief Financial Officer Alex Sink offered the
following statement:
“I
applaud Governor Crist and our legislative leaders
for their success in reforming Florida’s Motor
Vehicle No-Fault Law. Today’s reforms will better
protect Florida drivers, institute cost controls and
strengthen our anti-fraud efforts. While the new
law will benefit consumers, the reforms will not be
in effect before January 2008. During the next two
months, I encourage every Floridian to contact their
insurance agent or company to ensure they have
sufficient coverage to protect themselves and their
assets.”
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LINDA HERNANDEZ

J. BRINKLEY PRICE |
ANNUAL FALLEN FIREFIGHTER MEMORIAL SERVICE HELD
Florida’s second female firefighter to die in the line of duty to be
honored
Firefighters and families from all parts of Florida will gathered Friday,
October 12, 2007, at the Florida State Fire College in Ocala to remember the
137 firefighters who have lost their lives in the line of duty. While there
were no deaths in 2006, two firefighters, Linda Hernandez and J. Brinkley
Price, will be added to the wall this year. Linda is the second female
firefighter to lose her life as a result of firefighting efforts.
“It is a tribute to the effective safety efforts of state and local fire
agencies that we had no on-the-job or job-related deaths last year, and I
thank everyone involved in that good work,” said Florida Chief Financial
Officer Alex Sink, who also serves as State Fire Marshal. “At the same time,
I extend my condolences and heartfelt appreciation to the families, friends
and communities who lost firefighters in past years. Your sacrifice will
never be forgotten.”
Linda Hernandez of the Miami-Dade Fire Rescue passed away in September of
2001, following a long illness attributed to firefighting efforts in 1999.
Also to be honored is J. Brinkley Price of the Seminole Fire Rescue in
Pinellas County. Price lost his life following an incident in September of
1961. Both names will be added to the Fallen Firefighter Memorial at the
Fire College in Ocala and to the Fallen Firefighter Wall of Honor in the
Capitol in Tallahassee. The ceremony comes at the conclusion of Fire
Prevention Week, which began Sunday and continues through Saturday.
The annual Fallen Firefighter Memorial was held at the memorial site in the
Fire College courtyard. Honor guards, including bagpipes and drums, from
across the state will take part in the event. In a tradition that dates back
more than 150 years, the ceremony will conclude with the bagpipes playing
Amazing Grace.
CONTINUED
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CFO
SINK ADDRESSES BRANDON CHAMBER OF COMMERCE
On Monday, October 8, 2007, Florida Chief Financial Officer Alex Sink spoke
to members of the Brandon Chamber of Commerce
about property insurance,
property taxes and addressing the reforms made to Florida’s Motor Vehicle
No-Fault Law.
The CFO also discussed statistics that reflect that 74% of
homeowners receiving free wind inspections from the My Safe Florida Home
program are learning that they are eligible for $189 savings on their wind
insurance premiums, without completing any mitigation efforts on their
homes.
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SENATOR ATWATER DELIVERS $5,000 CHECK FROM THE MY SAFE
FLORIDA HOME PROGRAM TO BOCA RATON RESIDENT
On behalf of Florida Chief Financial Officer Alex Sink and the My Safe
Florida Home (MSFH) program, Senator Jeffrey Atwater (R-North Palm Beach)
personally delivered a matching grant reimbursement for $5,000 to a Boca
Raton homeowner who hardened her home through the state’s MSFH program. At
the event, Sen. Atwater discussed the financial and safety incentives
available through the MSFH program and encouraged more homeowners in South
Florida to sign up for the program’s free wind inspections.

“Mitigation is the best way to protect your home. It will reduce the state’s
exposure to hurricane damage and it can result in savings on your wind
insurance premium,” said CFO Sink, who oversees the Department of Financial
Services. “I encourage more Floridians to follow Susan Baumel’s lead and
sign up for free wind inspections through the My Safe Florida Home program.”
CONTINUED
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CFO SINK ADDRESSES NOLHGA
About 100 members of the National Organization of Life and Health Guaranty
Associations (NOLHGA) listened to CFO Alex Sink on Wednesday describe her
role as Florida’s chief financial officer, which is an office unique to
Florida.

The speech was part of events at NOLHGA annual meeting for members and
leading insurance industry and government executives to discuss key
insolvency issues. The meeting, held this year at Amelia Island, features
panel discussions and/or presentations on pressing issues in the insolvency
arena and also features guest speakers from leading insurance companies and
consulting firms. The meeting regularly attracts more than 100 of the
leading figures in the insolvency and insurance field.
CFO Sink spoke about her role as one of four members of the Financial
Services Commission, which oversees the Office of Insurance Regulation, and
the Department of Financial Services, which receives hundreds of thousands
of consumer complaints each year regarding insurance and financial services,
investigates insurance fraud and oversees the Division of Rehabilitation and
Liquidation, which works to rehabilitate troubled insurers. She also spoke
about her efforts with Agriculture Commissioner Charles Bronson to bring
attention to the need to prepare for the risks of climate change, including
the potential impacts on the insurance industry.
NOLHGA is a voluntary association composed of the life and health insurance
guaranty associations of all 50 states, the District of Columbia, and Puerto
Rico. When an insolvency involves multiple states, NOLHGA assists its state
guaranty association members in quickly and cost-effectively fulfilling
their statutory obligations to policyholders.
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REPRESENTATIVES FROM MY SAFE FLORIDA
HOME PROGRAM TO SIGN UP HOMEOWNERS IN JACKSONVILLE
SATURDAY
On behalf of Florida Chief Financial Officer Alex Sink,
representatives from the My Safe Florida Home (MSFH)
program will be on hand Saturday, October 13, at the
Sheriff’s Advisory Councils (SHADCO) Safety Fair at the
River City Marketplace, signing up homeowners and
discussing the financial and safety incentives of
hardening homes against hurricane damage. Homeowners are
encouraged to bring their insurance policies to get the
maximum benefit from their inspection report.
As CFO, Sink oversees the state’s MSFH program, which
helps Floridians identify how they can strengthen their
homes and reduce the overall potential for hurricane
damage in our state. The MSFH program offers eligible
homeowners a free wind inspection by trained and
qualified hurricane mitigation inspectors. Homeowners
who have received these inspections and meet additional
criteria set by the Legislature may also have the
opportunity to apply for matching grants of up to $5,000
to make recommended improvements.
Representatives from the MSFH program will be at the
SHADCO Safety Fair as follows:
DATE: Saturday, October 13, 2007
TIME: 11 a.m. – 3 p.m.
LOCATION: River City Marketplace, 13249 City
Square Market Place, Jacksonville
Recently, CFO Sink reported that 74% of homeowners who
have received a free wind inspection from the MSFH
program are eligible for discounts on their wind
insurance premiums without making a single improvement
to their home.
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