Volume 4 Number 29
July 20, 2007

As you know, Chief Financial Officer Alex Sink leads the Department of Financial Services (DFS), which has 14 division and offices.  The CFO’s responsibilities are vast and numerous—from the Division of Accounting and Auditing to the Division of the State Fire Marshal—and every DFS employee shares the same goal: providing excellent service to the people of Florida. 

Recently, CFO Sink and her team have adopted a new mission and vision statement, which we would like to share with you: 

Mission Statement

“To safeguard the people of Florida and the state’s assets through financial accountability, education, advocacy, fire safety and enforcement.” 

Vision Statement

“The Department of Financial Services is to be known as the most ethical, professional and pro-active state agency in Florida.” 

Whether it’s through educating consumers about important financial or insurance issues, returning unclaimed property, protecting Floridians from arson and insurance fraud, or managing the long-term financial health of the state, CFO Sink and the employees of the Department of Financial Services are committed to helping Floridians make wise financial decisions. 

If we can help you, please contact us at MyFloridaCFO.com or toll-free at 1-800-342-2762. 


 

MyFloridaCFO.com

MYFLORIDACFO.COM  DEBUTS AS CFO SINK'S WEB SITE

The Department of F inancial Services' internet Web site has been renamed MyFloridaCFO.com. The new domain name reflects CFO Sink's vision to have the department serve as a one-stop-shop for Floridians on a wide range of financial issues.

Both MyFloridaCFO.com and www.MyFloridaCFO.com will bring up the CFO's Web site, and both addresses will be functional for as long as needed.  Additionally, MyFloridaCFO.com will work with or without the “www.” in front of it, though the preferred usage will be MyFloridaCFO.com.  Resave your bookmarks and favorites with the new name!

CFO Alex Sink, left, and Plantation Fire Chief Robert Pudney

 

 STATE FIRE MARSHAL SINK PRESENTS CHECK FOR SMOKE ALARM PROGRAM

Florida Chief Financial Officer and State Fire Marshal Alex Sink presented a $500 personal check on Thursday to the Florida Fire & Emergency Service Foundation's Smoke Alarm Give-A-Way program. She presented the check while meeting with the Board of Directors of the Florida Fire Chiefs' Association.

Plantation Fire Chief Robert Pudney serves as Chairman of the Florida Fire & Emergency Service Foundation, and accepted the CFO's check on behalf of the program. The Foundation to date has provided 30,000 smoke alarms that have been installed for free by local firefighters in low-income, at-risk homes in 130 communities throughout Florida. The program relies primarily on grants for funding, but welcomes donations.

As State Fire Marshal, CFO Sink oversees the Division of State Fire Marshal whose mission is to protect Floridians from fire through education and investigation of fires of suspicious origin.

 

 CFO SINK HOSTS COMMERCIAL PROPERTY ROUNDTABLE DISCUSSION

Chief Financial Officer Alex Sink hosted a roundtable discussion at the Florida Chamber of Commerce on Wednesday, July 18th to discuss the availability and affordability of property insurance for business owners. In addition to the current crisis in the residential property insurance market, CFO Sink has been concerned about the number of small- and medium-sized businesses that are struggling in today's commercial property insurance market. During the roundtable discussion, CFO Sink met with business leaders, insurance companies, the Chair of the Citizens Property Insurance Corporation, insurance agents, and representatives of the Florida Chamber.

Fortunately, many in the group felt the current commercial property insurance market is beginning to stabilize. Insurance carriers are insuring more commercial properties, although rate affordability remains a concern for business owners. A number of participants expressed their concern about the role of Citizens in the commercial property insurance market. Additionally, CFO Sink agreed with the group that more windstorm mitigation research and competition in the private property insurance market in Florida is needed. CFO Sink will continue to work with Florida’s leaders to identify ways to improve both the residential and commercial property insurance market in our state.

For more information, read New territory, familiar fears for Citizens.

 


For more information on the Minouche Noel case:

 

 

STATEMENT FROM CFO SINK ON MINOUCHE NOEL

During the 2007 Legislative Session, the Legislature passed a claims bill to compensate Ms. Minouche Noel and her family for their losses. Recently, however, the Noel’s lawyers have taken legal action in an effort to increase their compensation beyond that which was specified under the claims bill.

Chief Financial Officer Alex Sink has been consulting with House and Senate leaders about their concerns for the family, and today received a letter of legislative intent from Senate President Ken Pruitt and House Speaker Marco Rubio suggesting the CFO take legal action to protect the interests of the Noels.

CFO Sink offered the following statement:

“My heart goes out to Ms. Minouche Noel and her family, who have suffered for far too long after an incident of medical malpractice almost two decades ago.

“I thank President Pruitt and Speaker Rubio for their leadership on this issue. I too, share their concerns for Ms. Noel and her family. My legal staff is aggressively moving forward to protect the Noels. Further, I would like to work with the Legislature to standardize our claims payment process so that in the future families will not suffer as the Noels are today.”


Letter sent to Governor Crist, Senate President Pruitt and House Speaker Rubio

Post-PIP Considerations

PIP Chart

 

SUNSET OF FLORIDA'S NO-FAULT LAW

Chief Financial Officer Alex Sink sent Governor Charlie Crist, Senate President Ken Pruitt, House Speaker Marco Rubio and other legislative leaders the letter attached here about the implications of the October 1, 2007, sunset of Florida’s Motor Vehicle No-Fault Law. During the past several weeks, CFO Sink has been analyzing the potential effects on consumers and speaking with stakeholders to develop a comprehensive, objective outline of the policy issues that may arise out of an automobile accident after October 1, 2007.

These policy issues have been outlined in the attached discussion paper. Additionally, please find a hypothetical scenario involving a simple two-car, two-driver accident in Florida, post-PIP.


www.FLTreasureHunt.org

CFO SINK ANNOUNCES STATE’S UNCLAIMED PROPERTY AUCTION TO BE HELD IN ORLANDO
Over 40,000 items up for sale with all proceeds benefiting Florida’s public schools

Florida Chief Financial Officer Alex Sink announced that collectibles, jewelry and historic coins will be among items the Bureau of Unclaimed Property will auction during its upcoming auction in Orlando on Saturday, August 4, 2007. The auction, to be held in the Florida Hotel and Conference Center at the Florida Mall, will offer items that have been abandoned in safe deposit boxes in banks and credit unions. Proceeds from the auction will benefit Florida's public school children.

“Every year, the State of Florida auctions thousands of valuables, including jewelry, rare coins, sports memorabilia and historical items,” said CFO Sink, who oversees the Department of Financial Services and the Bureau of Unclaimed Property (Bureau). “I encourage Floridians to come out to see the items up for auction.” CONTINUED


 

 

CFO SINK ANNOUNCES REWARD OFFERED FOR INFORMATION IN ARSON OF HOME THAT WAS TARGET OF ANTI-ISLAM SLURS

Florida Chief Financial Officer Alex Sink, who also serves as state fire marshal, announced today that a reward of up to $2,500 is being offered for information leading to the arrest of whoever is responsible for an intentionally set fire on July 6 at a Sarasota residence where anti-Islam slurs were also spray-painted throughout the home.

“Arson is a violent crime and the State Fire Marshal’s Office is committed to protecting Floridians from arson,” said CFO Sink. “As in every arson case we investigate, we will follow every lead and we urge anyone with information about this particularly heinous crime to please come forward and help us get the perpetrator off the street.”
CONTINUED

MY SAFE FLORIDA HOME PROGRAM TO SIGN UP HOMEOWNERS FOR FREE WIND INSPECTIONS AT FAIA HURRICANE EXPOS

Florida Chief Financial Officer Alex Sink would like Floridians to know that on Saturday, July 21, the My Safe Florida Home (MSFH) program will be signing up eligible homeowners for free wind inspections at the Florida Association of Insurance Agents' (FAIA) Hardening Your Home Against Hurricanes: A Trusted Choice Safe Living Expos. Last weekend representatives from the MSFH program signed up homeowners at expos in Tallahassee, Pensacola, Miami, Daytona, and Winter Park.

Future Hardening Your Home Against Hurricanes expos will be held in four Florida cities on July 21 from 8:00 a.m. until 12:00 noon.  Homeowners can sign up for their free wind inspection at select Home Depot stores in St. Petersburg, Bradenton, Boynton Beach, and Davie.  The MSFH program will be joining representatives from FAIA, FLASH, the National Weather Service and County Emergency Management at local Home Depot stores to promote the importance of mitigation and hurricane safety.  

 For more information and specific locations, click here.

 

 

 CONSUMER ALERT: CFO SINK WARNS OF BOGUS LOTTERY, CHECK SCAM
Phony check looks like State of Florida warrant and bears CFO’s name
Florida Chief Financial Officer Alex Sink is warning consumers to be on the lookout for a bogus lottery contest scam that includes a letter indicating the recipient has won money from the “North American Prize Pool” along with a check that appears to be a State of Florida warrant and contains the CFO’s name and signature—but it is all bogus, warned CFO Sink.

“So far we have no information that anyone has cashed the check or been financially harmed, but these vultures are playing a numbers game,” said CFO Sink, who oversees the Department. “They are sending out hundreds of bogus letters and checks hoping that if only one percent of the recipients respond they will be able to make some easy money.” CONTINUED
 

 

 

INSURANCE BROKER TO REIMBURSE $2.6 MILLION

Agreement also requires national broker to disclose commissions   

Florida Chief Financial Officer Alex Sink, Attorney General Bill McCollum, and Insurance Commissioner Kevin McCarty announced that multiple Florida cities and counties will receive approximately $2.6 million in reimbursements from Willis Group Holdings Ltd., a national insurance broker. Under the settlement, the broker denied wrongdoing but agreed to reimburse its clients without any formal action taken by the state agencies. 

A joint investigation by the Attorney General's Antitrust Division and the Department of Financial Services (DFS) led to allegations that Willis improperly collected undisclosed fees or commissions when it placed various coverages with insurance companies. Willis brokered multiple insurance contracts in Florida from 1999 through 2004, and clients included more than a dozen public entities in the State of Florida, including economic development councils, city and county governments and school boards. CONTINUED

CFO SINK ADVISES FLORIDIANS THAT TENNESSEE HAS PLACED NFOA INTO RECEIVERSHIP

Following up on a warning she issued in April, Florida Chief Financial Officer Alex Sink is now advising Florida consumers who made annuity transactions with the unauthorized Tennessee-based National Foundation of America (NFOA) that the Tennessee Department of Commerce and Insurance (TDCI) has appointed a special deputy to take over and resolve the company’s business affairs.

Tennessee officials have said they will “pursue all means necessary” in effort to have investments returned to the elderly consumers who invested with NFOA.

“We are looking into the actions of several Florida agents who sold these products,” said CFO Sink, “and we stand ready to assist Tennessee officials in any way we can.”  CONTINUED

 

HURRICANE BUSINESS SEMINAR TO TEST DISASTER PREPAREDNESS 

The Department of Financial Services (DFS), in conjunction with the Capital Area Chapter of the American Red Cross; Gadsden County Board of County Commissioners; Gadsden County Sheriff’s Office, Division of Emergency Management Department; and Gadsden County Chamber of Commerce held a Hurricane Biz Seminar in Quincy on Wednesday, July 18, 2007, to highlight the importance of businesses having an effective hurricane response plan. 

At the event, DFS had experts on hand to answer businesses’ insurance questions as well as test the ability of businesses to coordinate disaster response and recovery activities in the event of a hurricane.   

Through simulated activities, business owners and operators were tested on the effectiveness of their hurricane plans, while also stressing the importance of establishing special needs shelters, employee location and staffing, points of distribution, warehouse activities and the staffing of emergency aid stations. 

For more information on the seminar please visit http://redcross.tallytown.com/biz/midway/.