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Statement from CFO Sink on Protecting Florida’s Military from Deceptive Insurance Practices

4/16/2007

CONTACT:    Tara Klimek or Nina Banister
(850) 413-2842 
         
TALLAHASSEE— Concerned about Florida’s servicemen and women falling victim to deceptive and improper insurance sales practices, Chief Financial Officer Alex Sink personally spoke before the Senate Banking and Insurance Committee Monday in favor of an amendment on Senate Bill 2702 that will increase protections for Florida’s military.  The amendment, sponsored by State Senator Ted Deutch (D-Delray Beach), directs the Department of Financial Services and the Financial Services Commission to adopt formal rules to protect Florida’s members of the United States Armed Forces. 
 
CFO Sink has been working to implement greater protections from dishonest insurance practices for our military after learning about the problem at several meetings of the National Association of Insurance Commissioners.  After unanimous passage by the committee, CFO Sink offered the following statement:
 
“It is unthinkable that some unscrupulous insurance agents would sell bad investments, unnecessary life insurance policies, and misrepresent themselves and their products to members of our military.  Our soldiers are making the ultimate sacrifice to protect our freedoms, and they deserve protection from predatory or deceptive insurance sales practices. 
 
“In fact, Florida’s servicemen and women deserve to be offered first-rate financial products by trusted and responsible advisors so that they can provide for their families and save for retirement.  I look forward to continuing to work with the Legislature to ensure that we safeguard the financial futures of the members of Florida’s Armed Forces.”
 
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