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CFO Sink Implements New Tool to Save Money, Improve Service

12/3/2007

CONTACT:  Tara Klimek or Nina Banister
(850) 413-2842     
 
TALLAHASSEE—Florida Chief Financial Officer Alex Sink announced today that Florida is the first state to implement the use of a new program that will improve services and save money in the administration of insurance company receiverships.
The Department of Financial Services (DFS), Division of Rehabilitation and Liquidation, recently used ClaimNet, a Web-based application that makes it easier for claimants in a receivership to submit a claim, update a claim or check on the status of an existing claim. The National Association of Insurance Commissioners (NAIC) launched ClaimNet in December 2006 to provide a uniform method for collecting and processing a receivership's claims data.  Florida recently used the program for a receivership with more than 1,400 policies, and nearly half of the claimants used the program to submit their claims on line, saving money and time.
 “As Florida’s fiscal watchdog, I am continually working to improve services and find ways to save taxpayer dollars,” said CFO Sink, who oversees the department. “Processing claims is one of the largest and costliest tasks associated with a receivership or liquidation, which can be a financial and emotional burden for consumers.  With this program, we have improved the process and will have more funds to pay claims.”
 
DFS serves as receiver of any insurance company placed into receivership in Florida.  The Division of Rehabilitation and Liquidation is responsible for performing the duties of the Department of Financial Services in the department's capacity as receiver. The basic responsibilities of the receiver include the collection of assets or debts due to the company and the evaluation of all known claims against the company. For more information on the duties and responsibilities of a receiver, log on to http://www.MyFloridaCFO.com/Receiver/ or call 1-877-MyFLCFO.
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.