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$14 Million Recovered by CFO Sink’s Insurance Consumer Specialists Last Year

5/4/2009

CONTACT:  Kyra Jennings or Nina Banister
                 (850) 413-2842

TALLAHASSEE—Florida Chief Financial Officer Alex Sink announced today that assistance provided to Florida consumers by insurance consumer specialists in the Department of Financial Services led to the recovery of more than $14 million for Floridians in 2008.  Recoveries included claim payments and premium refunds that consumers sought the Department of Financial Service’s help collecting.  

“In all that we do – from investigating financial fraud to educating consumers about how to shop for insurance – we are dedicated to making sure that families, homes, and businesses are protected,” said CFO Sink, who oversees the Department.

Floridians have reached out to CFO Sink to thank her and the Department for helping them recover money that was rightfully theirs.  A letter written to CFO Sink from Jean Mahoney, of Port St. Lucie, reads “Thank you and your staff … for the outstanding work done to rectify the mess I got myself into with a company, among many, that contacted me via telephone about an extended warranty.  Your efforts resulted in all my money being refunded.”

Another letter from Rick and Jill Karras, of Bradenton, thanks CFO Sink and her staff for working on their behalf to clarify that their son had coverage for an automobile accident.  “[The company] did do the right thing by confirming that an erroneous error had been made by either them or our insurance agent and that they would cover the accident, but I don’t think that would have happened without the help of you and your staff,” the Karras wrote.

Major consumer initiatives undertaken by CFO Sink have included: Safeguard Our Seniors, which provides outreach and roundtable meetings developing solutions to better protect Florida seniors from falling victim to financial fraud; and Florida Housing Help, which offers workshops to help struggling homeowners avoid mortgage fraud and find resources that may help them avoid foreclosure.   

Floridians can receive help from the Department of Financial Services by visiting www.MyFloridaCFO.com or calling the CFO’s Consumer Helpline at 1-877-My-FL-CFO. The Department’s Division of Consumer Services assists with insurance claims and premium refunds for all lines of insurance.