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Statement from Chief Financial Officer Jeff Atwater Regarding the Independent Analysis of the Potential Impact of HB 119 on Florida’s Consumers

8/21/2012

Contact: Anna Alexopoulos
(850) 413-2842

TALLAHASSEE—Florida Chief Financial Officer Jeff Atwater today released the following statement regarding the independent analysis, prepared by Pinnacle Actuarial Resources, Inc., of the impact of HB 119 on Florida’s consumers.

HB 119 directed the Office of Insurance Regulation to contract with an independent consultant to calculate the savings expected as a result of reforms.

“Through reforms passed last legislative session, we were able to target the fraud in Florida’s auto insurance system that has caused rates to skyrocket for Florida drivers. The independent analysis released today reflects my firm belief that getting at the root of the fraud in our personal injury protection system will give Florida’s consumers the rate relief they deserve.

“I am eager to see these projected savings, if not more significant savings, passed on to Florida’s insurance consumers. Florida’s drivers deserve to see the full impact of these policy changes through lower auto insurance rates.”

Chief Financial Officer Jeff Atwater, a statewide elected official and officer of the Florida Cabinet, oversees the Department of Financial Services.  CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away capital, and ensuring transparency and accountability in spending.