Volume 1 Number 6
February 9, 2004

Women and Money 2004:
Practical Money Skills for Women


With half of all women age 65 years and older having less than $12,000 in personal income, older women are more than twice as likely to be poor than men. Care-giving responsibilities cause women to spend approximately nine years out of the job market, meaning that they are less likely to be eligible for employer pension benefits and, combined with lower pay, face smaller Social Security benefits and fewer savings.

Florida women will have the unique opportunity to learn how to manage their finances at Women and Money 2004, a free conference series presented by the Florida Commission on the Status of Women in partnership with the Florida Department of Financial Services. The conferences held throughout Florida will focus on money management, budgets and credit, retirement and investment strategies, and college planning. The conferences are designed for women of all ages, backgrounds and levels of financial knowledge.

The first conference was held in October 2003 in Miami and was extremely successful with more than 150 participants. The next conference will take place on Saturday, February 28, 2004, in Tallahassee. Presenters include experts in financial planning, insurance, and estate planning, among others. The conference is free and open to the public, but seating is limited and registration is required. Interested participants may register on-line at www.fcsw.net or by calling the Commission at 850-414-3300. Conferences will also be held in Jacksonville and Orlando in the coming months.

Gaining financial knowledge is the key to making informed decisions about money and your financial future. 




Top FAQs Click on this link, then open  "Medical Discount Plans" in the Table of Contents




Chief Financial Officer Tom Gallagher is alerting consumers who may be thinking of purchasing a medical discount card or joining a medical discount plan that these programs are not health insurance.

With the increasing number of advertisements and promotions of prescription drug and healthcare discount card programs, it’s important for consumers to be aware of the nature of the discounts and the conditions.  Because these programs are not health insurance, the companies and their marketing representatives are not regulated by the Department of Financial Services.  CONTINUED

       Proof of Coverage Database


Frequently Asked Questions


Division of Workers' Compensation



If you are considering the hiring of a construction contractor for repairs or renovations to your home or other property, be sure you are dealing with a licensed contractor who is covered for workers’ compensation, or holds a valid exemption.  Employing a contractor who is not covered by workers’ compensation insurance may leave you liable for injuries sustained by individuals working on your property, at a potential cost of thousands of dollars in medical bills, disability payments and even death benefits.

Ask your contractor to show proof of coverage and check with the Department of Financial Services, Division of Workers’ Compensation to verify.  You can log on to www.MyFloridaCFO.com/wc to access the state’s “Proof of Coverage Database” and search by name or federal ID number.  Contact the Department of Business and Professional Regulation to verify the license of any contractor you hire.

Contractors without appropriate coverage face multiple fines and could be ordered by the state to cease operations.  Non-compliant employers could be required to pay $1,000 for each day of non-compliance in addition to 1.5 times the amount of premium evaded.  The department monitors jobsites statewide on a continual basis, but we depend on you to report instances of fraud or failure to provide workers’ compensation coverage.  Call (800) 742-2214 to speak with an investigator.

Report Insurance Fraud
Outside of Florida


An insurance agent has pleaded no contest to organized fraud and unlawful sale of insurance for soliciting doctors to buy bogus medical malpractice coverage.

Michael Rock, 34, was arrested on the charges in November 2002 by investigators with the Department of Financial Services, Division of Insurance Fraud.  Rock entered a plea in Orange County Circuit Court.  Judge Stan Strickland withheld adjudication and ordered Rock to serve 10 years’ supervised probation and pay restitution of $159,004, in addition to more than $6,000 in investigative, prosecution and court costs.

According to state insurance fraud investigators, Rock solicited nearly 10,000 doctors’ offices to purchase medical malpractice insurance through an unlicensed New Zealand-based company called Embassy Bonding and Surety, Ltd.  Several doctors paid premiums to Rock.

“These unlicensed entities are preying on physicians who may be having difficulty obtaining medical malpractice insurance,” said Florida’s Chief Financial Officer Tom Gallagher, who oversees the Department of Financial Services.  “Unlicensed insurance poses a grave and immediate risk of financial harm to doctors, and potentially their patients.”  CONTINUED