Volume 1 Number 34
August 23, 2004










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CFO GALLAGHER WILL ASK CABINET TO PROVIDE 60-DAY GRACE PERIOD FOR PREMIUM PAYMENTS, NONRENEWALS

Gallagher also urges banks, credit unions to be flexible with loans and credit

Florida’s Chief Financial Officer Tom Gallagher will ask Governor Jeb Bush and other members of the Florida Cabinet for authorization to give the hardest-hit victims of Hurricane Charley a 60-day grace period for premium payments and non-renewals.

Gallagher will ask to extend these measures through October 15 to storm victims in Brevard, Charlotte, DeSoto, Hardee, Lake, Lee, Orange, Osceola, Polk, Sarasota, Seminole, and Volusia counties, which have been declared as substantially effected counties.

Gallagher already is asking banks and credit unions to consider increasing credit card limits and credit lines, reducing or eliminating late fees on loans, granting temporary loan payment extensions, allowing customers to skip a loan or credit card payment, expediting loan applications, and waiving ATM and check-cashing fees for storm victims, even if they are not accountholders.

“We have residents who don’t have a roof over their heads, or even a way to receive mail and may not for weeks,” Gallagher said.  “As we work to come to grips with the aftermath of Hurricane Charley, we will need to recognize extenuating circumstances for storm victims.  We need to focus on helping our citizens and businesses get back on their feet.

 The department has also learned that some scammers may be sending emails under the guise of a financial institution asking for information to ensure the security of an account, when they actually are looking for information to steal your identity.   Gallagher said consumers should not respond to such emails, and instead should call their financial institution directly to inquire about their accounts.

Kevin McCarty, Commissioner of Insurance Regulation, said that insurers could easily comply with the measures Gallagher will ask for at Tuesday’s Cabinet meeting.

 “Seeing the devastation that these people have had to deal with, the last thing we want them to worry about is their insurance coverage,” McCarty said. 

McCarty said he would issue an order to facilitate Gallagher’s requests.  He also will seek to suspend rate filings until further notice so staff can assist residents and businesses with filing claims and recovery.