CFO Sink Issues Statement Regarding Passage of SB 2012 Regarding Public Adjuster Reform

Florida Chief Financial Officer (“CFO”) Alex Sink and Interim Insurance Consumer Advocate Terry Butler today, May 2, 2008, issued statements regarding the Legislature’s passage of CS/CS/SB 2012: An Act Relating to Insurance Policies, which includes provisions imposing restrictions on the activities of public adjusters.

A copy of the legislation included with CFO Sink’s press release below is attached for your review.

Should you have any questions or comments, please do not hesitate to contact this office.

 

Statements by CFO Sink and Insurance Consumer Advocate on Passage of Pro-Consumer Public Adjuster Legislation

TALLAHASSEE— Florida Chief Financial Officer Alex Sink and interim Insurance Consumer Advocate Terry Butler today applauded the Legislature’s passage of the important public adjuster reforms within Senate Bill 2012. CFO Sink’s Department of Financial Services licenses and regulates public adjusters, who are retained by policyholders to assist in preparing, filing and adjusting insurance claims.

The reforms arose out of the Task Force on Citizens Property Insurance Claims Handling and Resolution, which is managed by the Office of the Insurance Consumer Advocate and chaired by State Senator Mike Fasano (R-New Port Richey). Originally sponsored by Sen. Fasano and State Representative Julio Robaina (R-Miami), the reforms limit the contingency fees charged by adjusters, prohibit intrusive solicitation practices, and require that a person must work as an apprentice under the supervision of a licensed public adjuster for one year before being eligible to be licensed as a public adjuster.

“These reforms will better protect Floridians who have suffered losses after a hurricane and are trying to rebuild and restore their lives and homes,” said CFO Sink, who oversees the Office of the Insurance Consumer Advocate. “I am thankful we were able to increase protections for consumers who need help in the wake of a hurricane.”

“I am very pleased that Floridians will see greater protection with the passage of these reforms generated by the Citizens Task Force members,” said interim Insurance Consumer Advocate Terry Butler. “These new laws will benefit homeowners who need the help of a public adjuster to settle their insurance claims.”

 

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