Fla. CFO Patronis Applauds Passage of Insurance Accountability Bill

TALLAHASSEE, Florida, May 4 -- Florida Chief Financial Officer Jimmy Patronis issued the following statement on May 3, 2023:

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Chief Financial Officer (CFO) Jimmy Patronis issued a statement following the passage of Senate Bill 7052, Insurer Accountability, by Senator Travis Hutson and Representative Wyman Duggan in the Florida House. The bill delivers more funding to improve the consumer helpline and mediation services provided by the Department of Financial Services (DFS).

CFO Jimmy Patronis said, "This bill, along with current budget allocations, will provide the Department with nearly $4 million in additional funding, and more positions, to expand support for our mediation program and the insurance helpline. This infusion of cash will bolster our ability to deliver effective mediation services and alleviate workload challenges, so that DFS can better aid policyholders.

"With the reforms the Legislature enacted to stabilize Florida's insurance market, we need to make sure policyholders have access to the tools they need to obtain their claims. This bill will also provide FLOIR with more tools to hold insurers accountable. With higher fines, tighter timelines, and greater reporting requirements, Florida is holding carriers' feet to the fire to ensure they are being responsive to the needs of policyholders."

To view CFO Patronis' 2023 "Keep Florida Free" Legislative Priorities, click HERE (https://myfloridacfo.com/docs-sf/cfo-news-libraries/news-documents/2023/cfo-patronis-keep-florida-free-legislative-priorities.pdf?sfvrsn=9f49ceb9_2).