Chief Financial Officer (CFO) Jimmy Patronis issued the following statement on the passage of SB 1492 by Senator Tom Wright, in its final committee of reference and is headed to the Senate floor, which eliminates insurance claims delays, especially following a storm. The bill was passed out of committee on Wednesday.
CFO Jimmy Patronis said, “The Consumer Protection Act passed its final committee and is headed to the Senate floor. This bill sends a message to insurance companies and public adjusters that if you’re going to operate in the State of Florida, you must do what’s right by your customers. I thank our bill sponsors, Chair Tom Wright and Chair Chuck Clemons, for their support in this vital legislation.”
Consumer Protection Act
- Gives consumers more time to get out of public adjuster contracts.
- Ensures that Floridians have information about their insurance coverage before hurricane season starts.
- Requires all insurance companies to settle claims in 90 days.
- Cracks down on unlicensed transactions of insurance and stops companies from misleading practices like using the term Medicare in their name.
- Requires insurance companies to communicate with consumers more effectively when they send a partial payment or initial estimate.
- Eliminates fees on Floridians who are trying to take charge of their credit or when their insurance company goes under.
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).