As lawmakers progress through the final committee week ahead of the 2017 Legislative Session, Chief Financial Officer Jeff Atwater is readying to enter his final Session the same way he began his first nearly two decades ago—fighting for Floridians. Focusing on legacy enhancements to the Department of Financial Services and several measures that will protect policyholders against insurance fraud and during times when insurance companies fail, CFO Atwater looks forward to robust conversations with the Florida House and Senate.
“Since day one, I’ve set out to protect Floridians from fraud, waste and abuse, and this legislative session, I’ve put forward a set of priorities that I believe continue that commitment,” said CFO Atwater. “In addition to enhancing current programs and building in consumer protections, we’re looking at ways to address the growing problems associated with the misuse and abuse of the assignment of benefits tool.”
Several of CFO Atwater’s key legislative initiatives include:
Unclaimed Property
Designed to further streamline Florida’s nationally-recognized unclaimed property program, bills filled by Senator Jeff Brandes (SB 536) and Representative Chuck Clemons (HB 681) offer changes to current unclaimed property processes that allow individuals known as surplus trustees to return funds remaining following foreclosure proceedings—for a fee of up to 12 percent. The bill eliminates the Surplus Trustee Program and allows Division of Unclaimed Property staff to process those unclaimed property claims as all others, in-house and without cost to the consumer.
Insurance Fraud
Aimed at improving processes and honing investigative techniques, bills filed by Senator Jeff Brandes (SB 1012) and Representative Holly Raschein (bill number forthcoming) require insurance companies to develop anti-fraud plans that will be submitted to the Department of Financial Services annually; requires in-house fraud-fighting units within insurance companies be trained by the Department’s insurance fraud investigators; and allows the Chief Financial Officer to assign and re-assign dedicated prosecutors as fraud trends change in scope and location.
Insurance Rehabilitation and Liquidation
Bills filed by Senator Kathleen Passidomo (SB 730) and Representative Jake Raburn (HB 837) are designed to streamline Florida’s insurance receivership process. When an insurance company fails financially, the Department of Financial Services steps in to help. The process is called receivership, and the Department works to determine if the company can be saved through rehabilitation or if it must be liquidated. There are many debtors and typically insufficient funds to pay all outstanding debts. This common sense legislation clarifies the deadlines for debtors to submit claims, streamlines payment processes and timelines, and outlines the obligations of the insurance company to cooperate with Department staff.
In addition to these Departmental priorities, CFO Atwater and the Department of Financial Services will play an active role in ongoing legislative discussions involving assignment of benefits (AOB), an insurance tool in which a consumer assigns their rights to the company they’ve hired to make repairs. A sharp rise in the number of claims involving AOBs has led to rising insurance company costs and resulted in several companies starting to raise rates to recoup losses.
To learn more about the Department of Financial Services, click HERE.
Chief Financial Officer Jeff Atwater, a statewide elected official, oversees the Department of Financial Services, serves as Florida’s State Fire Marshal, and is a member of the Florida Cabinet. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).
FLDFS
Boom or Bust: What Lies Ahead for Florida’s Economy in 2017?
Get the experts’ take in the latest edition of Florida’s Bottom Line
Chief Financial Officer Jeff Atwater today announced the release of the 2017 winter edition of Florida’s Bottom Line, his award-winning, quarterly online economic magazine focused on providing the latest news and insightful analysis on Florida’s economic and financial health. The winter edition highlights Florida’s future economic environment, the stripping of federal regulatory burdens, and what the expansion of Florida’s residential and visiting population mean for the state. In addition, an inside look into Florida’s business rent tax is offered in this edition of Florida’s Bottom Line. 
“Florida’s economy is on the right track, and we’re entering 2017 well-positioned to continue making positive strides,” said CFO Atwater. “As we embark on this new year, it’s important to recognize that Florida’s economic future will continue to be shaped by the perseverance of Florida’s hardworking business leaders and workforce.”
In addition to CFO Atwater, this edition of Florida’s Bottom Line features guest articles from economic leaders who have offered their insight and opinion on the future of Florida’s economy. Here’s what they have to say about Florida’s 2017 economic outlook:
“Since November of 2010 Florida has created 1.27 million jobs and in 2017 the state is well poised to add to this total,” said Sean Snaith, PhD, Director of University of Central Florida’s Institute for Economic Competitiveness. “Florida has managed this economic performance in the midst of a historically weak U.S. economic expansion.”
“Regulations were a central theme of the 2016 election,” said Patrick McLaughlin, PhD, Senior Research Fellow at the Mercatus Center. “While the new administration’s timeline for implementing regulatory changes remains unclear, the likelihood of any changes occurring in the administration’s first year largely depend on the legal mechanisms at its disposal. Many regulatory policies may be quickly abandoned with a stroke of the pen.”
“Florida is a national leader in quality roads and bridges, is home to some of the world’s busiest airports, an expanding rail system, 15 seaports, and the best space port on earth—all of which support international trade,” said Mark Wilson, President and CEO of the Florida Chamber of Commerce. “By 2030, Florida is projected to grow by six million residents, and welcome 150 million visitors every year. Now is the time to focus on the future—not only to avoid the headaches and costs that come with roadway congestion, but also to increase market share and job opportunities.”
“Florida can boast about a lot of things. We are a premier tourist destination with an improving education system and an attractive economic climate that creates thousands of jobs every year,” said Dominic Calabro, President and CEO of Florida TaxWatch. “However, the state can do more to improve the business climate to benefit both businesses and workers. One critical improvement is to reduce or eliminate the Business Rent Tax (BRT).”
To view the latest edition of Florida’s Bottom Line, and to subscribe to the publication, visit http://www.MyFloridaCFO.com/FloridasBottomLine/.
