Unit (2) Two
Jimmy Patronis, Florida’s Chief Financial Officer (CFO).
As you probably can imagine, the regulation of our local Florida Insurance Marketplace is a massive undertaking and Florida’s Chief Financial Officer is the ALPHA of our Insurance ecosystem.
In late January of 2020, the Florida Chief Financial Officer Jimmy Patronis, *Head of the Department of Financial Services alongside Senator Tom Wright and Representative Chuck Clemons *Announced a Consumer Protection Bill focused on protecting Floridians, especially following a disaster.
In a Press Release after the proposed legislation passed its 1st major hurdle, the CFO wanted to make clear,
“With this bill we are sending a message to insurance companies that if you’re going to operate in the state of Florida, you must do what’s right by your customers. No longer should *claim handling issues create delays as storm victims rebuild their homes and lives.”
I cracked up with this next part because, I’m constantly saying things like this to my kids, he says… “I shouldn’t have to step in to make sure insurance companies are doing what they should be doing for their customers.”
Jimmy Patronis goes on to acknowledge how the new legislation is only a step forward. If passed, this New Consumer Protection Bill will force insurers to pay claims within 90 days and refocus industry claim payment standards to better reflect our consumer 1st marketplace.
In addition to the timely payment of claims, the bill also stiffens the guidelines against *Un-Licensed – *Un-Authorized entities who conducting the business of insurance without authorization and prohibits companies from using the word “Medicare” in their name.
*If you’d like more information pertaining the Consumer Protection Bill just go to the resources tab on my website and under “CFO” you’ll see the links.