Florida CFO Helps Customers Recover $22 Million from Insurers

January 8, 2010

The Department of Financial Services helped recover over $22 million for Florida’s insurance consumers in 2009, according to officials.

The $22 million represents an increase from $14 million recovered in 2008.

Florida CFO Alex Sink said one recent success story was the recovery of more than $516,000 for 998 customers of Household Finance Co. The department was tipped off by an Orlando resident who discovered monthly premiums of $4.93 being deducted from her account two years after her policy expired.

A $60,000 recovery occurred after a Sarasota resident was sold an annuity that did not meet the requirements he set.

Richard Foster of Temple Terrace, who was frustrated because he could not get a call back from his insurance company regarding a claim, was able to recover $12,160 within days after calling the department’s insurance consumer helpline, according to Sink.

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