Fla.’s CFO Focuses on Property Insurance Fraud

Main Money Officer Jimmy Patronis shaped and deployed two new groups to examine fraud – a complete of 13 customers that features detectives.

TALLAHASSEE, Fla. – Florida Chief Money Officer (CFO) Jimmy Patronis introduced on Thursday through the Florida Chamber Once-a-year Insurance policies Summit that he shaped and deployed two new assets insurance policies fraud investigation teams.

The new teams are composed of 13 overall customers together with 10 regulation enforcement detectives. The new division is based mostly out of Tampa and Orlando, and functioning with federal, state and community partners to examine assets insurance policies fraud.

Although concentrated in Central Florida, the investigative groups have the authority to go after conditions statewide.

“While my teams set in a remarkable volume of time and effort and hard work to keep fraudsters accountable, we are unable to do it by itself,” Patronis explained. “That’s why we are using a task force method with both squads by becoming a member of with the Statewide Prosecutors Business, neighborhood point out lawyers, regulation enforcement organizations and the insurance plan marketplace to far better coordinate our fraud battling efforts to shield Florida’s insurance coverage buyers.”

Patronis’ Division of Investigative and Forensic Services encompasses all legislation enforcement and forensic parts residing in the Division of Economic Companies, and investigates insurance coverage fraud, workers payment fraud, arson and the misuse of condition funds.

Florida residence coverage fraud has become a mounting crisis for domestic insurance coverage carriers. In 2019, all point out carriers mixed saw around $700 million in losses in 2019.

“Every calendar year as CFO, I have labored to shield Florida people and fight increasing insurance policy prices in our point out,” Patronis claimed. “Whether it’s tackling AOB abuse (assignment of benefits), curbing publish-catastrophe fraud, or stopping unscrupulous contractors, removing fraud is critical to trying to keep insurance coverage expenses in test,” explained Patronis. “Since I took office, our fraud device has made more than 4,500 fraud and arson similar arrests. These initiatives have resulted in a complete of much more than $173 million in courtroom ordered restitution.”

The two groups will mostly aim on considerable cases involving structured schemes to defraud, contractor fraud, fictitious problems claims, inflated hurt promises, and fraudulent drinking water and roof hurt statements.

Patronis also highlighted his Household Resiliency Tax Reduction legislative proposal, which supplies a tax exemption for enhancements to Floridian houses when getting a sales tax split.

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