Fla.’s CFO Focuses on Property Insurance Fraud

Main Financial Officer Jimmy Patronis formed and deployed two new groups to look into fraud – a overall of 13 customers that involves detectives.

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

The new teams are composed of 13 complete customers together with 10 regulation enforcement detectives. The new division is centered out of Tampa and Orlando, and functioning with federal, state and local associates to investigate residence insurance policy fraud.

While concentrated in Central Florida, the investigative groups have the authority to go after situations statewide.

“While my groups set in a large amount of money of time and effort and hard work to maintain fraudsters accountable, we can not do it by itself,” Patronis mentioned. “That’s why we are employing a activity drive approach with equally squads by signing up for with the Statewide Prosecutors Office environment, regional point out attorneys, regulation enforcement companies and the coverage market to far better coordinate our fraud battling attempts to defend Florida’s insurance plan shoppers.”

Patronis’ Division of Investigative and Forensic Companies encompasses all legislation enforcement and forensic components residing inside the Department of Fiscal Expert services, and investigates insurance plan fraud, staff payment fraud, arson and the misuse of point out funds.

Florida residence insurance policies fraud has grow to be a mounting crisis for domestic insurance policies carriers. In 2019, all point out carriers merged observed in excess of $700 million in losses in 2019.

“Every year as CFO, I have labored to protect Florida people and combat rising insurance policy rates in our condition,” Patronis said. “Whether it is tackling AOB abuse (assignment of advantages), curbing put up-catastrophe fraud, or stopping unscrupulous contractors, eradicating fraud is crucial to keeping coverage expenditures in look at,” claimed Patronis. “Since I took business office, our fraud device has built far more than 4,500 fraud and arson related arrests. These efforts have resulted in a overall of additional than $173 million in courtroom requested restitution.”

The two groups will largely concentrate on significant circumstances involving arranged schemes to defraud, contractor fraud, fictitious damage statements, inflated hurt promises, and fraudulent drinking water and roof injury statements.

Patronis also highlighted his Residential Resiliency Tax Aid legislative proposal, which gives a tax exemption for improvements to Floridian homes while receiving a gross sales tax split.

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