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Statement from Florida Chief Financial Officer Gallagher on Hurricane Claims Reporting Deadline

5/3/2005

CONTACT:     
Tami Torres or Bob Lotane   
(850) 413-2842
 
"Last month, we were still facing more than 140,000 open storm claims.  To spur action on settling these claims I brought a rule before the Governor and Cabinet requiring insurance companies to settle all outstanding claims by April 18th with a reporting deadline of April 28th.
 
"I asked the Office of Insurance Regulation to provide an update on compliance with the rule at this morning's Cabinet meeting.  OIR Commissioner McCarty reported 186 insurers had a total of 57,830 claims still open.
 
"The preliminary numbers look positive and it appears things are moving in the right direction. However, I am reserving judgment until the Office of Insurance Regulation has time to develop more concrete data.  It appears many of the open claims can be closed once contractors can finish repairs, and we know contractors have been in short supply.  My focus will remain on getting the 57,830 claims resolved."