Treasurer Loftis Applauds Florida's Action on UPP Laws
March 18, 2016
(Columbia, SC) – South Carolina Treasurer Curtis Loftis issued the following statement in support to Florida's Chief Financial Officer Jeff Atwater and the Florida Legislature for their support of their House Bill 1041 and Senate Bill 966 that ensures life insurance companies are held accountable for fulfilling the promises they’ve made to their policyholders.
“I am happy to see more states join the fight protecting against unfair business practice and to bring changes designed to help Life Insurance comanies to do the right thing,” said South Carolina State Treasurer, Curtis M. Loftis, Jr.
CFO Atwater Priority Life Insurance Bill Headed to Governor Scott
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Unpaid funds have remained inside company treasury accounts where they earn millions more in interest – all to the benefit of the companies and to the detriment of their customers’ families. Unclaimed property laws are in place to require companies to turn over these funds to the state, so that state unclaimed property program administrators can continue to search for the appropriate beneficiary.
Chief Financial Officer Jeff Atwater, a statewide elected official, oversees the Department of Financial Services. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).