Florida is one of, or perhaps the only, state to have as an official elected position a state CFO. The incumbent is supposed to oversee state spending, review state contracts and investigate insurance fraud among other functions. Florida’s CFO is also part of the four person cabinet along with the governor, attorney general, and Commission of Agriculture and Consumer Affairs.
Obviously, the CFO would have a broad and deep impact on the state’s insurance industry, the provision of same, and purchase of insurance by the state. That makes it interesting for we insurance types.
I’ve met one of the candidates, Alex Sink. Alex is the former president of Bank of America’s Florida operations, and struck me as a thoughtful, considered, and very knowledgeable individual. Her position is the CFO should be the “apolitical guardian of the state’s books”.
Her opponent, Tom Lee is more politically oriented, saying he will rely on his relationships with legislators to get things done. Haven’t met him yet.
There is much insurance work to do in Florida; property and wind insurance is all but unobtainable; workers comp has improved significantly but may be starting to head into a down cycle; and the state’s own insurance expenses are skyrocketing.
Interesting contrast in perspectives, and a race worth watching. At this point, the tea leaves appear to favor Lee, but over a quarter of voters are undecided.
