Insurance Agency Licenses Begin to Come Up for Renewal
By: Tom Crabb
Starting back on October 1, 2006, insurance agencies had to be licensed with the Florida Department of Financial Services Division of Agent and Agency Services. Those licenses are valid for three years and are therefore now starting to come up for renewal. The Department has issued a reminder about the renewal requirement. For now, the Department is mailing renewal notices to agencies 90 days before their license expires. In “the near future,” the Department will only e-mail the renewal notices so it is important that the Department have your agency’s current contact information on file. The agency license must be renewed online at the Department’s website at www.myfloridacfo.com/agents. There is no fee by the Department to renew an agency license. The Insurance Code provides for administrative penalties of up to $10,000 for failure to be properly licensed as an insurance agency.
Certain agencies that were in business prior to January 1, 2003, were able to file for agency “registration” in lieu of licensure back in 2006. Those agencies do not have to renew their registrations and remain exempt from the agency licensure requirement. If your agency has closed or is no longer transacting insurance in Florida, its agency license must be surrendered in writing to the Department. For more information about agency licensing and renewal requirements, please contact us.