DFS Proposes Changes to Licensee Penalty Rules
The Florida Department of Financial Services has proposed changes to rule 69B-231.020, which establishes the scope of licensees subject to the penalty provisions of rule chapter 69B-231. The rule currently specifies that the chapter applies to insurance agents, customer representatives, adjusters, navigators and service representatives licensed under Chapter 626 of the Florida Insurance Code. The rule also specifically provides that it does not apply to insurance agencies, title insurance agencies, title insurance agents, insurance administrators, surplus lines agents, bail bond agents or managing general agents.
DFS is proposing an amendment to the rule that would eliminate the provisions listing licensees that are not subject to chapter 69B-231. The proposed changes also would specifically add surplus lines agents and managing general agents to the list of licensees that are governed by the rule chapter.
If requested, DFS will hold a hearing on the proposed changes on July 9.