DFS Kicks Off New Year With Compliance Reminders
The Florida Department of Financial Services is reminding licensees about key compliance issues as we ring in 2016. According to DFS, advertising issues are among the most commonly investigated. The insurance code generally prohibits advertising that is untrue, deceptive, or misleading. With respect to life and health advertising, DFS reminds licensees that advertising materials must have the approval of the benefitting company (insurer, health plan, etc.) and should be used exactly as approved. DFS advises that when questions arise about life and health advertising, their first step is to contact the benefitting company to see if the agent was using approval materials. If not, DFS is likely to assert that the agent failed to comply with rule 69B-150.013 and section 626.9541, Florida Statutes.
DFS also reminds licensees that advertising materials should clearly indicate that they relate to insurance products. On a related note, an agent must clearly indicate to prospective customers that he or she is acting as an insurance agent with respect to insurance products. Failure to do so may constitute a violation of section 626.9531.