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DFS Lists Top Ten Violations of 2015

DFS Lists Top Ten Violations of 2015

The Florida Department of Financial Services has identified its ten most frequently investigated allegations  of 2015.  DFS produces this list to illustrate the frequency of violations with significant regulatory implications and hopefully cause licensees to review their compliance:

  • Licensing Violations
    • Material misstatement, misrepresentation, or fraud in obtaining a license or appointment.
    • Soliciting or transacting insurance business without the proper license or appointment.
    • Operating an insurance agency without a license.
    • Failure to appoint an agency Agent in Charge.
    • Any cause for which issuance of the license could have been refused had it then existed and been known to the Department.
    • If a life agent, violation of the code of ethics.
    • Cheating on an examination required for licensure or violating testing procedure
    • Failure to comply with any civil, criminal, or administrative action taken by the child support enforcement program under Title IV-D of the Social Security Act, 42 U.S.C. ss. 651.
  • Fraudulent and Deceptive Practices
  • Agency License Cancelled – no designated Agent in Charge (AIC)
  • Criminal Proceedings
  • Unlicensed Activity
  • Misappropriation/Diversion of Fiduciary Funds
  • Failure to Report Administrative Action
  • Aiding & Abetting an Unlicensed Individual/Entity
  • Inadequate Knowledge and Technical Competence
  • Misrepresentation