What’s in a Name? DFS Discusses Agency Names
The Florida Department of Financial Services recently discussed the guidelines it maintains for insurance agency names. DFS cautions agents to consult applicable laws so they don’t waste time and money organizing businesses with names that don’t meet regulatory requirements.
DFS may disapproved an agency name for several reasons. These include use by another agency or insurer; a name that may mislead the public in any respect; or the name states or implies that the agency is an insurer, motor club, hospital service plan, state or federal agency, charitable organization, entity that primarily provides advice and counsel rather than sells or solicits insurance, or is entitled to engage in insurance activities not permitted under licenses held or applied for.
A fictitious name, or as more commonly known, doing business as (DBA), must be properly registered with the Department of State’s Division of Corporations. In addition, DFS maintains that an agency’s having multiple fictitious names (DBAs) is misleading to the public. As a result, DFS will not allow an agency to use more than one DBA per business entity.