DFS Reminds Agencies of Prohibition Against Misleading Names
The Department of Financial Services has reminded agencies of the statutory prohibition against misleading names. Section 626.602, Florida Statutes, allows DFS to disapprove an agency’s name if the name may mislead the public or if the name implies the agency is an insurer, state or federal agency, charitable organization, or an entity that provides advice and counsel rather than selling or soliciting insurance products.
DFS reports that it has seen an increasing number of agencies attempt to use names that imply the agency is related to the Affordable Care Act, “Obamacare,” or Medicare in some way, which DFS believes could mislead Florida consumers. DFS is actively reviewing every new agency’s name prior to being approved for licensing. Names that have been disapproved include “Seniors and Disabled Insurance Company, Inc.”, “Medicare Benefit Consultants”, “Nationwide Medicare Group” , “Senior Service Center”, “U.S. Standard Insurance Company” and “Obamacare Enrollment Center.”