News & Updates

Insurance

DFS Requests Updated Licensee Information Upon Change of Control

DFS Requests Updated Licensee Information Upon Change of Control

The Florida Department of Financial Services indicates that if a licensee under Chapter 626 undergoes a change in ownership or control, or if a new partner, officer or director is named, the licensee must file fingerprints for the new owner, partner, officer or director within 30 days of the change. DFS advises that the scope of licensees under Chapter 626 is broad and includes insurance agencies, title insurance agencies, travel agencies holding a travel insurance license, managing general agents, reinsurance intermediary broker firms, and others. DFS also uses a threshold of ten percent for determining whether an acquisition is considered a change of ownership or control. DFS also indicates that if the person undergoing a change in control or change in partners, officers or directors is an insurance agency, no fingerprints will be required for an individual who is currently licensed and appointed.