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Court Upholds Conditions on Assignments

Court Upholds Conditions on Assignments

Florida’s 4th District Court of Appeal in Restoration 1 of Port St. Lucie v. Ark Royal Insurance Company determined that an insurer may require approval of all insureds and the mortgagee before an assignment of benefits is valid.  This ruling differs from a conclusion reached by the 5th DCA last year after the Office of […]

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DFS Discusses Revisions to Agent Penalty Rules

DFS Discusses Revisions to Agent Penalty Rules

The Florida Department of Services (DFS) conducted a workshop on Friday to receive comments to its proposed revisions to Rule Chapter 69B-231.  These rules set forth penalty guidelines for various misconduct by agents, adjusters and other licensees.  In instances where DFS has discretionary authority to suspend a licensee’s license, the rule identifies the suspension periods […]

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Law Change Removes Managing General Agency License Requirement

Law Change Removes Managing General Agency License Requirement

A law change adopted in the 2018 legislative session and affecting managing general agents took effect July 1, 2018.  With this law change, the Florida Department of Financial Services will no longer issue managing general agents’ licenses.  However, individuals and firms currently holding licenses will be allowed to keep them. Going forward, individuals acting as […]

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Collegiate Programs Help Build the Industry’s Future

Collegiate Programs Help Build the Industry’s Future

The Florida Insurance Council recently concluded its summer symposium discussing a variety of topics related to the insurance industry.  Among this year’s topics, FIC gave me the opportunity to provide a brief update on the successes of the Florida State University College of Business’ Dr. William T. Hold/The National Alliance Program in Risk Management and […]

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Citizens Defers Action on Rates

Citizens Defers Action on Rates

Citizens Property Insurance Corporation is delaying action on a proposed 2019 rate filing while it continues to look for ways to address concerns with assignments of benefits.  Citizens’ board recently decided to defer a proposed 7.9% statewide average increase for its personal residential programs.  The indicated rate need is much higher in some areas, but […]

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Law Firms Seek Review of Insurance Public Records Determination

Law Firms Seek Review of Insurance Public Records Determination

Two law firms have asked the Florida Supreme Court to review a recent 1st DCA decision relating to the availability of certain public records maintained by the Florida Department of Financial Services.  The litigation initially arose over the firms’ access to contact information for consumers participating in state-operated neutral evaluation or mediation programs.  In the […]

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Second DCA Upholds Multiple Assignments

Second DCA Upholds Multiple Assignments

Florida’s Second District Court of Appeal has upheld the ability of a policyholder to make multiple assignments under a homeowners insurance policy.  Nicon Construction v. Homeowners Choice Property and Casualty Insurance Company involved a policyholder’s issuing assignments of benefits to two separate vendors.  The insurer argued that upon the policyholder’s assigning the policy rights to […]

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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 […]

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DFS Reminds Agents to Display Licenses

DFS Reminds Agents to Display Licenses

The Florida Department of Financial Services reminds Florida insurance to make sure their licenses are prominently displayed within their offices.  DFS refers to Section 626.172, Florida Statutes, providing that a licensed insurance agency is required to display the Department-issued agency license prominently and such that the license is clearly visible to any customer or potential […]

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