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Florida’s requirements relating to appointments can be confusing. Here’s a quick summary of the individuals or entities who can make appointments under the insurance code: Insurance companies can appoint agents and insurance company employee adjusters. Licensed and appointed general lines agents can appoint customer representatives, crop hail and multi-peril crop agents. Adjusting firms can appoint […]
With hurricane season now being only a month away, the Florida Department of Financial Services (DFS) has taken the opportunity to remind licensees of unique claims adjusting requirements that apply during states of emergency. The Governor typically will declare a “state of emergency” during a hurricane affecting Florida. Among other things, the declaration of an emergency invokes […]
From time to time we receive questions about the various types of referral fees, inducements or other incentives that licensees encounter in the market. The Florida Department of Financial Services reportedly receives these types of inquiries as well as recently published its interpretation of distinctions between referral fees, marketing gifts, and inducements. DFS characterized these […]
As the Florida legislature enters the final few weeks of the 2017 regular session, several important insurance issues remain unresolved. One of the most prominent insurance issues in need of a legislative solution is the “assignment of benefits” issue. Insurance Commissioner David Altmaier, Citizens Property Insurance Corporation chief executive officer Barry Gilway, and a number […]
The Department of Financial Services recently issued a reminder relating to its view of charitable contributions made by licensees. This is a subject that arises from time to time, wherein licensees such as insurance agents want to show their support for charities. DFS certainly does not want to deter agents from being actively involved in […]
The Florida Office of Insurance Regulation has posted information pertaining to the assignment of benefits (AOB) issue on its website at: http://www.floir.com/Sections/PandC/AssignmentofBenefits.aspx The web page includes media coverage of the issue as well as the OIR’s projections of the rate impact on Floridians over the next five years if legislative reforms are not enacted. The […]
Florida’s First District Court of Appeal has upheld a lower court ruling in favor of State Farm Florida Insurance Company in its claim that its QUASR data submissions constitute trade secrets. The Florida Office of Insurance Regulation collects information from insurers about where they are writing policies (or may be reducing policies). The information is […]
The Florida Senate is considering a proposal (SB 378) that would repeal the salary credit against the insurance premium tax, and instead cut the communications tax that applies to cell phone and cable TV bills. The idea is give consumers broad-based tax relief through small reductions in their cell phone and cable bills, while also […]
The Florida Office of Insurance Regulation has announced new deputy commissioners for property and casualty insurance and for life and health insurance. The OIR has named Susanne Murphy as the deputy commissioner for property and casualty insurance. Ms. Murphy has substantial experience in insurance regulation, as well as with Florida’s residual property insurance market Citizens […]
Citizens Property Insurance Corporation is changing the depopulation process for personal lines assumptions taking place on and after February 21, 2017. The changes are intended to increase policyholder choice and bring greater efficiency to the process for policyholders, agents, takeout companies and Citizens. The new process is based, in part, changes required by HB 931, which passed […]
