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The Florida Senate’s version of the direct primary care bill (SB 132) has been approved by the Senate Fiscal Policy committee and will proceed to the full Senate at the discretion of the Rules committee. The bill was amended in committee to add a provision allowing either party to terminate the agreement on 30 days’ […]
The Florida Department of Financial Services has identified its ten most frequently investigated allegations of 2015. DFS produces this list to illustrate the frequency of violations with significant regulatory implications and hopefully cause licensees to review their compliance: Licensing Violations Material misstatement, misrepresentation, or fraud in obtaining a license or appointment. Soliciting or transacting insurance business […]
Resolutions passed by the Senate Ethics and Elections Committee would add two positions to the Florida Cabinet if they continue to advance in the current legislative session. The committee unanimously approved resolutions SJR 942 and SJR 1424, which would make the Commissioner of Education and Secretary of State elected positions that would be part of the Cabinet. […]
The Florida House of Representatives’ version of the direct primary care bill (HB 37) has passed all of its assigned committees and is on second reading. The bill passed two committees unopposed and attracted only a single dissenting vote in a third. The bill would create a new section 624.27 within the Florida Insurance Code […]
The Financial Services Commission (FSC), consisting of the Governor, Chief Financial Officer, Attorney General and Commissioner of Agriculture, discussed the process of finding Florida’s next Insurance Commissioner at their regularly scheduled Cabinet meeting. The FSC intends to conduct a nationwide search and agreed to potentially increase the compensation level to attract highly qualified candidates. The […]
The Florida Surplus Lines Service Office (FSLSO) has informed surplus lines agents, surplus lines insurers and filers of independently procured coverage that the FSLSO service fee will drop from 0.175% to 0.15% effective April 1, 2016. The fee reduction will apply to all new and renewal policies/certificates with effective dates on or after April 1, […]
The beginning of a new year is a good time to revisit the “agent in charge” requirement applicable to agency locations. The Department of Financial Services has helped facilitate this review with a recent summary of the agent in charge requirements and responsibilities. Designation of Agent in Charge– Each person operating an insurance agency, and […]
The Florida Department of Financial Services reminds agents that it may disapprove the name of any agency (whether the agency’s actual name or a fictitious name) if the name violates certain guidelines. An agency name cannot: ◦ mislead the public in any respect; ◦ interfere with or be too similar to another name already being […]
The Florida Department of Financial Services cautions licensees against assisting companies and individuals in the unauthorized transaction of insurance. DFS reminds agents that the insurance code prohibits representing or aiding any insurer not authorized to transact insurance in this state. As an example, DFS points to an agent’s representing an unauthorized company that offers health […]
Florida Insurance Commissioner Kevin McCarty’s announcement that he is resigning effective May 2, 2016, puts Florida in a position it has been in only once before– needing to appoint an insurance commissioner to lead the Florida Office of Insurance Regulation (OIR). McCarty is the first, and only, insurance commissioner appointed after the restructuring of the […]
