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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 […]
The Florida Department of Financial Services is reminding licensees about key compliance issues as we ring in 2016. According to DFS, advertising issues are among the most commonly investigated. The insurance code generally prohibits advertising that is untrue, deceptive, or misleading. With respect to life and health advertising, DFS reminds licensees that advertising materials must […]
The Department of Financial Services recently published a short article in its Insurance Insights newsletter relating to what constitutes a referral fee, marketing or advertising gift, or unlawful inducement. Insurance licensees will recognize these labels from references to them in the Unfair Insurance Trade Practices statute (Section 626.9541) and Section 626.112(8). Although each situation is fact-specific and […]
From time to time, questions arise as to whether an agent may impose credit card fees on customer transactions. The insurance code treats this issue differently for agents than for insurers. The Florida Department of Financial Services (DFS) recently summarized the ability of agents to charge credit card fees as follows: If a credit card company […]
The Florida Department of Financial Services has issued guidance to agents regarding unlawful or unauthorized charges. The department advises that it has received an increasing number of inquiries from Florida agents asking if they can charge fees for services ancillary to placing insurance, such as issuing certificates of coverage. The department responds that charging these types […]
A new law limiting the ability of personal lines property and personal lines auto insurers to use gun possession or ownership information in underwriting or rating takes effect July 1. The legislature passed SB 424 during the 2014 legislative session, and the bill was signed into law as Chapter Law 2014-180. The new law amended Section 626.9541 […]
