Jimmy Patronis predicts Florida will soon have a new Insurance Commissioner
Florida Insurance Commissioner, David Altmaier, CFO Jimmy Patronis, Governor Ron DeSantis, Department of Financial Services, Insurance Regulation
News & Updates
Department of Financial Services
Florida Contractor Group Already Files Suit Challenging New AOB Fee Restrictions
Office of Insurance Regulation, hurricane season, Florida Legislature, Department of Financial Services, Insurance Regulation News, AOB Claims, Florida special session, Insurance Regulation
Special Session Proposals Address Property Market Concerns
The Florida House of Representatives and Senate have released their proposals for next week’s special session on property insurance reform. The special session follows last month’s call from Governor Ron DeSantis for a special session dealing with the crisis in Florida’s residential property insurance market. Reinsurance Protection Although their proposals are subject to change when […]
Insurers That Assume Insolvents’ Policies Could be Covered by Florida Cat Fund
Florida Legislature, Department of Financial Services, Insurance Regulation News, Citizens Property Insurance Corporation, Office of Insurance Regulation, Insurance Regulation
New Notice Required for Insurers Using Credit Reports
Effective January 1, 2022, insurers using credit reports or credit scoring for underwriting or rating purposes must provide a new notice to consumers. The notice must state: The Department of Financial Services offers free financial literacy programs to assist you with insurance-related questions, including how credit works and how credit scores are calculated. To learn […]
DFS Outlines Limits Services by Unlicensed Agency Personnel
In most its recent Insurance Insights update, the Florida Department of Financial Services (DFS) reminded licensees that unlicensed personnel can perform only limited activities within an insurance agency. Rule Chapter 69B-222, Florida Administrative Code, outlines permitted and prohibited activities for unlicensed personnel. The rules focus on ensuring that unlicensed individuals are involved in certain types […]
Licensees May Seek DFS Continuing Education Extensions
For a licensee needing additional time to complete continuing education requirements due to the pandemic or otherwise, The Florida Department of Financial Services (DFS) may grant a 90-day extension of time for good cause. “Good cause” means an incident or occurrence which is beyond the control of the applicant and which prevents the completion of […]
Surplus Lines Tax Reduced as of July 1
The Florida surplus lines tax charged by the Florida Department of Financial Services (DFS) decreased from 5.0% to 4.94% effective July 1, 2020. The reduction applies to all new and renewal policies with an effective date on or after July 1, 2020. The tax applies to the total gross premium as defined in Florida Statute […]
DFS Reminds Adjusting Firms to Designate Primary Adjuster
The Florida Department of Financial Services (DFS) reminds adjusting firms they must designate a primary adjuster. Adjusting firms must submit form DFS-H2-6364 for this purpose. A firm must submit its initial form before it commences operations in Florida. Currently, adjusting firms send the completed forms by email to Adjusters@MyFloridaCFO.com. The same form is used to designate, […]
Officials Focus on Open Michael Claims
The Florida Department of Financial Services (DFS) and Office of Insurance Regulation (OIR) encouraged insurers again this week to redouble efforts to resolve Hurricane Michael claims. Chief Financial Officer Jimmy Patronis asked Insurance Commissioner David Altmaier to update the status of the insurance industry’s Michael response. Commissioner Altmaier responded that about 15 percent of the […]