News & Updates

Department of Financial Services

Special Session Proposals Address Property Market Concerns

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 […]

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New Notice Required for Insurers Using Credit Reports

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 […]

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DFS Outlines Limits Services by Unlicensed Agency Personnel

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 […]

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Licensees May Seek DFS Continuing Education Extensions

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 […]

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Surplus Lines Tax Reduced as of July 1

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 […]

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DFS Reminds Adjusting Firms to Designate Primary Adjuster

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, […]

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Officials Focus on Open Michael Claims

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 […]

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Agents Must Supervise Customer Representatives

Agents Must Supervise Customer Representatives

The Florida Department of Financial Services (DFS) reminds insurers that the customer representatives they supervise have limited authority under the insurance code. DFS points out that general lines agents and their customer representatives sometimes “blur the lines” relating to the customer representatives’ authority. Agents should pay particular attention to Chapter 626, Part II General Lines Agents. […]

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