News & Updates

Department of Financial Services

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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New Laws Affect Agent Procedures

New Laws Affect Agent Procedures

In the 2019 session, the Florida legislature passed HB 301 with several provisions impacting agents and insurers. Most of these provisions took effect July 1, 2019. Among the law changes, the insurance code now requires a life insurer to notify the servicing agent at least 21 days before a life insurance policy lapses. This notice […]

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Diligent Effort Exemption Expires for Flood Insurance

Diligent Effort Exemption Expires for Flood Insurance

The Florida Department of Financial Services (DFS) advises surplus lines agents that a diligent effort exemption for personal residential flood insurance has expired. The Florida legislature previously adopted Section 627.715, Florida Statutes, to encourage the development of a private market for residential flood insurance. Among its provisions, the statute provided at subsection (4): (4) A surplus […]

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DFS Cautions Against Use of Unlicensed Personnel

DFS Cautions Against Use of Unlicensed Personnel

The Florida Department of Financial Services (DFS) has published a reminder cautioning agencies about the limitations on support activities that may be performed by unlicensed personnel. DFS describes unlicensed personnel as having “limited discretion” in how they can support the operations of an insurance agency. Rule Chapter 69B-222, Florida Administrative Code, describes the permissible scope […]

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