News & Updates

Department of Financial Services

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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DFS Discusses Revisions to Agent Penalty Rules

DFS Discusses Revisions to Agent Penalty Rules

The Florida Department of Services (DFS) conducted a workshop on Friday to receive comments to its proposed revisions to Rule Chapter 69B-231.  These rules set forth penalty guidelines for various misconduct by agents, adjusters and other licensees.  In instances where DFS has discretionary authority to suspend a licensee’s license, the rule identifies the suspension periods […]

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Law Change Removes Managing General Agency License Requirement

Law Change Removes Managing General Agency License Requirement

A law change adopted in the 2018 legislative session and affecting managing general agents took effect July 1, 2018.  With this law change, the Florida Department of Financial Services will no longer issue managing general agents’ licenses.  However, individuals and firms currently holding licenses will be allowed to keep them. Going forward, individuals acting as […]

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Law Firms Seek Review of Insurance Public Records Determination

Law Firms Seek Review of Insurance Public Records Determination

Two law firms have asked the Florida Supreme Court to review a recent 1st DCA decision relating to the availability of certain public records maintained by the Florida Department of Financial Services.  The litigation initially arose over the firms’ access to contact information for consumers participating in state-operated neutral evaluation or mediation programs.  In the […]

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