News & Updates

Department of Financial Services

DFS Requests Updated Licensee Information Upon Change of Control

DFS Requests Updated Licensee Information Upon Change of Control

The Florida Department of Financial Services indicates that if a licensee under Chapter 626 undergoes a change in ownership or control, or if a new partner, officer or director is named, the licensee must file fingerprints for the new owner, partner, officer or director within 30 days of the change. DFS advises that the scope of […]

Continue Reading →

DFS Reminds Agents to Display Licenses

DFS Reminds Agents to Display Licenses

The Florida Department of Financial Services reminds Florida insurance to make sure their licenses are prominently displayed within their offices.  DFS refers to Section 626.172, Florida Statutes, providing that a licensed insurance agency is required to display the Department-issued agency license prominently and such that the license is clearly visible to any customer or potential […]

Continue Reading →

Session Might Bring Updated Trade Secret Process

Session Might Bring Updated Trade Secret Process

The insurance industry should stay tuned in the 2018 session for potential updates to Florida’s trade secret laws.  Insurers are familiar with Section 624.4213, which creates a process for protecting information submitted to the Office of Insurance Regulation or the Florida Department of Financial Services.  Although the current law has been helpful in creating a […]

Continue Reading →

OIR Updates Irma Response

OIR Updates Irma Response

Insurance Commissioner David Altmaier provided updates to the Florida Senate and House of Representatives committees responsible for overseeing insurance issues.  Commissioner Altmaier began by summarizing steps the OIR took prior to Hurricane Irma to prepare for the event and provide information to insurers.  These steps included press releases and other consumer-oriented communications, outreach to insurers […]

Continue Reading →

Who Appoints Whom?

Who Appoints Whom?

Florida’s requirements relating to appointments can be confusing.  Here’s a quick summary of the individuals or entities who can make appointments under the insurance code: Insurance companies can appoint agents and insurance company employee adjusters. Licensed and appointed general lines agents can appoint customer representatives, crop hail and multi-peril crop agents. Adjusting firms can appoint […]

Continue Reading →

Special Ethics Provisions Apply in States of Emergency

Special Ethics Provisions Apply in States of Emergency

With hurricane season now being only a month away, the Florida Department of Financial Services (DFS) has taken the opportunity to remind licensees of unique claims adjusting requirements that apply during states of emergency.  The Governor typically will declare a “state of emergency” during a hurricane affecting Florida.  Among other things, the declaration of an emergency invokes […]

Continue Reading →

DFS Distinguishes Referral Fees, Marketing Gifts and Inducements

DFS Distinguishes Referral Fees, Marketing Gifts and Inducements

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 […]

Continue Reading →

DFS Discusses Charitable Contributions by Agents

DFS Discusses Charitable Contributions by Agents

The Department of Financial Services recently issued a reminder relating to its view of charitable contributions made by licensees.  This is a subject that arises from time to time, wherein licensees such as insurance agents want to show their support for charities.  DFS certainly does not want to deter agents from being actively involved in […]

Continue Reading →

DFS Publishes Interpretations of Surplus Lines Export Requirements

DFS Publishes Interpretations of Surplus Lines Export Requirements

We often receive questions from insurers or agents relating to the requirements for exporting risks to the surplus lines market.  These are fact-specific determinations that depend on the nature of the risks and the markets available to the agents.  The Florida Department of Financial Services likewise reports receiving questions in this area and recently summarized […]

Continue Reading →