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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 […]
The Florida Department of Financial Services has issued a reminder to insurance agents and agencies that referral fees for inspectors are prohibited. DFS points out that an insurance agent, customer representative, or agency employee is prohibited from directly or indirectly accepting any compensation, inducement, or reward from an inspector for the referral of the owner […]
The Department of Financial Services (DFS) has issued a reminder to prospective insurance agency licensees to use caution when selecting their agency names. DFS notes that by law, it may disapprove the use of any true or fictitious name, other than the bona fide name of an individual, if the name violates certain guidelines. Specifically, an agency name […]
The Florida Department of Financial Services points out that unlicensed personnel have limited discretion as to how they can support the operations of an insurance agency. The scope of these activities are further described in Rule Chapter 69B-222, Florida Administrative Code. Incidental activities and compensation are two of the most important points to remember when […]
The Florida Department of Financial Services (DFS) recently published a reminder relating to restrictions on referrals fees. DFS notes that it commonly receives questions about referral fees and periodically publishes guidance to remind licensees of applicable requirements. According to DFS, an agent may pay an unlicensed person for referrals of potential clients as long as […]
The Florida Department of Financial Services has published a compliance reminder relating to the registration of navigators. The following identifies the guidance recently published by DFS. What is a navigator? “Navigator” means an individual authorized by the Federally-Facilitated Exchange (Exchange), also known as the Marketplace to serve as a navigator, or who works on behalf […]
The Florida Department of Financial Services from time to time takes enforcement actions against agents who charge unauthorized fees to policyholders. In these situations, the agents typically are receiving their commissions from the insurers and separately are telling consumers they also must pay add-on charges by various names– documents fees, notary fees, etc. In a […]
One of the questions we receive from time to time is whether certain activities require an individual or business to obtain an agents’ license in Florida. The Florida Department of Financial Services recently addressed this in a short article describing what it means to “transact” insurance in Florida. In general, a person must obtain an […]
The Florida Department of Financial Services has combined three of its law enforcement units into a single division to create efficiencies and streamline its investigatory functions. Previously, DFS operated three sworn law enforcement units– the Division of Insurance Fraud, the Bureau of Fire and Arson Investigations, and the Office of Fiscal Integrity. Effective July 1, […]
The Florida Department of Financial Services has reminded agencies that each insurance agency, and each location of a multiple location agency, must have a designated agent in charge. The agent in charge (AIC) is defined as the licensed and appointed agent responsible for the supervision of all individuals within an insurance agency. Each business location […]
