Insurers sue to block Florida law mandating search for beneficiaries
Department of Financial Services, Jeff Atwater, Insurance Regulation News, Life Insurance, Social Security Death Master File
News & Updates
Department of Financial Services
Florida to study the possibility of cutting Personal Injury Protection auto insurance requirement
Florida Legislature, Department of Financial Services, Insurance Regulation News, Personal Injury Protection, automobile insurance
DFS Discusses Fee for Health Policy Services
The Florida Department of Financial Services (DFS) reminds Florida health insurance agents that they may enter into contracts with consumers to charge a flat fee in lieu of receiving commissions from the insurer for individual health policies. This opportunity arises under the new SB 1386 passed in the 2016 legislative session. DFS attributes the introduction of […]
Agencies Must Maintain a Designated Agent in Charge
The Florida Department of Financial Services reminds insurance agencies that location may not conduct the business of unless an “agent in charge” is designated by, and providing services to, the agency at all times. If the agent in charge designated with DFS ends his or her affiliation with the agency for any reason, the agency’s […]
What’s in a Name? DFS Discusses Agency Names
The Florida Department of Financial Services recently discussed the guidelines it maintains for insurance agency names. DFS cautions agents to consult applicable laws so they don’t waste time and money organizing businesses with names that don’t meet regulatory requirements. DFS may disapproved an agency name for several reasons. These include use by another agency or […]
DFS Reminds Public Adjusters of Conflict of Interest Prohibitions
The Florida Department of Financial Services (DFS) recently issued a reminder to public adjusters to avoid conflicts of interest while performing the duties under their license. DFS pointed to section 626.8795, Florida Statutes, in advising public adjusters that they may not: participate directly or indirectly in the reconstruction, repair, or restoration of damaged property that is the […]
DFS Advises as to Agents’ Rights Following Termination of Appointment
The Department of Financial Services advises that it frequently receives inquiries from agents whose appointments with insurers have terminated. These agents often ask what they are legally allowed to do for customers relating to policies transacted before termination of the appointment. According to DFS, following the termination of an appointment as to an insurer, the agent may continue to service, and […]
DFS Lists Top Ten Violations of 2015
The Florida Department of Financial Services has identified its ten most frequently investigated allegations of 2015. DFS produces this list to illustrate the frequency of violations with significant regulatory implications and hopefully cause licensees to review their compliance: Licensing Violations Material misstatement, misrepresentation, or fraud in obtaining a license or appointment. Soliciting or transacting insurance business […]
Insurance Agency Names are Subject to Regulatory Restrictions
The Florida Department of Financial Services reminds agents that it may disapprove the name of any agency (whether the agency’s actual name or a fictitious name) if the name violates certain guidelines. An agency name cannot: ◦ mislead the public in any respect; ◦ interfere with or be too similar to another name already being […]
DFS Cautions Against Aiding and Abetting Unlicensed Persons
The Florida Department of Financial Services cautions licensees against assisting companies and individuals in the unauthorized transaction of insurance. DFS reminds agents that the insurance code prohibits representing or aiding any insurer not authorized to transact insurance in this state. As an example, DFS points to an agent’s representing an unauthorized company that offers health […]