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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 […]
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 […]
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 […]
The Florida Department of Financial Services is reminding licensees about key compliance issues as we ring in 2016. According to DFS, advertising issues are among the most commonly investigated. The insurance code generally prohibits advertising that is untrue, deceptive, or misleading. With respect to life and health advertising, DFS reminds licensees that advertising materials must […]
The Department of Financial Services recently published a short article in its Insurance Insights newsletter relating to what constitutes a referral fee, marketing or advertising gift, or unlawful inducement. Insurance licensees will recognize these labels from references to them in the Unfair Insurance Trade Practices statute (Section 626.9541) and Section 626.112(8). Although each situation is fact-specific and […]
The Florida Department of Financial Services recently highlighted its divisions that work to reduce fraud in Florida. Insurers are familiar with the state’s Division of Insurance Fraud, which investigates instances of possible insurance-related fraud. DFS points out that the range of fraudulent activities can include staged car accidents to fake water leaks for insurance payments, to […]
The Florida Department of Financial Services (DFS) took the opportunity in its recent Insurance Insights newsletter to remind agents of the diligent effort requirement in the Surplus Lines Law. DFS points out that one of the stated purposes of the Surplus Lines Law is to protect authorized insurers from unwarranted competition by unauthorized insurers who are […]
In its Insurance Insights newsletter, the Florida Department of Financial Services has summarized its access to licensees’ records as its compliance topic of the month. DFS notes that its right to conduct investigations and attain access to the accounts, records, documents, and transactions pertaining to or affecting the insurance affairs of any licensee is addressed […]
Travis Miller discusses the issue of charging credit card fees by insurance agents.
From time to time, questions arise as to whether an agent may impose credit card fees on customer transactions. The insurance code treats this issue differently for agents than for insurers. The Florida Department of Financial Services (DFS) recently summarized the ability of agents to charge credit card fees as follows: If a credit card company […]
