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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 […]
For a variety of reasons, an agent operating an insurance agency might find it necessary to close the agency’s operations. The Florida Department of Financial Services (DFS) recently identified three key steps that agents might overlook when closing an agency in Florida. Surrender the agency license. First, DFS points out that the agent will need to […]
The Florida Department of Financial Services (DFS) recently advised in its Insurance Insights publication that it has seen an increase in the number of potentially misleading agency names following the enactment of the Affordable Care Act. Under Florida law, an agency cannot have a name that would be potentially misleading or deceptive. For example, agency […]
The Florida Department of Financial Services reminds adjusting firms that the primary adjuster law requires each person operating an adjusting firm, and each location of a multiple location adjusting firm, to designate a primary adjuster for each such firm or location. The law defines a primary adjuster as the licensed adjuster who is responsible for the hiring […]
