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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 […]
The Florida Department of Financial Services has issued guidance to agents regarding unlawful or unauthorized charges. The department advises that it has received an increasing number of inquiries from Florida agents asking if they can charge fees for services ancillary to placing insurance, such as issuing certificates of coverage. The department responds that charging these types […]
Florida’s Chief Financial Officer Jeff Atwater has named Sha’Ron James as the state’s Insurance Consumer Advocate effective August 3. Ms. James most recently has been the Director of the Division of Rehabilitation & Liquidation within the Department of Financial Services. “Sha’Ron’s experience holding insurance companies accountable and her in-depth understanding of the insurance industry raises […]
The Florida Department of Financial Services (DFS) in its Insurance Insights publication has reminded life and health agents using “virtual offices” to list their home addresses as their business addresses on file with DFS if their records are kept at home. DFS notes that many agents do not lease permanent locations but instead rent conference […]
The Florida Department of Financial Services has proposed changes to rule 69B-231.020, which establishes the scope of licensees subject to the penalty provisions of rule chapter 69B-231. The rule currently specifies that the chapter applies to insurance agents, customer representatives, adjusters, navigators and service representatives licensed under Chapter 626 of the Florida Insurance Code. The […]
Subtle changes can have substantial impacts. Or they can just be clean ups. Traditionally, Rule 69D-2.005, Florida Administrative Code, has placed the duty of conducting audits of insurance company SIUs and Anti-Fraud plans with the Office of Insurance Regulation. The plans were to be filed with the Division of Insurance Fraud, located in the Department […]
Florida Legislature, consumer choice, Department of Financial Services, Jeff Atwater, Insurance Regulation
The Florida Department of Financial Services recently published a reminder relating to potential dealings with agents and other licensees whose licenses have been suspended or revoked. DFS points to a provision of the Florida Insurance Code providing that it is unlawful for a former licensee, during his or her period of suspension or revocation of a […]
