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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 […]
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 […]
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 […]
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 beginning of a new year is a good time to revisit the “agent in charge” requirement applicable to agency locations. The Department of Financial Services has helped facilitate this review with a recent summary of the agent in charge requirements and responsibilities. Designation of Agent in Charge– Each person operating an insurance agency, and […]
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 […]
