Florida’s New Consumer Advocate Tackles Open Hurricane Michael Claims
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News & Updates
Florida Department of Financial Services
Law Change Removes Managing General Agency License Requirement
A law change adopted in the 2018 legislative session and affecting managing general agents took effect July 1, 2018. With this law change, the Florida Department of Financial Services will no longer issue managing general agents’ licenses. However, individuals and firms currently holding licenses will be allowed to keep them. Going forward, individuals acting as […]
Law Firms Seek Review of Insurance Public Records Determination
Two law firms have asked the Florida Supreme Court to review a recent 1st DCA decision relating to the availability of certain public records maintained by the Florida Department of Financial Services. The litigation initially arose over the firms’ access to contact information for consumers participating in state-operated neutral evaluation or mediation programs. In the […]
DFS Requests Updated Licensee Information Upon Change of Control
The Florida Department of Financial Services indicates that if a licensee under Chapter 626 undergoes a change in ownership or control, or if a new partner, officer or director is named, the licensee must file fingerprints for the new owner, partner, officer or director within 30 days of the change. DFS advises that the scope of […]
Florida Extends Continuing Education Deadline for Insurance Professionals
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DFS Discusses Fees Charged by Agents
Questions regarding the permissible fees that a Florida agent may charge are among the most common we see. Likewise, the Florida Department of Financial Services frequently receives questions from agents about the fees they may charge. DFS recently published the following summary of fees that may be lawfully charged by a general lines agent: MVR […]
Jimmy Patronis to be appointed as Florida’s chief financial officer
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Special Ethics Provisions Apply in States of Emergency
With hurricane season now being only a month away, the Florida Department of Financial Services (DFS) has taken the opportunity to remind licensees of unique claims adjusting requirements that apply during states of emergency. The Governor typically will declare a “state of emergency” during a hurricane affecting Florida. Among other things, the declaration of an emergency invokes […]
DFS Distinguishes Referral Fees, Marketing Gifts and Inducements
From time to time we receive questions about the various types of referral fees, inducements or other incentives that licensees encounter in the market. The Florida Department of Financial Services reportedly receives these types of inquiries as well as recently published its interpretation of distinctions between referral fees, marketing gifts, and inducements. DFS characterized these […]
DFS Publishes Interpretations of Surplus Lines Export Requirements
We often receive questions from insurers or agents relating to the requirements for exporting risks to the surplus lines market. These are fact-specific determinations that depend on the nature of the risks and the markets available to the agents. The Florida Department of Financial Services likewise reports receiving questions in this area and recently summarized […]