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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 […]
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 […]
The Florida Department of Financial Services has issued a reminder to insurance agents and agencies that referral fees for inspectors are prohibited. DFS points out that an insurance agent, customer representative, or agency employee is prohibited from directly or indirectly accepting any compensation, inducement, or reward from an inspector for the referral of the owner […]
The Department of Financial Services (DFS) has issued a reminder to prospective insurance agency licensees to use caution when selecting their agency names. DFS notes that by law, it may disapprove the use of any true or fictitious name, other than the bona fide name of an individual, if the name violates certain guidelines. Specifically, an agency name […]
Citizens Property Insurance Corporation, insurance fraud, Florida Department of Financial Services, water damage claims
The Florida Department of Financial Services points out that unlicensed personnel have limited discretion as to how they can support the operations of an insurance agency. The scope of these activities are further described in Rule Chapter 69B-222, Florida Administrative Code. Incidental activities and compensation are two of the most important points to remember when […]
The Florida Department of Financial Services (DFS) recently published a reminder relating to restrictions on referrals fees. DFS notes that it commonly receives questions about referral fees and periodically publishes guidance to remind licensees of applicable requirements. According to DFS, an agent may pay an unlicensed person for referrals of potential clients as long as […]
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 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 […]
workers' compensation, Florida Department of Financial Services, Florida Division of Insurance Fraud, workers' comp fraud
