News & Updates

Florida Department of Financial Services

DFS Reminds Agencies that Inspection Referral Fees are Prohibited

DFS Reminds Agencies that Inspection Referral Fees are Prohibited

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 […]

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DFS Reminds Agencies of Name Requirements

DFS Reminds Agencies of Name Requirements

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 […]

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DFS Cautions Against Use of Unlicensed Personnel

DFS Cautions Against Use of Unlicensed Personnel

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 […]

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DFS Summarizes Referral Fee Restrictions

DFS Summarizes Referral Fee Restrictions

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 […]

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DFS Reminds Public Adjusters of Conflict of Interest Prohibitions

DFS Reminds Public Adjusters of Conflict of Interest Prohibitions

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 […]

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DFS Summarizes Agent in Charge Requirements

DFS Summarizes Agent in Charge Requirements

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 […]

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DFS Summarizes Ability of Agents to Charge Credit Card Fees

DFS Summarizes Ability of Agents to Charge Credit Card Fees

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 […]

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DFS Outlines Steps for Closing an Agency

DFS Outlines Steps for Closing an Agency

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 […]

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