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DFS Discusses Differences Between Referral Fees, Advertising Gifts and Unlawful Inducements

DFS Discusses Differences Between Referral Fees, Advertising Gifts and Unlawful Inducements

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 […]

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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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