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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 Senate’s version of the direct primary care bill (SB 132) has been approved by the Senate Fiscal Policy committee and will proceed to the full Senate at the discretion of the Rules committee. The bill was amended in committee to add a provision allowing either party to terminate the agreement on 30 days’ […]
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 […]
Resolutions passed by the Senate Ethics and Elections Committee would add two positions to the Florida Cabinet if they continue to advance in the current legislative session. The committee unanimously approved resolutions SJR 942 and SJR 1424, which would make the Commissioner of Education and Secretary of State elected positions that would be part of the Cabinet. […]
The Florida Surplus Lines Service Office (FSLSO) has informed surplus lines agents, surplus lines insurers and filers of independently procured coverage that the FSLSO service fee will drop from 0.175% to 0.15% effective April 1, 2016. The fee reduction will apply to all new and renewal policies/certificates with effective dates on or after April 1, […]
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 […]
Insurance Commissioner Kevin McCarty announced today that he is resigning as of May 2, 2016. According to a release from the Florida Office of Insurance Regulation, Commissioner McCarty is resigning to pursue other job opportunities. Commissioner McCarty has served as Insurance Commissioner since 2003, when the Office of Insurance Regulation was created in connection with other restructuring of Florida’s government. “The privilege of serving […]
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 […]
Each year seems to go by quickly, and the holidays always seem too short. The ball has barely dropped in Times Square before we are back to work thinking about what is in store for the next year. If it seems like this is taking place faster than usual in 2016, it is not our […]
