Radey is an AV-rated firm consisting of lawyers who practice before state agencies and in all state and federal courts.
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 […]
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 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 […]
