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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 […]
As 2015 comes to a close, several aspects of this year’s insurance market stand out. Each year presents its share of successes and its share of challenges, which is expected in a cyclical industry. However, on balance we will remember 2015 for its continued stability in several key insurance markets. In Florida, our view of […]
The Florida Office of Insurance Regulation (OIR) will conduct a public hearing to discuss the application for the proposed acquisition of CarePlus Health Plans, Inc., Humana Health Insurance Company of Florida, Inc., Humana Medical Plan, Inc. and CompBenefits Company by Aetna Inc. on December 7, 2015. The next day, the OIR will conduct a public […]
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 […]
The Florida Department of Financial Services recently highlighted its divisions that work to reduce fraud in Florida. Insurers are familiar with the state’s Division of Insurance Fraud, which investigates instances of possible insurance-related fraud. DFS points out that the range of fraudulent activities can include staged car accidents to fake water leaks for insurance payments, to […]
The Florida Office of Insurance Regulation has scheduled hearings on consecutive days in December relating to major pending health insurance acquisitions. On December 7, the OIR will hold a public hearing on Aetna, Inc.’s proposed acquisition of CarePlus Health Plans, Inc., Humana Health Insurance Company of Florida, Inc., Humana Medical Plan, Inc., and CompBenefits Company. […]
The Florida Department of Financial Services (DFS) took the opportunity in its recent Insurance Insights newsletter to remind agents of the diligent effort requirement in the Surplus Lines Law. DFS points out that one of the stated purposes of the Surplus Lines Law is to protect authorized insurers from unwarranted competition by unauthorized insurers who are […]
Chief Financial Officer Jeff Atwater said this week that he won’t run for the U.S. Senate seat being vacated by Marco Rubio in 2016. Atwater decided against a Senate run earlier this year, but his prominence as a statewide elected official coupled with the lack of a clear-cut leader to replace Rubio prompted speculation as […]
Last week the Office of Insurance Regulation rejected a proposed 1.9% workers compensation rate decrease filed by the National Council on Compensation Insurance and indicated that the OIR instead would approve a revised filing providing for a 5.1% rate decrease. The OIR gave NCCI until November 9 to submit the revisions. NCCI responded before the […]
