HOME :
   
 
Case Notes

The following are instances in which licensees or other persons violated the Florida Insurance Code and the administrative action the department has taken against them.
Note: All administrative investigations are subject to referral to the Division of Insurance Fraud for criminal investigation.


Case: A consumer complaint alleged that a life, health & variable annuity agent failed to explain the surrender charges and new surrender periods of two annuities sold to a senior consumer.  The consumer incurred surrender charges of over $6,000.  The agent also had advised that the new annuity would pay a bonus if the consumer moved her money but failed to fully explain the terms of realizing the bonus.  
Disposition: In lieu of an administrative hearing, the agent entered into a settlement agreement, wherein he agreed to making full restitution to the senior consumer, be placed on probation for one year, and shall explain the surrender charges and other terms of annuities in the future.  However, the agent failed to make the required restitution to the consumer and was subsequently suspended.

Case: An investigation was initiated concerning a bail bond agent who failed to timely return collateral to an indemnitor following discharge of a bail bond.  The bail bond agent also had a pending application for a managing general agent license with the department.
Disposition: In lieu of  filing an administrative complaint to discipline the agent's limited surety (bail bond) license, she entered into a settlement agreement which denied her application for a managing general agent license and required the payment of a $3,000 fine within 30 days.

Case: An administrative complaint was filed against a travel agent which alleged that the agent offered and sold travel insurance with unauthorized insurers as part of cruise packages.
Disposition: The travel agent failed to respond to the administrative complaint therefore the department suspended her licenses for six months.  Following the suspension, her licenses shall not be reinstated until any consumer harm has been resolved.

Case: An investigation was conducted into an insurance agency's advertising of annuity products after it was alleged the agency's officer failed to obtain insurer approval prior to the advertisement being published.
Disposition: The insurance agency entered into a settlement agreement that required the agency to pay a $500 fine and always obtain insurers' approval prior to advertising annuity products.

Case: A complaint filed by an insurance company led to an investigation that alleged a general lines agent aided and abetted unlicensed individuals and an entity in the transaction of insurance resulting in the misappropriation of fiduciary funds in excess of $10,000.00.
Disposition: In lieu of an administrative hearing, the agent entered into a settlement agreement surrendering his license for revocation.

Case: A complaint filed by an insurance company led to an investigation that alleged a life, health & variable annuity agent submitted over 150 fraudulent accident insurance applications resulting in commissions over $37,000 and also her address on file with the department was incorrect.
Disposition: The agent entered into a settlement agreement surrendering her license for revocation and permanently barring her from the business of insurance in Florida.  Additionally, she was arrested by the Division of Insurance Fraud.