Volume 1, No. 6 - August 2010
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: An investigation of husband and wife life, health and variable annuity agents alleged that they represented or aided an unauthorized insurer, National Foundation of America (NFOA), and misrepresented NFOA's status as tax-exempt in the sale and solicitation of charitable term annuities to consumers.
Disposition: Licenses revoked.  Licenses will not be reinstated until all financial losses suffered by their former clients, in association with the sale of NFOA's insurance products, have been recouped by those former clients, or their heirs and assigns.

Case: An investigation of a title insurance agent alleged that the he misappropriated escrow funds exceeding $64,000, failed to reconcile the agency escrow account, and failed to update business and mailing addresses with the Department.
Disposition: License revoked.

Case: An investigation of an individual whose license had been revoked alleged he transacted insurance without being properly licensed and appointed.
Disposition: Permanently barred.

Case: An investigation of a non-resident life agent alleged that he pled guilty to securities fraud and wire fraud.
Disposition: Permanently barred.

Case: An investigation of a life and variable annuity agent alleged that he failed to properly explain the terms and conditions of an annuity sold to a senior customer, who did not fully understand what they were purchasing.
Disposition: Probation for 12 months and fined $7,000.

Case: An application for license reinstatement was received from a surplus lines, general lines, and life and health agent after he had been suspended and fined $20,000. The agent completed his suspension but failed to pay the fine.
Disposition: Application for license reinstatement denied; fine still due.

Case: An investigation of a bail bond agent alleged she failed to timely return collateral belonging to a consumer, failed to designate a primary bail bond agent for the agency she owned and operated, failed to maintain an office open and accessible to the public, and failed to maintain records at the office.
Disposition: License revoked.

Case: An investigation of an automobile warranty salesperson alleged aiding and abetting an unauthorized entity in the sale of vehicle product warranties.
Disposition: License revoked.