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
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.
An investigation was initiated concerning a bail bond agent who
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.
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.
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.
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.
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
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.
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.
lieu of an administrative hearing, the agent entered into a settlement agreement
surrendering his license for revocation.
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.
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.