Volume 2, No. 8 - December 2011

News You Can Use

- Updating you on what's going on

Important Changes Regarding Appointments in Florida Beginning on January 18, 2012

Appointment Renewals When a Licensee Has an Invalid Address

Starting after 5 p.m. EST on January 18, 2012, if a licensee/appointee has an invalid address on file with the Department, then no appointing entity will be able to renew the licensee's appointment. This process is already in place for initiating original appointments and will now be incorporated into the appointment renewal process. When the licensee updates their address(es) in their MyProfile account, then the licensee will be able to have their appointment(s) renewed. The addresses included in this process are email, home, business and mailing.

Late Fees for Late Original and Late Renewal Appointments

Starting after 5 p.m. EST on January 18, 2012, we will begin assessing appointing entities the statutory $250 late fee in addition to the statutory $60 appointment fee for each initial/original appointment submitted late. A late original appointment is any initial/original appointment that has a requested effective date more than 45 days before the submittal date.

For example, if on March 1, 2012, an appointing entity submits a initial/original appointment with an effective date of January 2, 2012 (more than 45 days from the submittal date) for a licensee, the appointing entity will be required to pay the $60 original appointment fee and the statutory $250 late fee. On the other hand, if on March 1, 2012, an appointing entity submits a initial/original appointment with an effective date of February 1, 2012 (less than 45 days from the submittal date), the appointing entity will pay only the $60 original appointment fee.

Additionally, we will begin assessing appointing entities the statutory $25 late fee in addition to the statutory $60 appointment fee for each appointment renewed late. A late renewal appointment is one that is paid after the renewal month.

The late fees must be paid by the appointing entity and cannot be charged back to the appointee.

[See sections 624.501, 626.371, 626.381, 648.382, and 648.383, Florida Statutes]

Appointment Renewal Timeline and Notification Changes

Starting after 5 p.m. EST on January 18, 2012, we will begin sending an email notification to an appointing entity 90 days before an appointment is up for renewal, in addition to posting the renewal invoice in their eAppoint account, which will indicate any appointee with an invalid address. An insurance agency that has appointed a customer representative will receive a similar email notification at the same time. This serves as a reminder and provides the appointing entity time to make modifications to the list of appointments they will be renewing such as reminding any appointee with an invalid address to update it with the Department.

Another email notification will be sent to the appointing entity on the first day of the renewal month informing them that they can now access the appointment(s) that need to be renewed and make payment via eAppoint. Licensees that self-appoint will be sent a similar email notification at the same time. The renewal invoice will become available for payment on the first day of the renewal month and can be paid through the last day of the renewal month without late fees being assessed.

On the first day of the month following the expiration date of an appointment, an email notification will be sent to the appointing entity advising payment was not received, late fees have been assessed, and the invoice will continue to be available for 45 more days for payment, including late fees, otherwise the appointment will be cancelled. If the appointment is not renewed after this 45-day period, the appointment will be cancelled for non-renewal and an email notification will be sent to the appointing entity and the licensee notifying them of the appointment cancellation along with information on the process for reappointment and the late fee.

For example, if an appointment expiration date were March 31, 2012, the invoice would become available for payment on March 1, 2012, without late fees being assessed. On April 1, 2012, late fees are assessed at $25 per appointment and the invoice remains available for payment until May 15, 2012. On May 16, 2012, if payment has not been received, the appointment is cancelled.

If the appointing entity wishes to reinstate an appointment after it has been cancelled for non-renewal, and no lapse in appointment coverage is desired, the appointing entity will be required to process a initial/original appointment submission and enter the requested effective date. If the initial/original appointment's requested effective date is more than 45 days from the submittal date, then the statutory $250 late fee described above will be assessed.

Rule Regarding Effect of Law Enforcement Records on License Applications Being Amended

In the 2011 legislative session, Section 626.207, F.S., was amended to change the way that criminal history of an applicant for licensure as an insurance representative affects their application. A notice of rule development has been filed with the Florida Department of State with proposed rule amendments to conform the Department's existing rule to the revised statute.
Click here to read the rule notice >>

Southern Eagle Insurance Company Ordered into Liquidation

On December 16, 2011, Southern Eagle Insurance Company ("SEIC"), already in receivership, was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of SEIC. The company was previously ordered into receivership for purposes of rehabilitation on December 6, 2011.
Click here to read more details >>



Make Sure You Don't Miss Important Information From Us

Add our domain MyFloridaCFO.com to your email software's Trusted or Safe Senders List to ensure you are able to receive all notifications from us. Licensees who have a valid email address on file with the Department, as required by law, receive important email notifications when something that affects your application, license, continuing education, or appointment(s) occurs. Additionally, we can keep you informed with warnings regarding new schemes and scams being marketed to licensees. You can update your contact information through your MyProfile account. We want to keep you informed in a timely manner of pertinent information important to you. You are still required to abide by the Florida Insurance Code regardless of whether you read the information we provide or attempt to provide.

 

Copyright © 2012 All Rights Reserved. Florida Department of Financial Services
~ Reproduction in whole or in part of The Pulse without permission is prohibited.