Insurance Insights header
Volume 1, No. 2 - July 2012

Compliance Corner

We continue to see a pattern of noncompliance in the areas noted below. This section has been created to assist you in keeping your insurance business in compliance. The items are intended as reminders only and are not necessarily the exact text of the Florida Statutes or Florida Administrative Code. The legal cites have been provided for your further reference.

Gift Cards and Other Incentives

Agents may give a gift or article of merchandise, for the purposes of advertising, to an insured or prospective insured as long as its value is not more than $25.

Gift cards or gift certificates are not considered articles of merchandise and constitute an advertising violation. If the gift card or gift certificate is tied to an insurance transaction it could be considered an unlawful inducement under the insurance Unfair Trade Practices Act. Any agent who induces a customer with gift cards or gift certificates could be held in violation of the Florida Insurance Code.

[See 626.9541(1)(m), Florida Statutes]

Name and Address Changes

Address (including email) Change or Verification:

You must update and/or verify your addresses, including email, and other information through your MyProfile account.

Here are steps to assist you with this:

  1. Log in to your MyProfile account.
  2. You will be able to see your information on the bottom-left of your MyProfile In-Box.
  3. To proceed with making changes, click "Address Change" on the right.
  4. If you make any changes, you must click Save at the bottom. This will ensure that your changes are saved.

If you have another license, such as for your agency, you will need to verify and update the addresses on file for that license via its own separate MyProfile account.

Name Change:

You must mail or fax the request to change your name with supporting documentation (marriage certificate, articles of incorporation, etc.) to the location below. Please specify how you wish your name to read when making your request.

Florida Department of Financial Services
Bureau of Agent and Agency Licensing
200 E. Gaines Street, Room 419
Tallahassee, FL 32399-0319
Fax: (850) 413-3291

[See 626.551, Florida Statutes]

Renewing Your Agency License

Florida law requires all licensed insurance agencies to renew their license every three years. Florida law does not require registered agencies to renew their registration or title agencies to renew their license. Agency licenses must be renewed online through MyProfile. There are no fees to renew an agency license. You will be able to print out your new agency license certificate immediately, which you will need to place prominently in the agency location. We email reminders to the email address on file for the agency 90 and 30 days prior to the agency license expiration, which is another important reason to make sure you keep your email address current through MyProfile. Failure to do so can prevent you from receiving important information from us and could lead to an address violation and fine or the expiration of your agency license.

Here are some steps to assist you with renewing your agency license:

  1. Go to the MyProfile login screen.
  2. Click on Create Account (if you've already created a MyProfile account then skip to step #7).
  3. Select Insurance Agency as the Account Type.
  4. Enter your FEIN number twice and your agency license (make sure the drop down box says FEIN instead of SSN), then click Next.
  5. Demographic info should already be entered. Make any changes needed and click Save.
  6. Create a user name and password of your choosing and answer the security questions.
  7. Once you have logged into the agency's MyProfile account, click Renewal on the right side of the page.
  8. Complete the short application. It will take approximately 48 hours to process your renewal application.
  9. You will receive an email notification indicating your application has been processed and you can print your new agency certificate.

[See more information about agency license renewal and 626.382, Florida Statutes]

Primary Bail Bond Agents

Rule 69B-241.100, F.A.C., was adopted earlier this year, which includes a provision specific to primary bail bond agents. It is now the responsibility of the primary bail bond agent to verify all the agents in the agency are appointed to represent the same surety companies. Failure to do so is cause for the Department to take formal action against the license of the primary bail bond agent designated for that agency. We encourage you to verify the appointments of the bail bond agents in your agency on a regular basis to avoid any action against your license for this type of violation.

You can verify the license and active appointments of any bail bond licensee through our website at www.MyFloridaCFO.com/Division/Agents. Click on "Licensee Search" under the Quick Links section on our webpage to get to our search screen. You can search for an individual license by license number or name of the licensee. You can also print out the results of your search to keep a record of your activity.

[See Rule 69B-241.100, Florida Administrative Code]