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.
No insurance agent or agency shall rebate any portion of a commission except as follows:
The insurance agent or agency shall maintain a copy of all rebate schedules for the most recent 5 years and their effective dates.
No rebate shall be withheld or limited in amount based on factors which are unfairly discriminatory.
No rebate shall be given which is not reflected on the rebate schedule.
No rebate shall be refused or granted based upon the purchase or failure of the insured or applicant to purchase collateral business.
[See 626.572, Florida Statutes] - Note: These guidelines do not pertain to title insurance. Additionally, bail bond agents are entirely prohibited from rebating commissions or premiums.
All Florida insurance agencies are required to display the Department-issued agency license or registration prominently and in a manner that makes the certificate clearly visible to any customer or potential customer who enters the agency under Subsection 626.172(4), Florida Statutes. Posting your Department-issued agency certificate provides consumers with the information they need to verify an agency's license/registration status prior to making any purchase decision. Failure to comply with this statute may result in disciplinary action to the agency. Please be sure you have prominently displayed your agency certificate today!
[See 626.172(4), Florida Statutes]