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Volume 3, No. 3 - March 2014

News You Can Use

- Updating you on what's going on

CFO Jeff Atwater Applauds Florida Senate Appropriations Committee for Passing Legislation that Creates Homeowner Claims Bill of Rights

Chief Financial Officer Jeff Atwater applauded the Florida Senate Appropriations Committee for passing legislation that creates a Homeowner Claims Bill of Rights that will notify consumers of their rights and responsibilities when filing an insurance claim. Senate Bill 708, which is a priority bill for CFO Atwater during the 2014 Legislative Session, also provides consumer protections for Floridians by addressing additional aspects of the homeowner claims process such as eliminating post-claim underwriting.
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CFO Atwater Focused on Ensuring Consumer Rights and Protections, Reducing Regulatory Burdens and Fighting Fraud During 2014 Legislative Session

Florida CFO Jeff Atwater is using the 2014 Legislative Session to make Florida more consumer and business-friendly. His legislative initiatives, which are already progressing through the legislative committee process, focus on ensuring consumer rights and protections, reducing regulatory burdens and fighting fraud.
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Amended Rule Effective March 24, 2014 - Penalties for Violation of Section 626.621, F.S.

The Florida Department of Financial Services, Division of Agent & Agency Services, hereby provides notice that amendments to Rule 69B-231.090, Florida Administrative Code, relating to penalties for violations of subsections 626.621(13) and (14), F.S. have been adopted. The amended rule became effective on March 24, 2014.

The revisions amend Rule 69B-231.090, F.A.C., to conform to section 626.207(8), F.S., which requires the Department to adopt rules establishing specific penalties against licensees for violations of Section 626.621, F.S. The rule amendments set forth the penalties for violations of subsections 626.621(13) and (14), F.S.
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Union American Insurance Company in Liquidation

Union American Insurance Company ("Union American") was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The company was previously placed in receivership for purposes of rehabilitation on February 9, 2005. The Florida Department of Financial Services, Division of Rehabilitation and Liquidation, is the court appointed Receiver of Union American.

Union American was a Florida domestic insurer formerly located in Miami, Florida. The company specialized in personal and commercial automobile coverage but also wrote workers' compensation coverage. At the time it was placed in receivership in 2005, the company had in excess of 200 policies in force. During the course of the years in rehabilitation, the policies expired and/or were cancelled and claims paid. Only one workers' compensation claim remains open. This claim will be covered by the Florida Workers' Compensation Insurance Guaranty Association in accordance with the provisions of Part V, Chapter 631, Florida Statutes.
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Injunction Issued Against Tri-Med Corporation in Alleged Fraud

The Florida Office of Financial Regulation (OFR) today announced that a temporary injunction has been granted by the Sixth Judicial Circuit Court in Pinellas County, Florida against Tri-Med Corporation and Tri-Med Associates, Inc., including defendants Jeremy Anderson, Anthony N. Nicholas, III, Eric Ager, Irwin Ager and Teresa Simmons Bordinat. The OFR is currently investigating allegations that the defendants fraudulently offered and sold more than $13 million in unregistered securities in the form of investment agreements.
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Make Sure You Don't Miss Important Information From Us

We highly recommend licensees to routinely check their MyProfile account(s) for messages from the Department. We send an email notification at the same time to remind you to check your MyProfile account but on rare occasions you may not receive that email. For that reason, we suggest you add our domain MyFloridaCFO.com to your email software's Trusted or Safe Senders List to ensure you are able to receive email notifications from us. Licensees who have a valid email address on file with the Department, as required by law, are sent important email notifications when something that affects their application, license, continuing education, or appointment(s) occurs. Additionally, we will 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. You are still required to abide by the Florida Insurance Code regardless of whether you read the information we provide or attempt to provide.