Volume 3, No. 8 - September 2014

News You Can Use

- Updating you on what's going on

Notice of Correction - Suitability and Disclosure in Annuity Investments - Forms Required

The Florida Department of Financial Services, Division of Agent & Agency Services, hereby provides Notice of Correction for Rule 69B-162.011, Florida Administrative Code, relating to suitability and disclosure in annuity contracts-forms required. The notice has been filed with the Florida Department of State and was officially published in the Florida Administrative Register on September 8, 2014.

This notice is for corrections being made to the text of the Notice of Change, published in the Florida Administrative Register, on August 19, 2014 to reflect the correct text of this rule. This notice also corrects the rule title as it was published.
Click here to read the notice >>

You may view the proposed forms via the following links:
Annuity Suitability Questionnaire
Disclosure and Comparison of Annuity Contracts

Notice of Rule Development - Information to be Provided When Recommending the Surrender of an Annuity or Life Insurance Policy

The Florida Department of Financial Services, Division of Agent & Agency Services, hereby provides Notice of Rule Development for Rule Chapter 69B-215, Florida Administrative Code, relating to the information to be provided when recommending the surrender of an annuity or life insurance policy. The notice has been filed with the Florida Department of State and was officially published in the Florida Administrative Register on September 4, 2014.

Section 627.4553, F.S., was created by Chapter 2014-123, Laws of Florida, and took effect on July 1, 2014. It requires an insurance agent or insurance company to provide certain information to the consumer prior to surrender of an annuity or life insurance policy. The Department is also directed to adopt by rule key pieces of information an agent or insurance company must provide on a form to the consumer before execution of the surrender check.

This rule development is intended to address the information to be provided when recommending the surrender of an annuity or life insurance policy and not recommending the proceeds from the surrender be used to fund or purchase another annuity or life insurance policy.
Click here to read the notice >>

CFO Jeff Atwater Announces Arrest of Plant City Financial Advisor for Stealing $200,000 from Florida Seniors

Chief Financial Officer Jeff Atwater announced the arrest of Plant City financial advisor and insurance agent Paula Kampf Albertson for stealing $200,000 in insurance claims from her clients. An investigation by the Florida Department of Financial Services' Division of Insurance Fraud revealed Albertson exploited her elderly clients by making Albertson's own family the beneficiaries of her clients' insurance benefits.
Click here to read the whole press release >>

Office Issues Citizens Rate Filing Order on Commercial Lines

The Florida Office of Insurance Regulation (Office) has established the 2015 commercial residential and non-residential rates for Citizens Property Insurance Corporation (Citizens), Florida’s largest property insurer. Overall, statewide average commercial rates will increase 3.3%, compared to the 5.2% increase requested by Citizens.
Click here to read the whole press release >>

Office Issues Citizens Rate Filing Order

The Florida Office of Insurance Regulation (Office) has established the 2015 rates for Citizens Property Insurance Corporation (Citizens), Florida’s largest property insurer. Overall, the statewide average homeowners rate will fall 3.7% compared to the 3.4% decrease requested by Citizens. The Order sets rates for Citizens Homeowners’, Dwelling Fire, Mobile Homeowners and Mobile Homeowners Physical Damage accounts.
Click here to read the whole press release >>

Office Approves Removal of up to 427,584 Policies from Citizens

The Florida Office of Insurance Regulation (Office) has approved the removal of up to 425,357 personal residential policies and 2,227 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by 14 companies.
Click here to read the whole press release >>



Make Sure You Don't Miss Important Information From Us

We highly recommend that licensees 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.