Volume 1, No. 8 - November 2010
News You Can Use
- Updating you on what's going on

VISA-branded Cards Will No Longer Be Accepted as of December 15, 2010
Effective December 15, 2010, the Florida Department of Financial Services, Division of Agent and Agency Services, will no longer accept VISA-branded credit or debit cards. VISA’s regulations prevent a pass through of their processing fees to a government entity's customers, and our budget limitations prevent us from absorbing those costs. As a result, we will no longer accept VISA-branded cards. We will continue to accept MasterCard, Discover Card, American Express, and eCheck. We regret any inconvenience to you.

Please note that the processing fees on the methods of payment we will continue to accept will be reduced and will be a savings to our customers. However, payments via eCheck do not incur a convenience fee.

NAIC Task Force to Examine and Address Health Reform's Impact on Health Agents
The National Association of Insurance Commissioners (NAIC) established a new task force to address potential adverse impacts on the role of licensed health insurance agents and brokers resulting from the new federal health care reform law. Chaired by NAIC Vice President and Florida Insurance Commissioner Kevin M. McCarty, the task force will report to the NAIC Executive Committee.
Click here to read the NAIC press release >>

Notice of Liquidation of Century Service Systems, Inc.
On November 12, 2010, Century Service Systems, Inc. (“Century”), a service warranty association, was ordered into liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of Century. Under the liquidation order, all service contracts written by Century are cancelled on November 12, 2010, unless otherwise terminated prior to that date. There is no guaranty association coverage for service warranties.
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Proposed Rule for Annuity Policy Cover Pages
The purpose of the proposed rule amendment is to reflect certain provisions of Senate Bill 2176 passed by the 2010 Florida Legislature, which require cover pages for fixed and variable annuity contracts. The effect of the proposed rule amendment is to provide clear and concise information to consumers regarding their rights to cancel annuity contracts and to receive unconditional refunds. In addition to the mandatory formatting requirements, the proposed rule amendment requires that annuity cover pages contain specific cautionary language to inform consumers of the risks, policy features and contact sources for those seeking additional information or to report complaints. A workshop will be held on December 13.
Click here to read the rule notice >>

Proposed Rule Amendment for Bail Bond Forms
The proposed rule amendment revises the rule to advise bail bond agents and other interested persons that the rule's referenced forms may be obtained by visiting the Department's web site. The effect of the proposed amendment is to provide a more efficient and expedient option for obtaining required forms. Minor ministerial changes have also been made to the proposed rule. The hearing will be held on December 15 for the proposed rule amendment.
Click here to read the rule notice >>

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