The following are instances in which licensees or
other persons violated the Florida Insurance Code and the administrative
action the department has taken against them.
Note: All
administrative investigations are subject to referral to the
Division of Insurance Fraud for criminal investigation.
Case: An investigation of a
life including variable annuity and health agent alleged that he
replaced four annuities, misrepresented the terms and conditions of
the annuities such as the surrender charges, and sold annuities that
were unsuitable for the senior consumers.
Disposition: License revoked and
made permanently ineligible for licensure.
Case: An investigation of a
life including variable annuity agent alleged that he submitted
numerous fraudulent insurance applications to an underwriter
without the knowledge, consent or true signature of the
consumers.
Disposition: License revoked and he
was arrested by the Division of Insurance Fraud. His felony case
is ongoing.
Case: An administrative complaint
filed against a title insurance agent alleged that as agent in
charge of a title insurance agency, she failed to secure a surety
bond, failed to pay the title administrative surcharge, and failed
to notify the Department of a change in principal business address
and contact telephone number.
Disposition: License revoked.
Case:
An administrative complaint filed against a general lines,
life including variable annuity and health agent alleged that he
misappropriated fiduciary funds and that he falsely advertised that he was
an agent appointed with a nationally-recognized insurance company following
the termination of his agency agreement with the company.
Disposition: License suspended for 18
months.
Case:
An investigation of a general lines, life including variable
annuity and health agent alleged that he failed to remit funds to a
premium finance company, failed to refund an insured, failed to submit a
change of business address to the Department, and failed to timely
forward funds to an insurer resulting in the cancellation of two
policies.
Disposition: License suspended for 12
months.
Case: An investigation of a
general lines agent alleged that he failed to forward premium
payments in excess of $3,000 to the insurer collected in the
normal course of business. No consumers were harmed as their
insurance certificates were issued despite the agent's failure
to remit the funds.
Disposition: License suspended for
nine months and shall provide proof to the Department that the
outstanding debt to the insurer has been satisfied.
Case: An
administrative complaint filed against a public
adjuster alleged that he failed to maintain the
required surety bond on file with the Department.
Disposition: License suspended for
three
months and fined $2,000.
Case:
An investigation of a bail bond
agent alleged that he failed to return unearned premiums
to an indemnitor in a timely manner, failed to issue a bond after
receiving a premium payment, failed to update his business address
with the Department, and failed to pay a fine to the Department
within 60 days.
Disposition: License suspended for
two months, fined $3,750, shall complete seven hours of continuing
education.
Case:
An administrative complaint filed against a general lines
agent alleged that he failed to conduct a diligent search for
insurance coverage through an admitted carrier and provided
misleading information on insurance-related documents.
Disposition: Fined $10,000.
Case: An investigation
of an automobile warranty and credit life or disability
firm alleged that the employees charged excess premium
for a services agreement contract and failed to refund
excess premium in a timely manner. Restitution was
ultimately made
to the consumers.
Disposition: Fined $2,500 and placed
on probation for 12 months.
Case:
An investigation of a life and health agent alleged that he
offered inducements to purchase annuity products, disseminated misleading
advertisements, failed to fully disclose in boldface type the product and
insurer in an advertisement for insurance, failed to obtain insurer approval
on an advertisement, and failed to update his business address with the
Department.
Disposition: Fined $1,750 and placed
on probation for six months.
Case:
An investigation of a public adjuster alleged that he failed
to timely designate a primary adjuster for firm locations and failed to
update all addresses with the Department.
Disposition: Fined $1,250 and placed
on probation for 12 months.
Case: An application for a
resident life including variable annuity and health agent license
was received from an individual who allegedly transacted insurance and
misappropriated premiums while his previously held license and appointments were
revoked.
Disposition: Application denied.
Case: An application for an
insurance agency license was received by the Department after
the license had already expired because the agency failed to
renew it timely. The Department had emailed the agency prior to
the expiration advising that the license needed to be renewed.
Disposition: Application denied.