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 general lines agent alleged that he
misappropriated fiduciary funds, caused a consumer's premiums to be financed
without the consumer's knowledge, and forged the consumer's signature on
premium finance agreements.
Disposition: License revoked. The
Division of Insurance Fraud arrested him on charges stemming from the
allegations.
Case: An investigation of an
insurance company employee adjuster alleged that she diverted
insurance claim payments to an unauthorized individual in excess of
$11,000 and failed to submit change of home, business, and mailing
addresses to the Department.
Disposition: License revoked. The
Division of Insurance Fraud conducted an investigation on charges
stemming from the allegations that led to
her arrest.
Case:
An investigation of a title agent alleged that
she misappropriated escrow funds collected in the normal course of business, failed to
forward proper premiums to the insurer, made overcharges for recording fees, charged separate
line items that are a part of the closing fee, and failed to update home and mailing addresses to
the Department.
Disposition: License revoked.
Case: An investigation
of a general lines agent alleged that she collected a
reduced premium for insurance and failed to remit
premiums to the insurer resulting in the cancellation of
a policy.
Disposition: License surrendered for
two years.
Case: An investigation of a
life agent alleged that she submitted multiple insurance
applications containing false information without the
knowledge, consent, or true signature of the insured.
Disposition: License suspended for 18
months; make restitution to the insurer.
Case: An
investigation of a bail bond agent alleged that he
failed to return bail bond collateral to indemnitors,
failed to refund premiums when no surety bond was
issued, failed to make a timely refund, and failed
to maintain required documents.
Disposition: License suspended for 6
months; fined $5,560; make restitution to the
consumers.
Case: An investigation of a
public adjuster alleged that he charged more than 20% for adjusting
a claim, failed to obtain the prior approval of the insured to all
the terms and conditions of the adjusting contract, and failed to
disclose all the costs to be reimbursed from the insurance proceeds.
Disposition: Fined $7,500; probation
for 12 months; make restitution to the consumer.
Case: An investigation of an
automobile warranty firm alleged that its employees charged excess
premium for a services agreement contract and failed to refund excess
premium in a timely manner.
Disposition: Fined $5,000; probation
for 12 months; make restitution to the consumer.
Case: An investigation of a
life agent alleged that he submitted underwriting forms to an
insurer that were not properly completed and contained
fraudulent information.
Disposition: Fined $5,000.
Case: An investigation of a life
and variable annuity agent alleged that he failed to fully explain
the terms and conditions of annuity products to a senior consumer.
Disposition: Fined $2,500.
Case: An application for an
insurance agency license initially warranted denial based
upon the applicant's failure to timely obtain licensure and the
unlicensed sale of insurance.
Disposition: Fined $2,500 and
application granted.
Case: An application for an
insurance agency license initially warranted denial
based upon the applicant's prior disciplinary actions by FINRA,
which the applicant was fined in each. All fines were paid.
Disposition: Application granted and
placed on probation for two years.