By: Jason L. Perez
Department Authorized Insurance Education Provider
⭐️⭐️⭐️⭐️⭐️ | The Insurance School .com
Florida Insurance Pre-Licensing Course
Episode Five (a)
DFS Division of Insurance Agent & Agency Services
iLaw Episode FIVE (a)
CFO | DFS Division of Insurance Agent & Agency Services
Insurance Broker & Agency Licensing
In this Episode we’ll discuss…
– How regulators protect Floridians from Un-Authorized Entities.
– DFS Insurance Support Divisions
– Purpose of Insurance Licensing
CFO | Department of Financial Services
DFS Division of Insurance Agent & Agency Services
® PROTECT Floridians from UN-AUTHORIZED Entities!
Quasi-Legislative authority comes in handy when fighting criminals and insurer marketplace practices. These powers allow our ELECTED CFO to address criminal activities and unfair marketplace practices at the speed of life.
ü Quasi = LIMITED… NOT Absolute power
ü Legislative = Branch of government responsible for passing laws.
Issuing insurance licenses and appointments are two ways the DFS helps fight Un-Authorized Entities. The Division of Insurance Agent & Agency Services is where Floridians go to become a professional insurance licensee. Here is where the state giveth licenses and, taketh them away. Before we start talking about VIOLATIONS and ways to lose a license, let’s talk about the Pre-Licensing hurdles we’re jumping over.
DFS(L)IF [(26.6) p. 412] Purpose (iQ5)#
Everything this section throws at us is level one logical. For instance… notice the title of this Division, “AGENT” & Agency Services… This division is for us Floridians. Notice, we still haven’t mentioned the regulation of insurers. It’s because, we’re focused on the CFO’s responsibilities as HEAD of the Department of Financial Services… The DFS DOES NOT regulate insurers. EVER! Let’s recap the divisions we’ve discussed.
The Division of Rehabilitation & Liquidation is responsible for helping policyowners when their insurers deemed Impaired (OR) INSOLVENT. Although Florida’s CFO is responsible for the ENTIRE Banking, Securities and Insurance industry, he’s NOT personally responsible for AUDITING insurers or banks. Florida’s CFO & Department of Financial Services ONLY ASSIST CONSUMERS!
ALL these division focus on the consumers experience. The CFO’s mission is to maintain consumer confidence in the insurance industry. Most people who take this course are SHOCKED to learn the State of Florida has a real place for ask for insurance help.
When a complaint comes into the DFS, the first thing Consumer Services does is VERIFY the licensee involved is AUTHORIZED to engage in the conversation. It’s EASY to protect yourself from un-authorized scammers… VERIFY who you’re working with through the DFS Division of Insurance Agent & Agency Services. DFS(L)IF [(26.6) p. 412]
ALWAYS Verify the Insurance professionals you work with.
Once licensed, Never rely on what could be a FAKE Certificate of Authority hanging on an agency or insurer’s wall. Consumers & Licensees should VERIFY authorization status directly with the DFS Division of Agent & Agency Services. In one of my Insurance Continuing Education courses, I talk about several local licensees who were duped by the local they represented.
DFS Investigators followed paper trails associated with these fake policies. They discovered several of the licensees involved had purchased the phony policy for themselves. Others sold them to family members. IGNORANCE… They had no idea they were aiding an Un-Authorized entity.
All licensees involved were convicted of crimes.
The licensees who knew the policies were fake were charged with FELONIES. Others were convicted of misdemeanors since it was incompetence which unintentionally caused harm. Regardless, everyone involved was permanently barred from holding a professional license again. With QUASI-JUDICIAL Authority, Florida’s CFO can impose fines and restitution for victims.
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