Initial individual licenses are issued to expire the last day of the month in the licensee’s birth month in the first year after issuance in which licensee’s age is divisible by two. I find that as long as I do my jam sessions, the most important work of the day gets completed. The Agency Act repeals the provisions of section 626.112(7)(a), Florida Statutes, which allowed qualified insurance agencies to obtain a registration in lieu of a license. Connect with Supportive Insurance Services is a well-respected resource … All of your insurance licensing information at your fingertips. Back to Top. Insurance Pre-License Education. 1995-2020 LawInfo, part of Thomson Reuters.
Rather, licenses will be perpetual and continue in force until cancelled, suspended, revoked, or until it is otherwise terminated or expires by operation of law.
If your status as an agent is currently “inactive,” and has been “inactive” for more than 2 years, you will not be eligible to renew until a licensed insurance company processes an appointment on your behalf. If you are an agent with a place of business in connection with your residence and have complied with Florida Statute 626.749, you are required to obtain an agency license for that location. Accordingly, agents desiring to use the exemption under the new Agency Act must only engage in business in his or her own name or use a d/b/a that contains both the first and last name of the individual agent (e.g., Kevin Fitzgerald Insurance Agency).
An agency license will expire after 90 days without an agent-in-charge. If you have any questions about this update or would like to discuss this topic further, please contact your Foley attorney or the following:For more information about LexisNexis products and solutions connect with us through our This should not be used for legal research but instead can be used to find solutions that will help you do legal research. Therefore, individuals born in even numbered years renew their license on their birthday in the even numbered years and individuals born in odd numbered years renew their license on their birthday in the odd numbered years.Renewal instructions will be mailed to the licensee’s business approximately 90 days prior to the expiration of the licensee.This article is intended to be helpful and informative. An insurance agent, insurance agency, customer representative, or insurance agency employee is prohibited from directly or indirectly accepting any compensation, inducement, or reward from an inspector for the referral of the owner of the inspected property to the inspector or inspection company. Finally, it removes the double licensing requirement imposed on agencies owned and operated by individual agents.There are some logistical questions that remain unanswered by the new Agency Act, and it remains unclear if or when the DFS will begin releasing FAQs and other guidance on the transition. They should also have strong sales, marketing, and customer service skills in order to locate and attract potential customers. Licensees that fail to successfully renew their license may reinstate within 12 months of their expiration date. Disclaimer. Foreign Agencies: Agencies located in Puerto Rico are eligible to receive this license. Effective October 1, 2015, all agencies that are currently “registered” will have their registrations automatically converted into licenses. Consequently, Florida resident agencies had difficulty obtaining non-resident agency licenses in other states.In 2005, the Florida Legislature enacted Senate Bill 1912, which substantially changed the way insurance agencies were regulated.
Effective October 1, 2015, all agencies that are currently “registered” will have their registrations automatically converted into licenses. Without the proper insurance agency license, you are unable to operate as an insurance agency.
The new law amends Florida’s insurance agency licensure law, and is intended to streamline the licensing process and better align the regulation of insurance agencies in Florida with other states.
Effective immediately, the New Jersey Department of Banking and Insurance will no longer mail renewal applications to producers. This resulted in numerous agencies surrendering their registrations and applying instead for licensure. In addition, branch locations that qualify should begin the transition process as soon as possible.Legal News Alert is part of our ongoing commitment to providing up-to-the-minute information about pressing concerns or industry issues affecting our clients and our colleagues. Most importantly, by removing the branch office licensing requirement, large multi-state insurance agencies will no longer be subject to the overly burdensome licensing requirements that Florida imposed.The changes discussed above do, however, present some logistical questions for which the DFS has not yet released any official guidance. Until such functionality is available, branch agencies desiring to transition to the parent record may need to contact the DFS for assistance.To qualify for this exemption, the individual agent must not employ or use the services of other licensees, and the agent must conduct business in his or her individual name. Thus, an individually owned and operated agency named “Fitzgerald Insurance Associates” would not qualify for the exemption.Incorporated agencies and agencies formed as limited liability companies that use a name that is different than the individual agent’s name would also not qualify for the exemption.
One such issue is the effect the elimination of the branch office licensing requirement will have on those branch locations licensed under the previous law. Every location where an insurance agent engages in the business of insurance is an insurance agency and every insurance agency is required under Florida Statute 626.112(7)(a), to obtain an insurance agency license or be listed as branch location. Accordingly, registered agencies that sought to be licensed in other states ran into the same difficulties discussed above that all Florida resident agencies had prior to the enactment of SB 1912 in 2005. Likewise, if an individual decided to use a d/b/a other than as outlined above, he or she would lose the exemption. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Step 2. 1100 Walnut Street, Suite 1500 Kansas City, MO 64106 Need Assistance?