Volume 3, No. 1 - January 2012

Notas de Casos

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 División de Fraude de Seguros 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.

 

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