Volume 3, No. 3 - May 2012

Noticias Útiles

- Updating you on what's going on

El Oficial Principal de Finanzas, Jeff Atwater, Anuncia el Arresto de Estafador por Fraude de Inversiones de $2 Millones

El Oficial Principal de Finanzas de la Florida, Jeff Atwater, anunció el arresto del ex agente de seguros Neal Seth Smalbach, 49, de Palm Harbor, por hurto mayor al tergiversar los detalles de productos financieros a varios clientes mayores quienes presuntamente sufrieron pérdidas por más de $2 millones en inversiones financieras inadecuadas.
Click here to read the release >>

Office Orders Companies to Cease and Desist the Unauthorized and Unlicensed Sale of Insurance in Florida

Florida Insurance Commissioner Kevin McCarty issued an Orden to iWorld Financial Group (iWorld) and United Defend Company a/k/a United Defendco (UDC) requiring these entities to cease and desist engaging in the unauthorized and unlicensed sale of insurance in the state of Florida.
Click here to read the release >>

FSLSO Releases Bulletin Providing Guidance on Multi-State Policies

The Florida Surplus Lines Service Office (FSLSO) has released Bulletin 2012-02 regarding the filing of multi-state policies after the Surplus Lines Clearinghouse has become operational. This bulletin is specific to policies in which Florida is deemed the "Home State" under the provisions of the Nonadmitted and Reinsurance Reform Act (NRRA) and the policy includes premium for an exposure in one or more states/territories.

All multi-state policies issued or renewed on or after July 1, 2012, and any subsequent endorsements to those policies, in which Florida is deemed the "Home State" should be filed with the FSLSO Clearinghouse once it has become operational. Endorsements on multi-state policies with an effective date prior to July 1, 2012 should continue to be filed with FSLSO in accordance with the statutes in effect at the time the policy became effective.

If you have any questions, please contact FSLSO Clearinghouse staff at (877) 267-9855. For a PDF copy of Bulletin 2012-02, please visit: http://www.fslso.com/publications/press/FSLSO/bulletin-2012-02.pdf.

Known Technical Issues with Upgraded MyProfile System

The Department strives to make the licensing process better, faster, easier, and more secure. We have long been aware that having our licensing process in a secure online environment would provide the best service for applicants and licensees. However, until now, one impediment to our online system, Mi Perfil, was the inability for our customers to use any web browser other than Internet Explorer to access our systems. Over the past few months, we took the necessary steps to upgrade MyProfile to correct this situation. The upgrade to the new Mi Perfil system is a huge improvement for our customers, most importantly, to the security of their personal information.

El Departamento es aware of technical issues some users are experiencing such as those that may cause some delays in education providers posting credits. Licensees' compliance screens may not reflect the most updated information until providers are able to upload rosters. Licensees will receive credit for the date the course was completed. In the event licensees' appointments are affected due to delay in updating rosters, we will work with those licensees to resolve the matter.

We are currently working to resolve all technical issues. Those affected may have to wait until the system issues have been resolved for their compliance records to be updated.
Click here to read more details along with helpful guides and tutorials >>

CFO Atwater Warns Consumers about Misleading Postcard Solicitations for Annuities

Florida Chief Financial Officer Jeff Atwater issued a warning to consumers about alleged activity that involves misleading postcards sent to seniors about an annuity they may have that has reached the end of its surrender period. An unlicensed company named Unlimited Fulfillment Services, LLC, has been allegedly contacting senior consumers with these postcards advising that they need to contact the company's "scheduling department" to discuss options. The Florida Department of Financial Services has filed a Notice of Intent to Issue Cease and Desist Order against the company.
Click here to read the consumer alert >>

Office Orders Safe Harbor Christian Foundation to Cease and Desist Writing Donor Annuities

Florida Insurance Commissioner Kevin McCarty issued an Orden to Safe Harbor Christian Foundation (Safe Harbor) to cease and desist writing any new donor annuity business in Florida. Safe Harbor was registered as a donor annuity in Florida in 2007, and has home offices in Newark, Ohio. Safe Harbor reported a total of three annuities in force in Florida totaling $100,000.
Click here to read the release >>

Rule Regarding Appointment Renewal Procedures Being Amended

The Department has proposed amendments to Rule 69B-211.004, Florida Administrative Code, relating to the appointment renewal process. The proposed rule amendments revise the existing rule to reflect certain provisions of the Florida Insurance Code that have been amended since the rule was last amended. The effect of the proposed rule amendments are to provide clear and concise information to appointing entities of the appointment renewal procedure and the delinquency fees for noncompliance with the law. If requested, a rule hearing will be held on Tuesday, June 5, 2012.
Click here to read the rule notice and proposed amendments >>

Rule Regarding Effect of Law Enforcement Records on Applications for Licensure Being Amended

The Department has proposed amendments to Rules 69B-211.041 and 69B-211.042, Florida Administrative Code, relating to the effect of law enforcement records on applications for licensure. During the 2011 legislative session, Section 626.207, F.S., was amended to change the way criminal history of an applicant for licensure as an insurance representative affects their application. The proposed rule amendments conform the Department's existing rule to the revised statute. A rule hearing will be held on Wednesday, June 13, 2012.
Click here to read the rule notice and proposed amendments >>

Rule Regarding Customer Representatives Being Amended

The Department has proposed amendments to Rule Chapter 69B-213, Florida Administrative Code, relating to customer representatives. The proposed amendments will update the rules to conform with current statutory provisions in the Florida Insurance Code. A rule hearing was held May 14, 2012.
Click here to read the rule notice and proposed amendments >>

NIMA, Inc. Enters Into Agreement With the Florida Surplus Lines Service Office (FSLSO) as Clearinghouse Provider

Non-Admitted Insurance Multi-State Agreement (NIMA) member state representatives met via conference call on Friday, March 30, 2012 and approved both a Premium Tax Clearinghouse services agreement and license agreement. Through these agreements, NIMA, Inc. will contract with the Florida Surplus Lines Service Office (FSLSO) to serve as its central clearinghouse provider for the collection and allocation of surplus lines premium tax payments for multi-state surplus lines policies. The FSLSO will serve as the technology platform provider and will also provide all clearinghouse administrative duties. The clearinghouse will begin receiving filings for policies issued or renewed on or after July 1, 2012. The FSLSO formally signed and effectuated the agreements on April 16, 2012.
Click here to read the release >>



Make Sure You Don't Miss Important Information From Us

Add our domain MyFloridaCFO.com to your email software's Trusted or Safe Senders List to ensure you are able to receive all notifications from us. Licensees who have a valid email address on file with the Department, as required by law, receive important email notifications when something that affects your application, license, continuing education, or appointment(s) occurs. Additionally, we will keep you informed with warnings regarding new schemes and scams being marketed to licensees and their customers. You can update your contact information through your Mi Perfil account. We want to keep you informed in a timely manner of pertinent information important to you. You are still required to abide by the Florida Insurance Code regardless of whether you read the information we provide or attempt to provide.

 

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