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Inicio del Departamento | Inicio de Agentes y Agencias | Inicio de Insurance Insights

  Vol. 9, No. 3 - Fall 2020

Notas de Casos

Case: A licensee may be subject to Department action when another state agency, federal agency, national securities, administrative law proceeding, or court of competent jurisdiction issues a denial, judgement, injunction, decision, administrative order, suspension, revocation or any type of action against the licensee.

Recently, the Department became aware that an agent was involved in a massive Ponzi scheme by selling unregistered securities. The agent and his agency were also unregistered with any securities regulatory authority. The fund collapsed. The agent raised $23 million by selling these products to more than 500 investors, mostly retirees, and created significant financial harm to these investors. The agent was barred from the securities industry and faced over a million dollars in fines and restitution. Section 626.621(12), F.S. authorizes the Department to take reciprocal action, and the agent was suspended. The agent filed an appeal to the Division of Administrative Hearings which upheld the suspension.
Suspended for two years.

Case: Estatutos de la Florida s. 626.865(2) requires public adjusters to maintain a surety bond for $50,000 for the faithful performance of their duties under the license. The bond must be maintained while the license is in effect and for at least one year after the license is terminated. The Bureau of Investigation discovered a public adjuster's bond was cancelled by the surety company and the investigator attempted to contact the licensee with the ultimate goal to notify the licensee of the cancellation in case they were unaware, and recommend they immediately obtain a new bond.

The investigator called, emailed and sent a letter to the public adjuster, who did not respond. Our investigator also contacted the licensee's last known employer for assistance, which proved fruitless. Because numerous efforts to reach the licensee to assist them in becoming compliant failed, the adjuster's license was suspended as required by statutes.
Disposition: Suspended for 90 days.

Case: The Department received a complaint alleging a title insurance agency was rearranging closing costs on settlement statements to appear the agency was offering a discount when in fact it was not, and it was also offering unlawful gifts to consumers.

Investigators met with the agency's title agent in charge and obtained closing files for compliance review. During the visit, the agent in charge told investigators she does in fact offer discounted settlement fees in order to remain competitive in the title closing market.
Disposition: Agency fined $2,500 and placed on probation for one year.

Case: The Department's Division of Consumer Services referred a complaint against a life and health agent alleging the agent failed to forward premium payments, causing a consumer's specialty cancer policy to lapse.

Investigators proved the agent accepted numerous monthly premium payments from the consumer to pay for the consumer's cancer and dental policies but diverted the premium payments to his own company. When the consumer filed a claim on the cancer policy, he was shocked to learn that the policy lapsed for non-payment leaving him without coverage.
Disposition: License revoked.

Case: The Department received a complaint against the agent with allegations of identity theft and falsification of information on insurance applications.

Consumer affidavits obtained from several consumers stated all had received documentation from the IRS indicating they needed to submit a form related to their purchase of health insurance through the federal Marketplace. The consumers contacted the Marketplace and were told the agent submitted applications for health insurance without their knowledge and consent.
License suspended one year.


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