- Florida House of Representatives' Insurance and Banking Subcommittee Approves Insurance Agency Licensure Bill (HB 633), Hears Insurance Information Institute Presentation
- February 20, 2014
- Law Firm: Colodny Fass P.A. - Fort Lauderdale Office
The Florida House of Representatives' Insurance and Banking Subcommittee ("Subcommittee") met today, February 19, 2014.
As part of the agenda, State Representative Clay Ingram presented House Bill 633 relating to Division of Insurance Agents and Agency Services to the Subcommittee.
In addition to amending Florida's insurance agency licensure law, the bill would:
- Eliminate the insurance agency licensing requirement for agencies owned and operated by a single licensed agent under certain conditions
- Allow third parties to sign agency applications
- Specify circumstances under which branch agencies do not have to be licensed
- Repeal provisions of law allowing insurance agencies to obtain a registration in lieu of a license, convert all agency registrations to licenses and eliminate the three-year expiration period for agency licenses
- Repeal current law governing branch agencies, while creating s. 626.0428(4), F.S. to define "agent in charge"
- Provide for agency licenses to automatically expire if the agency does not designate a new agent in charge with the Florida Department of Financial Services ("DFS") within 90 days after the agent in charge on record has left the agency.
- Create a new type of insurance agent--an unaffiliated insurance agent--and specifies the scope of the license
- Require the DFS to immediately suspend the license or appointment of licensees charged with crimes that would preclude them from applying for licensure from the DFS
- Bar applicants for licensure with sealed criminal history records from denying or failing to acknowledge arrests for crimes that would preclude them from applying for licensure with the DFS.
The Subcommittee adopted a strike-all amendment to the bill that makes technical changes.
A representative from the Office of Florida CFO Jeff Atwater testified in support of HB 633 and the amendment. With no debate, the bill was passed unanimously as amended.
Also on the agenda was a presentation by Lynne McChristian, the Florida representative for the Insurance Information Institute, who gave the Subcommittee an overview of Florida's property and casualty performance and historical impacts, profitability and growth analyses, economic outlook and property exposure impacts, and catastrophe losses.