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FLORIDA DEPARTMENT OF INSURANCE - Agency Licensing and Registration The state of Florida has implemented new licensing and registration requirements for insurance agencies. The state requires ALL agencies doing business in the state of Florida to be licensed or registered by October 1, 2006. Currently, there are no license/registration fees. The new Florida Insurance Agency license will renew every three years from the date of issue. If an agency has several locations, each place of business at which an individual engages in any activity that may be performed only by a licensed insurance agent, must be licensed. Each agency must have a licensed and appointed agent in full time charge of each location. The license and appointed agent at each location need not be an officer or director of the agency. The application for an insurance agency license shall be signed by the owner or owners of the agency. If the agency is incorporated, the president and the secretary of the corporation shall sign the application. Fingerprints are required for each owner and officers of the company upon application for an agency licensure. The state will impose on the agency an administrative penalty in an amount of $10,000 if the agency fails to file an application for licensure. These are new procedures being implemented by the Florida Department of Insurance; therefore, questions will be arising frequently. The Insurance Division staff at MGL Consulting Corporation will be constantly working to keep abreast of these changes and obtain answers to questions that may arise. The Florida Insurance Department is scheduled to begin implementation of the new agency licensing law between January 1, 2006 and March 1, 2006. This date is tentative based on the Florida Insurance Department completing the necessary revisions to its current database and automated application system. MGL/NRAB will keep each client appraised of the implementation date. Additional notification will be forwarded upon confirmation from the Florida Insurance Department. |
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| Kara Rister, Insurance Division 281-863-6156 |
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