Oct. 1 Deadline for Agents to Register in Fla. Licensing System
Florida insurance agents have until Oct. 1 to complete their registration in the Department of Financial Services new Agency Licensing System. Hazel Muhammad, director of the Bureau of Licensing, told participants at the May 12 Professional Insurance Agents of Florida’s Member Summit in Orlando, Fla. that agents who fail to register by that date can face a fine of up to $10,000 for failing to meet state licensing requirements.
She said that agents must display their proof of licensure or registration in their offices to their customers, and said the state requires a licensed agent to manage each licensed office.
Muhammad walked the audience through the online procedure to file a license, indicating it had gone through initial live tests with Florida agents, and it had been a seamless procedure that only took a few minutes.
Muhammad explained provisions of the Insurance Agency Licensing Law, enacted by the Florida Legislature in 2005, which requires all insurance agencies conducting business in Florida to apply for licensure or registration. She explained that it is now mandatory for agencies, whether owned in part or in whole by a licensed agent, to complete a formal licensing process.
The new procedure requires a background check, including fingerprinting and an FBI check. Muhammad said that any agency formed before Jan. 1, 2003, and owned by a licensed agent, need only register the agency with DFS.
She said that agents must display their proof of licensure or registration in their offices to their customers, and said the state requires a licensed agent to manage each licensed office.
Muhammad walked the audience through the online procedure to file a license, indicating it had gone through initial live tests with Florida agents, and it had been a seamless procedure that only took a few minutes.
Agencies are eligible for registration if they were in business prior to Jan. 1, 2003, and are: entirely owned by licensed and appointed insurance agents; publicly traded on a stock exchange; and their primary function is offering insurance as a service or member benefit to members of a nonprofit organization.
All other agencies must apply for a license The new licensure procedure requires a background check, including fingerprinting and an FBI check.. Every location must have a licensed and appointed agent in full-time charge of that agency. An agent may not be the agent in charge of multiple agencies. The application requires the identification of the agent in charge at each location.