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McCarran-Ferguson Act
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Union Plans
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Florida Statutes
| Question | Answer |
|---|---|
| McCarran-Ferguson Act | Made the business of insurance state regulated in 1945 |
| Union Plans | can be an exception to the MEWA if US department of labor makes express finding if no express finding by the US DOL then is subject to state regulations |
| Association Plans | These plans are not exempt from state regulations |
| PEO Professional Employer Organization | sponsored health plans not exempt from state regulation |
| third degree felony, liability of unpaid claims, suspension or revocation of all insurance liscenses | Possible Consequences for aiding and abetting an Unauthorized Insurer and acting as one |
| Temporary Licensing | up to 6 months to an employee, family member, business associate, or personal representative for the purpose of continuing or winding the business affairs of a an agent in the event the agent dies or is otherwise unable to perform his or her duties. |
| License and appointment | cannot hold themselves to be an agent customer rep or adjuster without properly being licensed and appointed |
| $10,000 | if an agency is required to be licensed but fails to file for application |
| $5,000 | if the agency is eligble for registration but fails to register |
| 3 years | an agency license is issued for a period of |
| 3 years | every licensee shall keep books accounts and records pertaining to a premium payment for atleast 3 years after payment |
| Outside the office of his or her agency | a customer representative shall not engage in transacting insurance outside of the office of his or her agency |
| Only with 220 agents | who can a 2-20 agent share his commission with |
| Misrepresentation | knowingly making untrue statements in an insurance application so that a benefit can be gained |
| defamation | to injure a person by libel or slander |
| sliding | telling the insured that additional coverage is required by law when purchasing auto insurance or including the additional coverage without the insured knowing. |
| twisting | tricking the insured or prospect so that they will change their policy to another insured. |
| Advertising gifts permitted | giving a prospect or insured mercandise for the purpose of advertising with a value of $25 or less |
| "stock insurer" | an incorporated insurer without permanent capital divided into shares and owned by stockholders |
| Mutual Insurer | an incorporated insurer without permanent capital stock ther governing body of which is elected in accordance with this part. |
| Appointment of Customer REp | cannot work for more than one agency at a time/ shall prescribe by rule forms to administer this section |
| Surplus Lines Agent | individual licensed to handle placement of insurance coverages with unauthorized insurers and to place coverage with authorized insurers as to which the licensee is not licensed to the agent. |
| Eligible Surplus Lines Insurer | unauthorized insurer which has been made eligible by the office to issue incurance under the surplus lines law |
| To Export | to place in an unauthorized insurer, insurance, covering a subject of insurance resident located or to be perforned in the states |
| Dilligent Effort |
Created by:
Giants3172