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Florida Department of Financial Services

Florida Department of Financial Services. Agency Licensing & Registration. What’s Changed?. A law was passed in 2005 that requires all insurance agencies to apply for a license or registration by October 1 st , 2006. Important Facts.

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Florida Department of Financial Services

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  1. FloridaDepartmentofFinancial Services Agency Licensing & Registration

  2. What’s Changed? • A law was passed in 2005 that requires all insurance agencies to apply for a license or registration by October 1st, 2006.

  3. Important Facts Fines up to $10,000.00 may be imposed for late applications. It’s FREE Fingerprints are not required if you are: • Licensed and appointed • Officer of a corporation whose voting shares are traded on a securities exchange • In our database already with fingerprints that were processed within the last 3 years

  4. What is an agency? • Florida Statutes 626.015 (8) defines an “INSURANCE AGENCY” as a business location which an individual, firm, partnership, corporation, association, or other entity engages in any activity or employs individuals to engage in any activity which by law may be performed only by a licensed insurance agent. . This means that an agent that is independently operating out of his/her home must obtain an agency license for that location. Every agency location must be licensed or registered with the Department. You may not obtain one license in order to cover multiple agencies.

  5. Registration or Licensure?

  6. Agent In-Charge (AIC) Pursuant to section 626.747, Florida statues, an agency shall be in the active full-time charge of a licensed agent who is appointed to represent one or more insurers. NOTE: The AIC’s license residency TYPE (RESIDENT or NON-RESIDENT) must match that of the AGENCY. A non-resident AIC CAN NOT be the AIC of a resident agency Each agency must have a unique AIC. If multiple agencies exist at one location, each agency at that location MUST have a unique AIC. 4-40’s (customer service representative) DO NOT QUALIFY as AIC. (e.g. You can not staff your locations with 4-40s without a 2-20 at each location to supervise the 4-40s at that location.)

  7. Required Information You must have the following information ready to complete the application: • FEIN (or SSN if Sole-Proprietor) for the location • Agent In Charge license number • Name, SSN, DOB and other demographic information for the owner(s), President and Secretary

  8. Stage 1 • Go to www.fldfs.com • Then click on “licensing and renewals”

  9. Stage 2 Now click on “apply for a license.”

  10. Stage 3 • Select the “Insurance Agency” tab. • Fill in applicable information. • “Agency License/ Registration Number is only required when making changes to a specific location’s license/ registration.

  11. Stage 4 • The system automatically displays the available choices for you. • In this case we will apply for a registration

  12. Stage 5 In this example we are going to qualify by being “wholly owned.”

  13. Stage 6 • Enter the Agency Name and formation date. • REMEMBER: to qualify for registration the formation date must have been before 1/1/2003.

  14. Stage 7

  15. Stage 8 The system allows you to enter a different mailing address from your principle business address. If it is the same, check the “same as business” check box.

  16. Stage 9 • Yes, both fields are mandatory

  17. Stage 10 • Check all that apply and then click continue.

  18. Stage 11 • The system will validate the SSN/ FEIN for this application with that of the appointing entity number you enter. If they do not match, then an error message will display. • Your are not required to make your agency an appointing entity.

  19. Stage 12 Background Inquiry In your application, the next several screens will ask a series of questions relating to the legal history of the owners, directors and officers of the agency applying for registration or licensure. Answering yes to any of the questions does not necessarily prohibit registration or licensure. Further information may need to be submitted to the Department subsequently.

  20. Stage 13 Owner/ Officer Entry • Enter all individuals that are applicable. • Do not hit submit until all individuals are entered. President & Secretary are required in all corporation applications. • After entering the first individual, click on “add owner/ officer.” When finished, click on the submit button.

  21. Stage 14 • Confirm that the information displayed is correct.

  22. Stage 15 The system now displays the questions we’ve asked and the answers you provided. Please confirm that everything is correct. Print the application for your records. You’re not finished yet…

  23. Stage 16 You must check the box and enter the required names.

  24. Stage 17 Please confirm that the information displayed is correct. Print the application for your records.

  25. YOU DID IT!!! If your application isn’t deficient, then a registration/ license certificate will be mailed to the mailing address you provided. If your application is deficient, then you will receive a deficiency letter in the mail.

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