Before insurers may transact business in a specific state, they must apply for and be granted a license or Certificate of Authority from the state department of insurance and meet any financial (capital and surplus) requirements set by the state. What is an unauthorized insurer?Unauthorized Insurer — an insurer not licensed to write business in a particular state. Who is the appointing authority of an insurance agent?3. Appointment of Insurance Agent by the Insurer: (i) An applicant seeking appointment as an Insurance Agent of an Insurance Company shall submit an application in Form I-A to the Designated Official of the Insurance Company for appointment as an Insurance Agent. What is the penalty for intentionally representing an unauthorized insurer in Florida?Florida's Unauthorized Entities law enhanced the penalty for selling unauthorized insurance from a second-degree misdemeanor to a third-degree felony, punishable by up to five years in prison and a $5,000 fine per count. How can an agent determine if an insured is authorized to transact insurance in the state of Florida?Any question about the authorized status of a company can be checked by calling the Florida Department of Financial Services at 877-693-5236 or 850-413-3089. We urge all agents and brokers to adhere to this admonition. You can search by company name, Florida company code, or NAIC company code.
What must an insurer have to be authorized to transact insurance in a particular state?Before insurers may transact business in a specific state, they must apply for and be granted a license or Certificate of Authority from the state department of insurance and meet any financial (capital and surplus) requirements set by the state.
What must an insurer have to be an authorized insurer?"Authorized" means "an insurer duly authorized, by a subsisting certificate of authority issued by the [insurance] commissioner, to transact insurance in this state." Thus, an insurance company under the CIT is an insurer as defined and authorized by the insurance code.
What must an insurer have to be an authorized insurer quizlet?What must an insurer have to be an authorized insurer? An authorized insurer is one duly authorized by holding a certificate of authority issued by the Office of Insurance Regulation to transact insurance in Florida.
|