Bulletin: FL2016001

Date:
February 09, 2016
To:
All Florida Issuing Offices
RE:
UNDERWRITING - Revised Unlawful Inducements - Florida Department of Financial Services Issues Revised Rule

Dear Associates:

The Florida Department of Financial Services has adopted a revised rule intended to clarify its position on unlawful inducements. The revised rule lists specific examples of acts and practices which it holds to be violations of Florida’s Unfair Insurance Trade Practices Act, Section 626.9541, Florida Statutes. A copy of the rule, which takes effect on February 9, 2016, is provided in the link below for your reference.

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EXHIBIT1 – FDS Unlawful Inducements Title Rule 2 9 16 

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
FL20100003 Revised Unlawful Inducements Proposal - Florida Department of Financial Services Issues Revised Proposed Rule
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None