Wednesday, December 29, 2010

DFS Withdraws Unlawful Inducement Rules

The Florida Department of Financial Services, Division of Agent & Agency Services, announced today that it is withdrawing both proposed unlawful inducement rules (amendments to rules 69B-210.005 and 69B-210.010).

In withdrawing the proposed rules, DFS stated:  "While all parties have worked diligently to come to an agreement on language that will help provide guidance to insurance agents and agencies, there are still enough differences of opinion that could result in these proposed rules not being adopted. The Division will continue to provide regulation using the statutory language that has been in effect for many years.  On the title insurance rule, we stand ready to work with the Florida Office of Insurance Regulation to implement concurrent unlawful inducement rule language."

Perry Cone practices insurance, compliance and government law, and provides consulting to in-house counsel, from the Tallahassee office of GrayRobinson. He writes from his perspective as a former general counsel, legal executive, and leader in the Florida insurance industry.

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