15418361, 69B-235.003 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15418361

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

SALE OF NON-INSURANCE PRODUCTS BY INSURANCE REPRESENTATIVES

Overview

RULE:

69B-235.003

Sale of Certificates of Deposit

PURPOSE:

The proposed amendment will update the rule to remove a standard made illegal by a court decision.

SUMMARY:

Chapter 69B-235 addresses the Sale of Non-Insurance Products by Insurance Representatives.  The proposed modification is to delete the illegal standard to determine discretionary refusal, suspension, or revocation of agent’s license in conjunction with the sale of Certificates of Deposit if an agent has been a source of loss to the public, pursuant to subsection 626.621(6), F.S.  The words “detrimental to public interest” as used in section 626.621, F.S., were found to be unconstitutionally vague in Whitaker v. Department of Insurance and Treasurer, 680 So.2d 528 (Fla. 1st DCA 1996).

RULEMAKING AUTHORITY:

624.308(1), F.S.

LAW:

517.12, 624.307(1), 626.611, 626.621, F.S.

PRINT PUBLISH DATE:

12/19/2014 Vol. 40/245

COMMENTS:

From 12/19/2014 To 1/9/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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