| 1 | Representative(s) Richter offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between line(s) 36-37, insert: |
| 5 | Section 1. Paragraph (a) of subsection (7) of section |
| 6 | 626.112, Florida Statutes, is amended to read: |
| 7 | 626.112 License and appointment required; agents, customer |
| 8 | representatives, adjusters, insurance agencies, service |
| 9 | representatives, managing general agents.-- |
| 10 | (7)(a) Effective October 1, 2006, no individual, firm, |
| 11 | partnership, corporation, association, or any other entity shall |
| 12 | act in its own name or under a trade name, directly or |
| 13 | indirectly, as an insurance agency, unless it complies with s. |
| 14 | 626.172 with respect to possessing an insurance agency license |
| 15 | for each place of business at which it engages in any activity |
| 16 | which may be performed only by a licensed insurance agent. Each |
| 17 | agency engaged in business in this state before January 1, 2003, |
| 18 | which is wholly owned by insurance agents currently licensed and |
| 19 | appointed under this chapter, each incorporated agency whose |
| 20 | voting shares are traded on a securities exchange, each agency |
| 21 | designated and subject to supervision and inspection as a branch |
| 22 | office under the rules of the National Association of Securities |
| 23 | Dealers, and each agency whose primary function is offering |
| 24 | insurance as a service or member benefit to members of a |
| 25 | nonprofit corporation may file an application for registration |
| 26 | in lieu of licensure in accordance with s. 626.172(3). Each |
| 27 | agency engaged in business before October 1, 2006, shall file an |
| 28 | application for licensure or registration on or before October |
| 29 | 1, 2006. |
| 30 | 1. If an agency is required to be licensed but fails to |
| 31 | file an application for licensure in accordance with this |
| 32 | section, the department shall impose on the agency an |
| 33 | administrative penalty in an amount of up to $10,000. |
| 34 | 2. If an agency is eligible for registration but fails to |
| 35 | file an application for registration or an application for |
| 36 | licensure in accordance with this section, the department shall |
| 37 | impose on the agency an administrative penalty in an amount of |
| 38 | up to $5,000. |
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| 41 | ======= T I T L E A M E N D M E N T ======= |
| 42 | Remove line(s) 2 and insert: |
| 43 | An act relating to insurance; amending s. 626.112, F.S.; |
| 44 | authorizing certain agencies designated as a branch office to |
| 45 | file an application for registration in lieu of licensure; |
| 46 | amending s. |