Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Common to Life and Health InsuranceHard
A Florida licensed agent is involved in an administrative action in another state that resulted in a license suspension. How many days does the agent have to report this action to the Florida Department of Financial Services (DFS)?
- A10 days
- B60 days
- C15 days
- D30 days
Show answer & explanationAnswer & explanation
Correct answer: D. 30 days
Florida Statute 626.601 requires an agent to report any administrative action taken against them in another jurisdiction to the DFS within 30 days of the final disposition of the matter.
Why the other options are wrong
- A. 10 days is too short; the required reporting period is longer.
- B. 60 days is too long; prompt reporting is required by Florida law.
- C. 15 days is incorrect; the specific regulatory period is 30 days.
Reporting Other Admin Actions (FL Agent)
The requirement for a Florida licensed agent to notify the Florida Department of Financial Services (DFS) of any administrative action taken against them in another state or jurisdiction.
- Must report within 30 days of final disposition.
- Applies to any license suspension, revocation, or penalty.
- Ensures DFS has current information on agent's regulatory standing.
Memory trick: Other state's actions? Report to FL in 30!