Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Common to Life and Health InsuranceMedium
A Florida licensed life and health agent is found to have willfully violated the insurance code. What is the maximum administrative fine the Department of Financial Services (DFS) can impose per non-willful violation?
- A$5,000
- B$10,000
- C$25,000
- D$2,500
Show answer & explanationAnswer & explanation
Correct answer: A. $5,000
For a non-willful violation of the insurance code, the maximum administrative fine the DFS can impose is $5,000. Willful violations carry a higher maximum fine.
Why the other options are wrong
- B. $10,000 is the maximum for a willful violation, not a non-willful one.
- C. $25,000 is incorrect and exceeds the maximum for both willful and non-willful violations.
- D. $2,500 is incorrect; the maximum for a non-willful violation is higher.
Administrative Fines (FL Agent)
Monetary penalties imposed by the Florida Department of Financial Services (DFS) on licensed agents for violations of the Florida Insurance Code.
- Max fine for non-willful violation: $5,000.
- Max fine for willful violation: $10,000.
- Fines can be per violation or per occurrence.
Memory trick: Fines come in two flavors: 5 for non-willful, 10 for willful.