Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Common to Life and Health InsuranceMedium
A Florida licensed agent wishes to use an assumed professional name, 'Financial Freedom Advisor,' for their insurance business. What action must the agent take regarding this assumed name?
- ANo action is required as long as their legal name is also used on official documents.
- BThey must register the assumed name with the Florida Department of State.
- CThey must notify the Florida Department of Financial Services (DFS) in writing prior to use.
- DThey must obtain approval from the Florida Office of Insurance Regulation (OIR).
Show answer & explanationAnswer & explanation
Correct answer: C. They must notify the Florida Department of Financial Services (DFS) in writing prior to use.
Florida law requires licensed agents to notify the Department of Financial Services (DFS) in writing prior to using any assumed name for their insurance business. This ensures regulatory oversight and transparency.
Why the other options are wrong
- A. This is incorrect; notification to the DFS is legally required for assumed names.
- B. While business names might be registered with the Department of State, specific insurance agent assumed names require notification to the DFS.
- D. The OIR regulates insurance companies, not individual agent assumed names.
Assumed Name Notification (Agent)
A Florida licensed insurance agent must notify the Department of Financial Services (DFS) in writing before using any assumed name in connection with their insurance business.
- Required before using an assumed name.
- Notification goes to the DFS.
- Ensures regulatory transparency and oversight.
Memory trick: Your alter ego for business must be known by the DFS, or it's a mess.