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 fails to notify the Department of Financial Services (DFS) within 30 days of a change in their residential address. What is the most likely consequence for the agent?
- AA fine and potential administrative action.
- BMandatory re-examination of their licensing qualifications.
- CNo consequence, as long as mail is still being received at the old address.
- DImmediate suspension of their license for 6 months.
Show answer & explanationAnswer & explanation
Correct answer: A. A fine and potential administrative action.
Florida Statute 626.551 requires agents to notify the DFS of any change of name, residence address, principal business street address, or mailing address within 30 days. Failure to do so can result in administrative action, including fines.
Why the other options are wrong
- B. Re-examination is typically required for license reinstatement after revocation or for specific educational deficiencies, not for administrative address changes.
- C. This is incorrect; agents have a legal obligation to keep their contact information updated with the DFS regardless of mail forwarding.
- D. Immediate suspension is a severe penalty usually reserved for more serious offenses.
Agent Address Change Notification
Florida licensed agents must notify the Department of Financial Services (DFS) of any change to their residential or business address within 30 days.
- Required by Florida Statute 626.551
- Includes residential, business, and mailing addresses
- Failure to comply can result in fines and administrative action
Memory trick: Agents must be responsible: notify, record, comply, and act ethically.