Florida Insurance Agent “Exchange of Business” and “Receipt of 24 Risks” Rules Being Amended

Two regulations relating to property and casualty insurance agents who write business outside of companies the agent is appointed to represent are being reviewed for development as of February 12, 2020 by the Florida Division of Insurance Agent and Agency Services. 

The Rules, 69B-215.050, F.A.C., “Receipt of 24 Risks,” and 69B-215.070 “Exchange of Business: Property and Casualty Insurance” are being amended pursuant to new laws passed in 2018 that also amended reporting requirements for insurers that receive business from agents that are not appointed to represent the company. 

The comment period has not yet opened for these Rules, but the insurance lawyers at Florida's Loss Recovery Law Group will monitor the proceedings for updates.