What is an unauthorized insurer in Florida?
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Last modified: September 23, 2016 How are unauthorized insurers identified in Florida?Any question about the authorized status of a company can be checked by calling the Florida Department of Financial Services at 877-693-5236 or 850-413-3089. We urge all agents and brokers to adhere to this admonition. You can search by company name, Florida company code, or NAIC company code.
What is an authorized insurer in Florida?(1) An “authorized” insurer is one duly authorized by a subsisting certificate of authority issued by the office to transact insurance in this state. (2) An “unauthorized” insurer is one not so authorized.
What is the penalty for intentionally representing an unauthorized insurer in Florida?Florida's Unauthorized Entities law enhanced the penalty for selling unauthorized insurance from a second-degree misdemeanor to a third-degree felony, punishable by up to five years in prison and a $5,000 fine per count.
What is an on authorized insurer?An authorized insurer is an individual or company that meets a state insurance department's standard and is authorized by the responsible authority to do business in the given state, also known as an admitted insurer.
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