Florida Department of Financial Services Division of Agent and Agency Services Hearing on Use of Professional Designations and Certifications Testimony Indicates Proposed Rule May Be Worded Too Broadly
Jul 26, 2011
Today, July 26, 2011, the Florida Department of Financial Services (“DFS”), Division of Agent and Agency Services (“Division”) held a hearing on Proposed Rule 69B-215.235, F.A.C. entitled “Use of Designations.”
The purpose of the proposed Rule is to set standards in the use of professional designations and certifications by licensees who market and sell insurance products.
DFS Government Analyst II Richard Brinkley presided over the hearing. Following a brief explanation of the proposed Rule, Mr. Brinkley recognized members of the public for comments.
Representatives from the Florida Land Title Association, American Council of Life Insurers, Florida Association of Independent Agents (FAIA) and the Real Property and Probate Section of the Florida Bar testified at the hearing. The parties all agreed that the proposed Rule is worded too broadly and should narrowly tailor the intent, which is to provide consumer confidence in the designation or certification of licensees.
Also, it was suggested that the DFS does not have the statutory authority to develop this Rule.
A representative from FAIA commented that the proposed Rule should not require re-examinations for certifications or designations.
Following the public testimony, DFS officials closed the hearing and stated the record will remain open 10 additional days.
A copy of the proposed Rule is attached for review.
Should you have any questions or comments, please contact Colodny Fass.
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