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DFS Legislative Package: Credit and Character Reports


   

CS/CS/CS/HB 1073

Credit and Character Reports

pp. 34–36, §626.521

Changes the time at which a credit and character report for an insurance license applicant must be completed, and requires the report to be obtained before appointment rather than before licensure. The bill removes the requirement that a credit and character report requested by the DFS be submitted on a form furnished by the DFS. It also removes the requirement that the credit and character report be done by an “established and reputable independent reporting service” because there are no standards to determine “established and reputable independent reporting service.” Additionally, the appointing insurer or employer is required to certify to the DFS that the licensee is of good moral character and reputation, and is fit to engage in the insurance business. The bill also adds that the requirements for credit and character reports do not apply to licensees who self-appoint pursuant to §624.501, F.S.

Under current law, credit and character reports must be secured from an established and reputable independent reporting service. They must be secured and kept on file by the appointing insurer or employer for first-time applicants as agents, service representatives, customer representatives, or managing general agents. If a credit and character report is requested by the DFS, it must be submitted on a form furnished by the DFS.

Effective date: July 1, 2018
Chapter No. 2018-102, LOF

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