15253946, 69B-235.003 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15253946

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

SALE OF NON-INSURANCE PRODUCTS BY INSURANCE REPRESENTATIVES

Overview

RULE:

69B-235.003

Sale of Certificates of Deposit

PURPOSE:

Section 624.308(1), F.S., authorizes the Department of Financial Services to adopt rules to implement law that confers duties upon the Department.  The reason that necessitates the proposed action is that modification is to delete the illegal standard to determine the Department’s duties related to refusal, suspension, or revocation of agent’s license in conjunction with the sale of Certificates of Deposit if an agent has been a source of loss to the public, pursuant to Section 626.621(6), F.S. The words “detrimental to public interest” as used in section 626.621, F.S., were found to be unconstitutionally vague in Whitaker v. Department of Insurance and Treasurer, 680 So.2d 528 (Fla. 1st DCA 1996).  The proposed amendments will update the rule to remove the illegal standard.

SUBJECT:

Standards and requirements for the Department’s refusal, suspension, or revocation of agent’s license in conjunction with the sale of Certificates of Deposit.

RULEMAKING AUTHORITY:

624.308(1), F.S.

LAW:

517.12, 624.307(1), 626.611, 626.621, F.S.

PRINT PUBLISH DATE:

11/6/2014 Vol. 40/217

RELATED STATUTES
AND LAWS:

624.308(1), F.S., 517.12, 624.307(1), 626.611, 626.621, F.S.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=69B-235.003&PDate=11/6/2014&Section=1

REFERENCE MATERIALS:

No reference(s).

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