In The Know - January 2024
Title Agencies: The 2024 Title Administrative Surcharge is Due January 30, 2024
Subsection 624.501(27)(e)2, F.S., requires any title insurance agency licensed in Florida on January 1 of each year to remit an administrative surcharge of $200 to the Florida Department of Financial Services.
All title insurance agencies licensed in Florida on or around January 1 were sent a courtesy email reminder and a second email in mid-January. (See below). To ensure you receive any follow-up emails, please log in to the MyProfile account for your title agency and make sure the correct email address is on file. We also recommend you do the same for your individual MyProfile account. Demographic changes made to an agency's profile do not populate the profiles of licensees associated with the agency.
Please verify/update your information to ensure you receive all correspondence from the Department. Failure to open the email sent by the Department containing the administrative surcharge reminder does not release an agency from the January 30 deadline. If you need assistance updating your information, please contact us at AgentLicensing@MyFloridaCFO.com.
Be proactive - do not procrastinate. Failure to pay the surcharge on or before January 30, 2024, may result in administrative action which could include a fine in addition to the original surcharge and/or suspension or revocation of the agency's license. Payment of the surcharge must be made securely online via the title agency's MyProfile account. Paper checks are not accepted.
More information can be found at: www.myfloridacfo.com/Division/Agents/Industry/Laws-Rules/TitleSurcharge.htm
Public Adjusters - Disclosure Form
The process to clarify and update existing Rule 69B-220.051, F.A.C. is ongoing. The purpose of the proposed changes to the rule is to comply with recent amendments to s. 626.8796(6), F.S. Effective July 1, 2023, the statutes require public adjusters to provide Florida insureds with a disclosure form prior to signing a contract.
Because the process to update the rule has not concluded, the Department is allowing public adjusters and firms to use the proposed form, "Public Adjusting Disclosure Form, DFS-H1-1982", that is available on our website.
Interested parties can monitor the expected adoption of the rule at this link to our website's Industry Awareness page where we may provide information about the rule's expected adoption.
Marketplace Compliance Update from CMS - Consumer Consent
The Centers for Medicare and Medicaid (CMS) has published new training and informative documents for 2024. Major changes have been instituted by CMS regarding consumer consent and disclosures. Documentation of those records must be kept for at least 10 years. This requirement exceeds the current requirements under the Florida Statutes; however, because the Department has authority under the Florida Insurance Code regarding insurance transactions through the Marketplace, the Department would expect licensees to provide those documents at our request.
New Marketplace training and information documents include:
Consumer Consent and Application Review Requirements
Preparing for Plan Year 2024 Enrollment
Plan Year 2024 Marketplace Policy and Operations Update
Unauthorized Plan Switch (UPS) Handling and Plan Requests
MyProfile Accounts - Special Requirement For Creating Or Changing Usernames And Passwords
The Bureau of Licensing has enhanced the requirements for creating or changing usernames and passwords. This action has been taken to protect our licensees' accounts from fraudulent access.
The new requirements are:
- The username must be 8-14 characters long.
- The password must be 8-14 characters long and must contain the following:
at least one upper case letter
at least one lower case letter
at least one number
can have any one of the following characters: ! @ $ ?
May not be user’s first or last name (in any combination)
May not be the following words or phrases: Password or P@ssw0rd (in any case combination)
Passwords will expire after 90 days and must be changed. Each time an address, username, or password is changed, an email notification will be sent to the email address on file with the subject: DFS DICE MyProfile Data Change (example below)
Dear Account Holder,
The purpose of this email is to notify you that there have been changes to your DFS DICE MyProfile account.
The following information has been changed on 08/04/2023 at 13:58:23.
- Login Information.
This email is coming from an unmonitored account. Please do not reply. If you did not authorize the changes listed above or have questions regarding the changes, please contact the DFS Insurance Agent and Agency Services helpdesk at AgentLicensing@myfloridacfo.com.
If you have not made a change, please access your account to determine whether unauthorized changes have been made. If unauthorized access is made and you no longer have access to your MyProfile account, report the activity to AgentLicensing@myfloridacfo.com. Florida Statutes s. 626.551 requires all licensees to update any demographic changes through their MyProfile account.
FINRA Reminds Registered Persons and Firms of Continuing Education Regulatory Element Annual Deadline - Published July 26, 2023
Summary
-this year’s training assignments and completion deadline of December 31, 2023;
-the consequences of not completing required annual training and CE inactive status; and
-resources available to firms for facilitating compliance with the new annual Regulatory Element requirements.
