Licensing Requirements: Surplus lines brokers are required to be licensed under Florida law. Fla. Stat. §§ 626.927, 626.9272. To receive a license (solely for the purpose of placing with surplus lines insurers
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All premiums, return premiums, or other
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Under Florida law, a producer may not accept both
Currently, Florida has no state laws or regulations pertaining to Producer’s Compensation Disclosure.
What entities are covered? “‘Covered entity’ means a sole proprietorship, partnership, corporation, trust, estate, cooperative, association, or other commercial entity that acquires, maintains, stores, or uses personal information.” § 501.171(1)(b).
