Under Alex Sink’s Department of Financial Services Florida Insurance Companies only get a slap on the hand when they break the law.
A Florida online insurance agency found to have sold homeowners policies using unlicensed personnel will pay a $100,000 fine. The agency will also contact every customer affected and offer to rewrite their policies, under terms of a settlement reached with state officials.
In March, Chief Financial Officer Alex Sink’s Department of Financial Services took legal action against People’s Trust MGA, LLC, charging that the firm that sells direct to consumers online and over the phone had used unlicensed personnel to market and sell homeowners insurance.
People’s Trust MGA will pay a $100,000 administrative penalty, which DFS says is one of the largest penalties ever paid to it by an insurance agency.