Florida Life and/or Annuity Law and Ethics Update (214 216)

This continuing education class fulfills the 4-hour law and ethics review required for life insurance and annuity license renewal. In addition to discussing the most recent and significant legislative changes to the practice of insurance in Florida and on a federal level, the course provides an in-depth look at regulatory awareness, laws and rules surrounding life insurance and annuities, as well as recent case studies that affect licenses. The course covers topics and cited references that have been legislated and put into law in the state. Emphasis is placed on suitability and Best Interest requirements and the 12-points required to be addressed in terms of suitability.

The course will explore and discuss many additional topics, including insurance regulation, the Commissioner, ethics and their impact on the industry, unfair methods of competition and practices, legal updates and changes and additions to regulations, and a discussion of recent case studies that affect insurance.

Topics covered include the following:

• Regulatory awareness, including the various departments in Florida that administer financial services and insurance;
• Licensing requirements, including appointments, contact information, agency licensing, transferring, surrendering and terminating licenses, grounds for compulsory or discretionary refusal of a license, as well as suspensions and revocations for individuals and agencies;
• Other requirements by law associated with advertising and record-keeping mandates;
• New insurance laws are discussed for both Florida and on a federal level;
• Ethical requirements are thoroughly discussed, and include the state’s Code of Ethics, the NAIFA ethical code, marketing and regulatory environments that require ethical actions and additional ethical guidelines for Florida licensees;
• Suitability of sales to consumers and required elements that make a sale suitable for the customer;
• Unfair methods of competition and unfair and deceptive practices by insurers, agents, agencies and claims personnel;
• Understanding required premium discounts;
• An exploration of recent violations and enforcement actions with an emphasis on how to perform within expectations and within ethical and legal guidelines;
• Unauthorized products and how they are treated in Florida including examples; and

During the course, there will be in-text questions to help the licensee gauge their knowledge while moving through the class, to test their knowledge as they go. There is also a final exam of 25 questions at the end of the class.

Course Format: Text

Credit Type: Life, Annuity, Ethics

Course ID(s): 139950

Approved By: Florida Department of Financial Services - Division of Insurance