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News & Press: Education News

HB 725: Understanding the Upcoming CE Changes

Monday, February 25, 2013   (0 Comments)
Posted by: Marissa Shearer
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http://www.myfloridacfo.com/Division/Agents/Licensure/General/FAQ.htm

The passing of HB 725 on October 1, 2012, substantially revises the Licensing Procedures Law for insurance agents, adjusters, and limited lines licensees. The bill creates the new licensure classification of all-lines adjuster to replace the current licensure classifications of independent adjuster and company employee adjuster. The classifications of independent adjuster and all-lines adjuster are converted to appointment types for licensed all-lines adjusters. 

In addition, the bill revised the continuing education requirements for licensees. Prior to the passing of HB 725, adjusters were required to complete 24- hours of continuing education courses, to include, 2-hours on Ethics, 10-hours on Law and Policy, and 12-hours of Optional CE credits. 

Effective October 1, 2014, under the new law enacted with the passing of House Bill 725, licensees are required to complete a five-hour course every 2-years which is specific to the license held. The content of the course must address all lines of insurance for which examination and licensure are required and include:
- Insurance Law Updates
- Ethics for Insurance Professionals
- Disciplinary Trends and Case Studies
- Industry Trends and Products and other similar insurance-related topics determined relevant the department to legally and ethically carry out the responsibilities of the license granted. 

In addition to the five-hour course, adjusters will be required to participate in 19- hours of elective credits which have been approved by the department and focuses on their specific line of insurance.

It will be important to understand that these requirements are directly tied to CE Compliance cycles ending 9/30/14 or earlier, and CE Compliance cycles ending 10/31/14 or later. The licensees Compliance period begins with the end of your birth month following the second anniversary of the first license issuance date, and then biennially thereafter.

HB 725 also reduced the number of required continuing education hours from:
- 24 to 20 hours every 2-years for a licensee who has been licensed in Florida for 6 or more years.
- 24 to 10 hours every 2-years for a licensee who has been licensed for 25 years or more and is a CLU or CPCU or has a Bachelor of Science degree in risk management or insurance with evidence of 18 or more semester hours in upper-level insurance-related courses.

626.292 Transfer of license from another state -

An individual licensed in good standing in another state may apply to the department to have the license transferred to this state to obtain a resident agent or all-lines adjuster license for the same lines of authority covered by the license in the other state. To qualify for a license transfer, an individual applicant must (a) become a resident of this state, (b) have been licensed in another state for a minimum of 1-year immediately preceding the date the individual became a resident of this state, (c) submit a completed application for this state which is received by the department within 90 days after the date the individual became a resident of this state.

626.551 Notice of change of address, name — Every licensee must notify the department, in writing, within 30-days after a change of name, residence address, principal business street address, mailing address, contact telephone numbers, including a business telephone number, or email address. A licensee who has moved his or her principal place of residence and principal place of business from this state shall have his or her license and all appointments immediately terminated by the department. Failure to notify the department within the required time period shall result in a fine not to exceed $250 for the first offense and, a fine of at least $500 or suspension or revocation of the license pursuant to s. 626.611, s. 626.6115, s. 626.621, or s. 626.6215 for a subsequent offense. The department may adopt rules to administer and enforce this section.

As more information is made available, we will be sure to update our members and include the information on our website @ www.wccp.org

House Bill 725 - To review more important changes enacted by HB 725, please refer to the following links:

http://www.flsenate.gov/Session/Bill/2012/725

http://laws.flrules.org/files/Ch_2012-209.pdf