Florida and Insurance Agency Fees Charged to the Insured

Florida, Rebating and Health Insurance Consulting Fees

Here is the link...
http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0626/Sections/0626.593.html

Did you know Rebating is not only legal, but required in Florida if a licensed insurance agent charges a fee for providing advice on any health or health benefit plan?

Not only is it required, but if you do receive a fee payment, then...

"all commissions received by an insurance agent from an insurer in connection with the issuance of a policy, when a separate fee or other consideration has been paid to the insurance agent by an insured, shall be rebated to the insured or other party being charged within 30 days after receipt of such commission by the insurance agent."

I guess the lesson here is if you are going to charge a fee, be sure it is more than the commission you would have received.

Signed Contract for Fee Required

In addition to rebating your commission, you can only charge the fee if you have a signed contract for the fee.

"such compensation is based upon a written contract signed by the party to be charged and specifying or clearly defining the amount or extent of such compensation and informing the party to be charged that any commission received from an insurer will be rebated to the party in accordance with subsection (3). In addition, all compensation to be paid to the insurance agent must be disclosed in the contract."