Production Credit Ass'ns of Florida v. Department of Ins., FF-277
Decision Date | 01 March 1978 |
Docket Number | No. FF-277,FF-277 |
Citation | 356 So.2d 31 |
Parties | PRODUCTION CREDIT ASSOCIATIONS OF FLORIDA and Federal Land Bank Associations of Florida, Petitioners, v. The DEPARTMENT OF INSURANCE of the State of Florida, the Florida Association of Insurance Agents and the Florida Farm Bureau Federation, Respondents. |
Court | Florida District Court of Appeals |
J. R. Lowry, of Lowry & Ritch, Gainesville, Joseph C. Jacobs and Robert J. Angerer, of Ervin, Varn, Jacobs, Odom & Kitchen, Tallahassee, for petitioners.
James N. McConnaughhay, of Harris, Liles, McConnaughhay & Weidner, Edward L. Kutter and E. Harper Field, of Keen, O'Kelley & Spitz, Tallahassee, for respondents.
This cause is before the Court on Petition for Review of final agency action of the Respondent, Department of Insurance, State of Florida. The order sought to be reviewed holds that employees of Petitioners, Production Credit Associations of Florida and Federal Land Bank Associations of Florida, may not be licensed as insurance agents by Respondents due to the prohibition of Florida Statute § 626.988, providing in part as follows:
"(1) For the purpose of this section the following definitions shall apply:
(a) 'Financial institution' means any bank, bank holding company, savings and loan association, savings and loan association holding company, or savings and loan association service corporation or any subsidiary, affiliate, or foundation of any one of the foregoing . . .
(2) No insurance agent or solicitor licensed by the department of insurance under the provisions of this chapter who is associated with, under contract with, retained by, owned or controlled by, to any degree, directly or indirectly, or employed by, a financial institution shall engage in insurance agency activities as an employee, officer, director, agent, or associate of a financial institution agency . . ."
Respondent correctly determined that Petitioners are financial institutions 1 within the meaning of the above-quoted statute and that employees of Petitioners may not be licensed as insurance agents.
Insurance is an industry affected with a public interest 2 and subject to regulation by the States. 3 The Legislature has determined that there is potential for abuse inherent in financial institutions being involved in the sale of insurance, and that the licensing of employees of financial institutions as insurance agents is not in the public interest. No valid basis...
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Glendale Federal Sav. and Loan Ass'n v. State, Dept. of Ins.
...no disputed issue of material fact exists.This Court originally dismissed this action on authority of Production Credit Associations v. Dept. of Insurance, 356 So.2d 31 (Fla. 1st DCA 1978). The First District Court of Appeals [sic] reversed and remanded, holding that Production Credit did n......
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Barnett Bank of Marion County, N.A. v. Gallagher, 93-3508
...of employees of financial institutions as insurance agents is not in the public interest. Prod. Credit Ass'ns. of Fla. v. Fla. Dept. of Ins., 356 So.2d 31, 32 (Fla. 1st Dist.Ct.App.1978). At trial, the Director of Legal Services for the Florida Department of Insurance, Mr. Shropshire, testi......
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Barnett Banks of Marion County, NA v. Gallagher
...and that the licensing of employees of financial institutions is not in the public interest. Production Cr. Ass'ns of Fla. v. Dept. of Ins., 356 So.2d 31, 32 (Fla. 1st DCA 1978). Plaintiff also notes, correctly, that neither of those cases dealt with the McCarran-Ferguson Act. Nevertheless,......
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Glendale Federal Sav. and Loan Ass'n v. State, Dept. of Ins.
...626.988, Florida Statutes (1983). The trial court ruled that this court in the case of Production Credit Associations of Florida v. Department of Insurance, 356 So.2d 31 (Fla. 1st DCA 1978), implicitly, if not expressly, found section 626.988 to be constitutional and to constitute the prope......