Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-196 - PREMIUM FINANCE COMPANIES
Section 69O-196.001 - Standard Cancellation Notice
When a premium finance agreement contains a power of attorney or other authority enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, all premium finance companies licensed to do business in this state shall effect cancellation of such policies by the use of a form containing the wording and information set forth below and shall be printed on a color paper of a shade of pink, to include all parts of any multi-part form:
STANDARD CANCELLATION NOTICE
PREMIUM FINANCE COMPANY IMPRINT
________________________________________________________________________________________________________
NOTICE OF CANCELLATION
|
Insured |
Agent |
Insurance Company
Policy Number ___________
Cancellation Date ___________
Account Number ___________
Unpaid Premium Balance Due ___________
You are hereby notified that the policy described above is cancelled for non-payment of an installment in accordance with the conditions and terms of the premium finance agreement which incorporates a power of attorney. This cancellation is effective one day after the above captioned date, at the hour indicated in the policy as the effective time.
The Florida Insurance Code, Part XV of Chapter 627, F.S., recognizes this as a valid notice of cancellation and provides that the gross unearned premium be returned to the premium finance company.
If the policy or any statute requires the insurer to give notice to a mortgagee, governmental agency, or other third party before the policy can be cancelled, the insurer shall give the prescribed notice in behalf of itself or the insured to any governmental agency, mortgagee, or other third party on or before the second business day after the day it receives the notice of cancellation from the premium finance company and shall determine the effective date of cancellation taking into consideration the number of days notice required to complete the cancellation.
IF THE ABOVE-CAPTIONED INSURANCE CONTRACT PROVIDES MOTOR VEHICLE LIABILITY INSURANCE REQUIRED BY THE FINANCIAL RESPONSIBILITY LAW, PROOF OF FINANCIAL RESPONSIBILITY IS REQUIRED TO BE MAINTAINED CONTINUOUSLY FOR A PERIOD OF THREE (3) YEARS, PURSUANT TO CHAPTER 324, F.S., AND THE OPERATION OF A VEHICLE WITHOUT SUCH FINANCIAL RESPONSIBILITY IS UNLAWFUL.
Rulemaking Authority 624.308(1), 627.848(3) FS. Law Implemented 624.307(1), 627.848 FS.
New 12-23-65, Repromulgated 12-24-74, Formerly 4-18.01, 4-18.001, Amended 7-27-95, Formerly 4-196.001, Amended 5-24-21.
