Summary
Insurance agents in Florida have fiduciary duties such as acting in the clients best interest, providing accurate information, and avoiding conflicts of interest. SEC and FINRA also impose similar fiduciary responsibilities on financial advisors, including full disclosure and suitability of advice. Additional entities like the Department of Labor and IRS regulate fiduciary duties under specific laws. For detailed rules, refer to Florida Statute 626.7841, Chapter 69B-220 of the Florida Administrative Code, the Investment Advisers Act of 1940, and FINRA Rules 2111 and 2210.Full Conversation
Can you provide Florida Department of Insurance regulations duties of an
Hello ****, it appears your message got cut off. Could you please specify the role you are referring to within the Florida Department of Insurance? This will help me provide you with the most accurate information.
Insurance Company Financial Advisor Agent Fiduciary duty responsibilities?
In Florida, insurance agents have fiduciary duties including:
- Acting in the best interest of the client.
- Providing accurate information.
- Carrying out transactions promptly and efficiently.
- Avoiding conflicts of interest.
- Maintaining confidentiality.
Note: For specific rules, refer to Florida Statute *.* and Chapter 69B-* of the Florida Administrative Code.
Now can you provide same except as SEC requirements?
Sure ****, the fiduciary duties of a Financial Advisor under SEC requirements generally include:
- Acting in the client's best interest.
- Providing full and fair disclosure of all material facts.
- Eliminating or exposing through disclosure, all conflicts of interest.
- Providing advice that is suitable for the client's personal situation.
For specific rules, please refer to the Investment Advisers Act of *, as amended.
Now please do it one more time for FINRA?
Sure ****, Financial Advisors under FINRA have fiduciary responsibilities including:
- Acting in the client's best interest.
- Providing full and transparent disclosure of all material facts.
- Managing conflicts of interest.
- Offering suitable advice based on client's personal situation.
For specific rules, refer to FINRA Rule * (Suitability) and Rule * (Communications with the Public).
Also, can you advise if there are any entities I did not request that may or may not regulate or make statements about Fiduciary duties?
Sure ****, there are several other entities that regulate fiduciary duties including:
- The Department of Labor (DOL) under the Employee Retirement Income Security Act (ERISA)
- The Internal Revenue Service (IRS) for tax-related fiduciary duties
- Individual State laws and regulations
Please note that specific duties can vary based on the regulations of each entity.
This has been very helpful. Thank you, very much.
You're very welcome, ****! I'm glad I could assist. If you have any other questions in the future, don't hesitate to ask. Have a great day!
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