Fla. Stat. 628.255
Person with effective control cannot receive commission unless contract approved; penalties

(1)

No director, officer, or other person having effective control of a domestic insurer shall receive, and no such insurer shall pay to such person, a commission or other compensation with respect to particular risks insured by the insurer, unless such commission or other compensation is paid pursuant to a contract filed with and approved by the office.

(2)

This section shall not be deemed to require approval of the contract or to prohibit payment of commissions to such an officer or director with respect to business written by him or her as an agent of the insurer prior to becoming such an officer or director and vested under the agency contract which was in force at the time such business was originally written.

(3)

For the purposes of this section, “effective control” means ownership of 10 percent or more of company stock or receipt of $25,000 or more cumulatively in compensation in 1 calendar year other than commissions resulting from insurance business produced by an agent.

(4)

Violation of this section shall subject the insurer to loss of its certificate of authority as provided in s. 624.418 and the agent to loss of his or her license as provided in s. 626.621. Willful violation of this section shall, in addition to the above prescribed penalties, constitute a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.

Source: Section 628.255 — Person with effective control cannot receive commission unless contract approved; penalties, https://www.­flsenate.­gov/Laws/Statutes/2024/0628.­255 (accessed Aug. 7, 2025).

628.011
Scope of part 628.021
“Stock insurer” defined 628.031
“Mutual insurer” defined 628.041
Applicability of general corporation statutes 628.051
Application for permit to form insurer 628.061
Investigation of proposed organization 628.071
Granting, denial of permit 628.081
Incorporation of domestic insurer 628.091
Filing, approval of articles of incorporation 628.101
Amendment of certificate of incorporation 628.111
Amendment of articles of incorporation 628.121
Capital stock 628.131
Limitation on organization and stock sales expenses 628.151
Insurance business exclusive 628.152
Domestic stock insurers 628.161
Initial qualifications 628.171
Formation of mutual insurer 628.221
Bylaws of mutual insurer 628.231
Directors 628.251
Management and exclusive agency contracts 628.255
Person with effective control cannot receive commission unless contract approved 628.261
Notice of change of director or officer 628.271
Office and records 628.281
Exceptions to requirement that office, records, and assets be maintained in this state 628.291
Unauthorized transactions in other states 628.301
Membership in mutual insurer 628.341
Nonassessable policies 628.351
Nonassessable policies 628.361
Participating policies 628.371
Dividends to stockholders 628.381
Dividends to mutual policyholders 628.391
Illegal dividends 628.401
Borrowed surplus 628.411
Impairment of capital or assets 628.421
Assessment of stockholders or members 628.431
Mutualization of stock insurers 628.441
Converting mutual insurer 628.451
Merger or share exchange of stock insurers and other entities 628.461
Acquisition of controlling stock 628.471
Mergers 628.481
Bulk reinsurance 628.491
Mergers and consolidations 628.501
Mutual member’s share of assets on liquidation 628.511
Ownership or transfer of securities without physical delivery of certificates 628.520
Change of domicile of a foreign insurer 628.525
Change of domicile of a domestic insurer 628.530
Effects of redomestication 628.535
Authority to adopt rules 628.4615
Specialty insurers

Current through Fall 2025

§ 628.255. Person with effective control cannot receive commission unless contract approved; penalties's source at flsenate​.gov