Prod. Cr. Ass'ns of Fla. v. Dept. of Ins., 356 So. 2d 31 (Fla. 1st DCA 1978). · Go Syfert
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Prod. Cr. Ass'ns of Fla. v. Dept. of Ins., 356 So. 2d 31 (Fla. 1st DCA 1978). Cases Citing This Book View Copy Cite
8 citation events across 3 distinct courts.
Strongest positive: Barnett Bank of Marion County, N.A. v. Gallagher (ca11, 1995-01-30)
Statutes interpreted (leading-cases list)
#15 12 U.S.C. § 2012 cited 1× in this case · 25 total citations of statute
Top citers, strongest first. 4 distinct citers.
cited Cited as authority (rule) Barnett Bank of Marion County, N.A. v. Gallagher
11th Cir. · 1995 · confidence medium
Credit Ass’ns. of Fla. v. Fla. Dept, of Ins., 356 So.2d 31, 32 (Fla. 1st Dist.Ct.App.1978).
discussed Cited as authority (rule) Barnett Bank Of Marion County, N.A. v. Gallagher
11th Cir. · 1995 · confidence medium
Credit Ass'ns. of Fla. v. Fla. Dept. of Ins., 356 So.2d 31, 32 (Fla. 1st Dist.Ct.App.1978). 35 At trial, the Director of Legal Services for the Florida Department of Insurance, Mr. Shropshire, testified about the need to protect policyholders by regulating the financial stability of insurance companies so that they remain solvent and able to pay claims upon demand, which could be threatened by pressures to make improper insurance decisions.
cited Cited as authority (rule) Barnett Banks of Marion County, NA v. Gallagher
M.D. Fla. · 1993 · confidence medium
Ass’ns of Fla. v. Dept. of Ins., 356 So.2d 31, 32 (Fla. 1st DCA 1978).
discussed Cited as authority (rule) Estate of Conger v. Conger
Fla. Dist. Ct. App. · 1982 · confidence medium
Soc. of the United States, 57 So.2d 581, 586 (Fla. 1952); Production Credit Associations of Florida v. Department of Insurance, 356 So.2d 31 *233 (Fla. 1st DCA 1978); Hughes v. Professional Insurance Corporation, 140 So.2d 340, 347 (Fla. 1st DCA 1962).
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.
FF-277.
District Court of Appeal of Florida, First District.
Mar 1, 1978.
356 So. 2d 31
Booth.
Cited by 6 opinions  |  Published

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.

BOOTH, Judge.

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 ..."

[*32] 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 exists, either in the terms of the statute itself, or on the facts, for distinguishing Petitioners from any other lending institution in this regard.

Accordingly, Petition for Review is DENIED.

McCORD, C.J., and SMITH, J., concur.

1 See, 12 U.S.C. §§ 2012 & 2072, setting out powers and functions of federal land banks and intermediate credit banks.
2 Springer v. Colburn, 162 So.2d 513 (Fla. 1964); 18 Fla.Jur., Insurance, § 16.
3 "McCarran Act," 15 U.S.C. §§ 1011-1015.