Florida § 627.9906 - Prohibited practices.
Full text of Florida Florida Statutes § 627.9906 — Prohibited practices., with citation guidance and answers to common questions.
§ 627.9906. Prohibited practices.
(1) An insurer or insurance agent may not issue collateral protection insurance on mortgaged property that the insurer or insurance agent, or an affiliate thereof, owns, performs the servicing for, or owns the servicing right to. (2) An insurer or insurance agent may not compensate, including through the payment of commissions to, a lender, an insurer, an investor, or a servicer on collateral protection property insurance policies issued by the insurer. (3) An insurer or insurance agent may not share collateral protection insurance premium or risk with the lender, investor, or servicer that obtained the collateral protection insurance. (4) An insurer or insurance agent may not offer contingent commissions, profit sharing, or other payments dependent upon profitability or loss ratios to any person affiliated with a servicer or the insurer in connection with collateral protection insurance. (5) An insurer may not provide free or below-cost outsourced services to lenders, investors, or servicers or outsource its own functions to lenders, insurance agents, investors, or servicers on an above-cost basis. (6) An insurer or insurance agent may not make any payments, including, but not limited to, the payment of expenses to a lender, an insurer, an investor, or a servicer, for the purpose of securing collateral protection insurance business or related outsourced services.
Frequently Asked Questions About Florida § 627.9906
What does Florida Statutes § 627.9906 cover?
Section 627.9906 ("Prohibited practices.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 627.9906?
A common citation format is "Florida Statutes § 627.9906" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 627.9906 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.