Florida Statutes, Rules, and Regulations Common to All Lines
An agent collects premium, spends it on agency payroll, and never remits it to the insurer. The amount is $25,000. What does Florida law provide?
Answer and explanation
Answer: D. Section 626.561(3) grades unlawful diversion or misappropriation of fiduciary funds by amount: $300 or less is a first-degree misdemeanor, more than $300 up to $20,000 is a third-degree felony, more than $20,000 up to $100,000 is a second-degree felony, and $100,000 or more is a first-degree felony. At $25,000 the second-degree felony band applies, and using the funds in the business does not change the grading.Source: Fla. Stat. § 626.561 — 626.561(2)-(3), Records and conversion
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