Florida statues/rules/regulations

Question 1

The administration of state insurance law is the responsibility of

Answer 1

the Chief Financial Officer (CFO),
Financial Services Commission
and Director, or Commissioner, of the Office of Insurance Regulation.

Question 2

chief financial officer

Answer 2

The Chief Financial Officer (CFO) is an elected official and is the head of the Department of Financial
Services (DFS).

The CFO directly oversees the following divisions under the DFS:
ƒ Division of Accounting and Auditing
ƒ Division of Consumer Services
ƒ Division of Insurance Agent and Agency Services
ƒ Division of Public Assistance/Insurance Fraud
ƒ Office of Consumer Advocate for Insurance
ƒ Division of Unclaimed Property

The CFO, as the head of the Department, is directly responsible for the regulation of insurance agents.

The CFO is a member of the Financial Services Commission, also known as the Governor’s Cabinet.

Question 3

Financial Services Commission

Answer 3

The Financial Services Commission is composed of the Governor,
CFO,
Attorney General,
and
Commissioner of Agriculture.

It appoints the Commissioner of the Office of Insurance Regulation (OIR),
which is responsible for: Regulating the following areas of insurance industry:
□ Licensing
□ Rates
□ Policy forms
□ Market conduct
□ Claims
□ Certificates of Authority
ƒ Protecting the public through oversight of insurance company solvency
ƒ Maintaining expertise related to life and health, property and casualty, specialty lines, and other
insurance entities

The Commission also appoints the Director of the Office of Financial Regulation (OFR), which is
responsible for:
ƒ Regulating the following:
□ Banks, credit unions, savings association, international bank agencies
□ Financial service companies
□ Securities industry
ƒ Includes the Bureau of Financial Investigations:
□ Functions as a criminal justice agency
□ Conducts investigations to protect consumers from financial entities that violate state laws
and rules

Question 4

Department of Financial Services (DFS)

General Duties and Powers

Answer 4

The DFS supervises methods of obtaining business, including agent licensing and control of unfair
trade practices. The department may interrogate an applicant or agent relating to the applicant’s
qualifications, residence, prospective place of business, and any other matter which, in the opinion
of the department or office, is deemed necessary or advisable for the protection of the public and to
ascertain the applicant’s qualifications.
The department also may make further investigation of the applicant’s character, experience,
background, and fitness for the license or appointment, and include the applicant’s fingerprints
to be checked by local and federal law enforcement agencies. If the department believes that any
person has violated any provision of the code, or upon the written complaint, it will conduct an
investigation of the person’s accounts, documents, and transactions pertaining to the subject.