Florida statutes / Rules and regs

Question 1

They are elected official and is the head of the Department of Financial Services (DFS).

Answer 1

The Chief Financial Officer (CFO)

Question 2

this person is appointed official answers to the CFO.

Answer 2

The Commissioner of Insurance (COI)

Question 3

They approve and issue licenses to agents, regulates insurance claims, investigates allegations of ethical violations and administers justice within the insurance industry.

Answer 3

The Department of financial services

Question 4

They are responsible for examining an insurance company financials (books and records), and approving companies to do business in the state.

Answer 4

Office of Insurance Regulation (OIR)

Question 5

They are responsible for the regulations of banks, credit unions, finance companies, and the securities industry. They may investigate wrongdoing and may refer suspected violations of criminal law to state or federal law enforcement agencies.

Answer 5

Office of Financial Regulation

Question 6

This is composed of the Governor, the CFO, the Attorney General and
the Commissioner of Agriculture. Insurance company regulations, including licensing, rates, policy forms, market conduct, claims, certificate of authority and solvency issues are administered by the Commissioner of the Office of Insurance regulation (OIR).

Answer 6

Financial Service Commission

Question 7

Agents and adjusters applying for licensing must do so with the Department of Financial Services. The DFS also investigates wrongdoing or complaints reported by consumers.

Answer 7

Agent and adjuster licensing and investigations

Question 8

Agents are to act in accordance with the Insurance Code. The office may take the appropriate corrective action with regard to agency or agent wrongdoing. The office may suspend, revoke or terminate an agency or agent’s license.

Answer 8

Agency Actions

Question 9

The Division of Consumer services handles complaints reported by customers of insurance companies, agents and adjusters.

Answer 9

Consumer services

Question 10

Any act of deceit, misrepresentation of a material fact made knowingly with the inten- tion of having another person rely on that fact and consequently suffer a financial hardship.

Answer 10

Insurance Fraud

Question 11

The Department serves as Receiver of any insurer placed into receivership in the State of Florida.

Answer 11

Receivership

Question 12

This Department serves as a proxy and holds any unclaimed property for consumers.

Answer 12

Unclaimed Property

Question 13

The Financial Services commission is also responsible for the Division of Accounting and Auditing and for the Office of The Insurance Consumer Advocate.

Answer 13

Other Powers

Question 14

They are the head of the Office of Insurance Regulation.

Answer 14

The Insurance Commissioner

Question 15

Insurance companies must have their policy forms sent to the OIR for approval. If the insurance company makes a change to their policy forms, the changes must also be approved by the OIR first.

Answer 15

Policy approval authority

Question 16

Admitted carriers submit their policy forms, underwriting rules, and rates to the OIR for approval. In other words, they approve and audit the rules and rates to ensure that they comply with Florida law.

Answer 16

Rates and forms

Question 17

The OIR conducts examinations and investigations of insurers and related parties regarding business practices and patterns of alleged violations of the Florida Insurance Code.

Answer 17

Market Conduct Examinations

Question 18

The office of financial regulations (OFR)

Answer 18

is responsible for the regulations of banks, credit unions, finance companies and the securities industry. They may investigate wrongdoing and may refer suspected violations of criminal law to state or federal law enforcement agencies.