State Regulation of the Insurance Industry

Question 1

Oversees insurance marketing practices and investigates consumer complaints

Answer 1

(DFS)
The Department of Financial Services:

Question 2

Issues rules and regulations to enforce state insurance laws.

Answer 2

(DFS)
The Department of Financial Services:

Question 3

Licenses and supervises insurance companies.

Answer 3

(OIR)
The Office of Insurance Regulation:

Question 4

Enforces state laws related to insurance companies.

Answer 4

(OIR)
The Office of Insurance Regulation:

Question 5

Determines the amount of reserves an insurer must maintain.

Answer 5

(OIR)
The Office of Insurance Regulation:

Question 6

A licensed insurer is known as:

Answer 6

Admitted

Question 7

A carrier while an unlicensed insurer is known as a:

Answer 7

non-admitted carrier

Question 7

Determines the amount of reserves an insurer must maintain.

Answer 7

(OIR)
The Office of Insurance Regulation:

Question 8

Doing business in Florida, but incorporated in another U.S. state, district or territory (includes Guam, Puerto Rico and U.S. Virgin Islands)

Answer 8

Foreign

Question 9

Doing business in Florida, but incorporated outside the U.S. For example, a company incorporated in Canada, England, or Hong Kong would be an

Answer 9

Alien

Question 10

Doing business in Florida and incorporated in Florida

Answer 10

Domestic

Question 11

License and supervises agents and brokers

Answer 11

(DFS)
The Department of Financial Services:

Question 12

1. Determines
2. Enforces
3. Approves
4. Licenses and supervises companies

Answer 12

(OIR)
The Office of Insurance Regulation:

Question 13

The Department of Financial Services:

Answer 13

1. Issues
2. License and supervises agents and brokers
3. Oversees insurance marketing