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Florida Statutes, Rules, and Regulations Questions and Answers fully solved
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Florida Statutes, Rules, and Regulations
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Florida Statutes, Rules, and RegulationsFinancial Services Regulation - answer Key Function: provides regulatory oversight for
Florida's financial services providers.
Mission: to protect the citizens of Florida, promote a safe and sound financial
marketplace, and contribute to the growth of Florida's economy with smart, efficient and
effective regulation of the financial services industry.
Chief Financial Officer - answerAn elected official.
Is the head of the Department of Financial Services (DFS).
Financial Services Commission - answer: responsible for final approval of rules
developed by each office. All regulatory decisions are vested with the offices.
(a) Office of Financial Regulation (OFR) - regulates the banking, finance and securities
industries in Florida.
(b) Office of Insurance Regulation (OIR) - regulates insurance companies.
Members:
- Governor
- Attorney General
- Chief Financial Officer
- Commissioner of Agriculture
Office of Financial Regulation - answerIn charge of examining insurance company
financials (books and records) and approving companies to do business in the state.
The issue a Certificate of Authority to an insurance carrier.
Department of Financial Services - answer-Approves issue of licenses to agents -
Regulates insurance claims
- Investigate allegations of ethics violations
- Administers justice within the domain of insurance
Agent and Adjuster licensing and investigations - answerUnder the CFO, the DFS
approves issue of licenses to agents, regulates insurance claims, investigates
allegations of ethics violations, and administers justice within the domain of insurance.
Insurance Fraud - answeris any act committed with the intent to obtain a fraudulent
outcome from an insurance process. This may occur when a claimant attempts to obtain
some benefit or advantage to which they are not otherwise entitled, or when an insurer
knowingly denies some benefit that is due.
, Office of Insurance Regulation - answerThe Commissioner of Insurance is in charge of
the Office of Insurance Regulation (OIR). They are in charge of examining insurance
company financials (books and records), and approving companies to do business in
the state. In this regard, they issue a Certificate of Authority to an insurance carrier.
Office of Financial Regulation - answerregulates the banking, finance and securities
industries in Florida.
Investigation - answerProcess through which an insurance company or examiner
obtains necessary information to evaluate a claim.
Insurance Contract - answerAn insurance contract is a "contract under which one party
(the insurer) accepts significant insurance risk from another party (the policyholder) by
agreeing to compensate the policyholder if a specified uncertain future event (the
insured event) adversely affects the policyholder."
Insurance Transaction - answerMeans solicitation, negotiation, and putting into effect of
insurance policies.
It also includes actions after the policy goes into effect, such as issuing endorsements.
Insurer - answera person or company that underwrites an insurance risk; the party in an
insurance contract undertaking to pay compensation.
Reinsurance - answeris insurance that is purchased by an insurance company (the
"ceding company" or "cedent" or "cedant" under the arrangement) from one or more
other insurance companies (the "reinsurer") directly or through a broker as a means of
risk management, sometimes in practice including tax mitigation and other reasons
described below.
Domestic Company - answerDomiciled in FL
Foreign Company - answerDomiciled in another state or US territory (not a foreign
country).
Alien Company - answerDomiciled in another country
Fraternals - answerinsurance issued by a fraternal order or association to its members,
formerly meeting its obligations by assessments upon members at the time obligations
arose but now generally by a legal reserve.
Stock Company - answerOne that issues shares of stock to shareholders.
Its purpose is to make a profit for the shareholders.
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