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Florida Statutes, Rules, & Regulations Common to All Lines Questions and Answers 2024
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Florida Statutes, Rules, & Regulations Common to All Lines
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Florida Statutes, Rules, & RegulationsCommon to All Lines
Financial Services Regulation - answer The Florida Legislature created the FDS, OIR,
and OFR to oversee insurance & financial regulation in this state.
Chief Financial Officer - answer Jimmy Patronis, an elected official, the head of the
DFS, may also be known as the treasurer. Directly regulates insurance agents;
insurance fraud; insolvent & impaired insurers; and insurance consumer protection.
Financial Services Commission - answer Commission means the Financial Services
Commission; composed of the Governor; the Attorney General; the Chief Financial
Officer; and the Commissioner of Agriculture. Members serve as agency head. Exempt
from legislative oversight. Majority vote/3 affirmative votes. Exempt from control by the
DFS including purchasing, transactions involving real (house) personal (car) property,
personnel, or budgetary.
Office of Financial Regulation - answerProtects the citizens of Florida by carrying out
the banking, securities, and financial laws of the state.
Head appointed by Financial Services Commission. administers banking & securities.
Responsible for oversight of banks, credit unions, finance companies, and the securities
industry.
Office of Insurance Regulation - answerOffice means OIR of the Financial Services
Commission, Commissioner of OIR appointed by the Financial Services Commission.
Administers insurance company regulation, including licensing, rates, policy forms,
market conduct, claims, certificate of authority and insolvency.
Department of Financial Services - answerDepartment means DFS, it does not mean
Financial Services Commission or any other of the Financial Services Commission.
Appoints the Commissioner of the OIR, and the Director of the OFR.
General duties and powers of the DFS - answerHas a duty to investigate unethical
conduct, supervise claim activity to assure fair treatment and prompt settlement.
Agent and adjuster licensing and investigations - answerwritten application, filed with
the department, meet qualifications for license, payment in advance of all applicable
fees. Requires oath and signature. 3rd party may submit but applicant responsible for
accuracy of information. Submit fingerprints used for investigation, complete
prelicensing class and successfully pass state exam or qualify by experience.
, Consumer services - answerReceives inquiries and complaints from consumers.
Prepares & disseminates information deemed appropriate. Provides direct assistance to
& advocacy for consumers who request assistance or advocacy. Designates an
employee as primary contact for consumers. Licensed/cert of authority, 20 days to
respond in writing to written request from division. Failure to comply up to $2,500 per
violation. $250 first/$500 2nd/up to $1,000 third or subsequent violation.
Insurance Fraud - answerall proof of loss statements must prominently display a fraud
statement which informs insured filing a fraudulent claim is a 3rd degree felony.
Receivership - answerliquidation, rehabilitation, or conservation of an insurance
company due to insolvency. (Can't pay claims)
Unclaimed Property - answera division within the Department of Financial Services.
Unclaimed money (no statute of limitations) and unclaimed property (5 years). Citizens
have the right to claim their property at any time and at no cost.
Other powers - answeronly apply to insurance agents; agencies; MGAs; adjusters;
reinsurance intermediaries; viatical settlement brokers; customer service reps; service
reps and agencies. Dept has the jurisdiction to enforce provisions which apply to
persons engage in actions for which a license or certificate of authority is legally
required. Does not limit the authority of the Division of Investigative & Forensic
Services.
General duties and powers of the OIR - answerResponsible for the activities of all
insurers and risk bearing entities including licensing; rates; policy forms; market
conduct; claims; issuance of certificates of authority; solvency; viatical settlements;
premium financing and administrative supervision. Head is the Director of the Office of
Insurance Regulation also known as the Commissioner of Insurance Regulation.
Policy approval authority - answerOIR required to immediately notify the Legislature of
new standard or amendment.
Rates and forms - answerFlorida is a prior approval state. Insurers must receive prior
approval before using any new forms or rates. Must file 30 days in advance of any such
use or delivery; at the expiration of 30 days forms filed will be deemed approved. The
OIR may extend approval period for up to 15 days by giving notice during the initial 30-
day period.
Market Conduct Examinations - answerConducted for the purpose of confirming
compliance with state statute. Cost of exam is paid by person examined. If exam shows
practice of willful violations of insurance trade practice related to claims handing which
caused harm to policyholders, may order insurer to publish claims-handling practices
and procedures for review and inspection, they are NOT considered trade secrets.
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