Departments of FL
This is headed by the CFO, the entity oversees insurance agents and consumer affairs, it has supervision of insurance agents, agencies, adjusters, it licenses professionals, performs audits, enforces insurance laws, and imposes penalties, it regulates the insurance industry
Department of Financial Services (DFS)
This is the entity that is responsible for all actions of insurance companies, insurance carriers, and risk bearing entities, it licenses companies/carriers, approves rates, approves and creates policy forms, approves policies, controls market conditions, oversees claims, conducts premium financing, and conducts aspects of administration supervision
Officer of Insurance Regulation (OIR)
This is an illegal act on part of the buyer or seller of an insurance contract
Insurance fraud
This is the percentage of your book of business that must be uncontrolled (not known personally)
51%
This is the amount of days notice needed for any changes in address or name, if not $250 minimum fine for first offense and $500 minimum for all subsequent offences
30 days
This is the department in charge of regulation of banks, financial institutes, and credit unions, conduct investigations within and outside of the state as deemed necessary
Office of Financial Regulation (OFR)
This entity ensures that any financial institute with state charter meets all state and federal requirements of safety and financial liability, it is made up of the registration and bureau of enforcement
Division of Financial Institutes
This is what what authorized carriers/companies receive in order to do business in Florida
Certificate of Authority
6 months is how long this lasts for family member, representative, or employee granted rights due to death, disability, military duty occurring to a 2-20 agent
Temporary license
This is the length of time client records must be kept
3 years
This entity provides advocacy for consumers that request assistance, it enforces penalties based on violations and reports those violations to the appropriate departments for necessary action
Division of Consumer Services
This is a criminal justice agency that conducts joint investigations with local, state, and federal law enforcements into violators of financial laws
Bureau of Financial Investigations
This is the ability to pay claims or pay what is owed
Solvency
This is the length of time an appointment is good for
24 months
This is for agents licensed under 4 years
4 hours law and ethics update course and 20 hours elective CE courses every 2 years
This entity is composed of the governor, attorney general, CFO, and commissioner of agriculture, it is responsible for the office of insurance regulation (OIR), it houses the legal services of the CFO office that are not only for insurance, but for all of divisions within DFS
Financial Services Commission
This entity licenses and regulates individuals and financial service industries which don't keep deposits, it conducts exams and investigates in response to consumer complaints and also ensures entities comply with laws
Division of Consumer Finance
This is a company who is founded outside of the state of Florida and doing business in the state of Florida
Foreign
This is a company outside of the United States doing business in the United States
Alien
This is a violation that includes paying all unpaid losses, a 3rd degree felony, imprisonment up to 5 years, and a $5,000 fine
Agent soliciting or selling insurance for unauthorized entity
This department is responsible for managing receiverships to maximize the value to claimants and the public, it serves as the receiver for any insurer placed into receivership in Florida, it has the responsibility of performing duties of department of financial services in departments capacity as receiver, it oversees guaranty association in Florida and is responsible for all acts that deal with insolvent and impaired insurers
Division of Rehabilitation and Liquidation
These entities don't pass laws, they only administer laws, they set rules to explain laws, and their main mission is public protection
CFO, OIR, and DFS
This is an arrangement set up between multiple parties of two or more and is under the OIR
Multiple Employer Welfare Arrangement (MEWA)
These entities have the ability to appoint a Customer service representative (CSR)
General lines agent and general lines insurance company
This is for agents licensed over 4 years
4 hour law and ethics update course and 16 hours elective CE every 2 years