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Chapter 17-1. Florida General Regulations Questions and Answers 100% Solved
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Chapter 17-1. Florida General Regulations
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Chapter 17-1. Florida GeneralRegulations
Which of the following best describes the duties of the Office of Insurance Regulation? -
answer The Office of Insurance Regulation's primary duty is to regulate insurance
activities in Florida.
The correct answer is: Regulation of the insurance industry in Florida
How often can the CFO examine the records and assets of an authorized insurer? -
answer The office and CFO will examine the affairs, transactions, accounts, records,
and assets of each authorized insurer and of the attorney in fact of a reciprocal insurer
as to its transactions affecting the insurer as often as it deems advisable.
The correct answer is: As often as he or she wants
Who supervises the Division of Insurance Agents and Agency Services? - answerThe
CFO is selected by election and heads the Department of Financial Services and
supervises the Division of Insurance Agents and Agency Services.
The correct answer is: The Chief Financial Officer (CFO)
Who pays examination expenses? - answerEach insurer examined will pay the
expenses of the examination. Expenses include actual travel expenses, reasonable
living expense allowance, and compensation of the examiner or other person making
the examination.
The correct answer is: The insurer being examined
Who administers Florida insurance laws? - answerInsurance is a regulated industry
because it is a public trust. Florida insurance laws are administered by the Chief
Financial Officer (CFO), the Commissioner of the Office of Insurance Regulation and
the Financial Services Commission.
The correct answer is: All of the above
Who is responsible for writing and amending the Florida Insurance Code? -
answerFlorida state legislature will write and amend the Florida Insurance Code
(insurance laws of Florida).
The correct answer is: The Florida state legislature
An agent who violates a cease and desist order may be subject to a maximum fine of: -
answerAgents violating a cease and desist order may be subject to a fine of up to
$50,000.
The correct answer is: $50,000
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