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Florida Laws and Rules Review Notes questions with correct answers respectively.
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Florida Laws and Rules Review Notes questions with correct answers respectively.
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Florida Laws and Rules Review Notesquestions with correct answers
respectively.
Office of Insurance Regulation ANS - The mission of the Office of Insurance Regulation is to promote the
public welfare by maintaining the solvency of insurance companies.
Note: The Office of Insurance Regulation has primary responsibility for regulation, compliance and
enforcement of statutes related to the business of insurance and the monitoring of industry markets.
• The insurance policy forms used in Florida are approved by the Office of Insurance Regulation (OIR)
Insurance laws in Florida are administered by the Chief Financial Officer, the Financial Services
Commission and the Commissioner of the Office of Insurance Regulation. The Chief Financial Officer
(CFO) is independently elected and serves as the head of the Department of Financial Services. Although
commissioners are sometimes elected, they are mainly appointed by the governor.
Bureau of Unclaimed Property ANS - The Chief Financial Officer oversees the Bureau of Unclaimed
Property, which holds unclaimed property accounts valued at more than $1 Billion, mostly from
dormant accounts in financial institutions, insurance and utility companies, securities and trust holdings.
Hearings ANS - The Financial Services Commission may hold hearings for any purpose within the scope
of the insurance code deemed necessary, such as:
• Person engaging in unfair competition, or any unfair or deceptive act
• Person engaging in business of insurance without a license
• The best interest of the public would be served
,Licensing ANS - A licensee may not transact insurance business in Florida until the licensee is appointed
by an insurer. Individuals looking to acquire an insurance license must meet the following eligibility
requirements:
• Must be at least 18 years old
• Must be a US citizen or legal alien
• Must be a Florida resident
• May not be an employee of the United States Department of Veterans Affairs
• May not be a funeral director or direct disposer
• Complete a 40-Hour pre-licensing education course
• Pass the insurance state licensing examination
• Must be trustworthy and competent
Continuing education ANS - An agent needs to abide by the following guidelines every two years to
maintain their license:
• 24 hours of continuing education every two years for agents licensed less than 6 years
• 20 hours of continuing education for every two years for agents licensed more than 6 years
• Any continuing education must include a minimum 5 hours in ethics
, • Pay license fees, appointment and renewal fee
• Continue to be appointed with an insurance company
Suspension, termination, revoking of a license ANS - The Chief Financial Officer has the power to
suspend or revoke the license of an insurance agent who violates the Insurance Code. In lieu of
suspension or revocation, the CFO has the authority to issue fines or order probation.
Agent ANS - An agent is an individual who has been authorized by an insurer to be its representative
and to perform all of the following acts:
• Solicit applications for insurance
• Collect premiums from policyowners
• Render services to prospects and clients
• Field underwriting if necessary
Appointment ANS - The authority given to an agent to transact business on behalf of the insurer is
called appointment.
Change of address ANS - If an agent changes his/her residence address, the Department of Financial
Services must be notified within 30 days.
Reporting of actions ANS - If an agent is found guilty of a felony, he/she is required to notify the
Department of Insurance within 30 days.
Agencies ANS - • An insurance agency is any business location where insurance transactions take place
that can only be performed by licensed insurance agents
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