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Florida Laws and Rules Review Notes Test Questions and Answers.
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Florida Laws and RulesReview Notes Test
Questions and Answers
Denning [Date] [Course title]
,Office of Insurance Regulation - Correct Answers: 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 - Correct Answers: 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 - Correct Answers: 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 - Correct Answers: 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 - Correct Answers: 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 - Correct Answers: 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.
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