FLORIDA STATUTES RULES AND REGULATIONS
COMMON ACTUAL PAPER 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉ 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. Answer: Protects 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. Answer: Office 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. Answer: Department 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. Answer: Has a duty to
investigate unethical conduct, supervise claim activity to assure fair
treatment and prompt settlement.
◉ Agent and adjuster licensing and investigations. Answer: written
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. Answer: Receives 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. Answer: all proof of loss statements must
prominently display a fraud statement which informs insured filing
a fraudulent claim is a 3rd degree felony.
◉ Receivership. Answer: liquidation, rehabilitation, or conservation
of an insurance company due to insolvency. (Can't pay claims)
◉ Unclaimed Property. Answer: a 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. Answer: only 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.
COMMON ACTUAL PAPER 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉ 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. Answer: Protects 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. Answer: Office 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. Answer: Department 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. Answer: Has a duty to
investigate unethical conduct, supervise claim activity to assure fair
treatment and prompt settlement.
◉ Agent and adjuster licensing and investigations. Answer: written
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. Answer: Receives 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. Answer: all proof of loss statements must
prominently display a fraud statement which informs insured filing
a fraudulent claim is a 3rd degree felony.
◉ Receivership. Answer: liquidation, rehabilitation, or conservation
of an insurance company due to insolvency. (Can't pay claims)
◉ Unclaimed Property. Answer: a 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. Answer: only 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.
