Florida law and regulations
What does the CFO stand for - ANS- Chief Financial Officer
What is the Financial services Commission composed of, - ANS- The Governor, the CFO,
The Attorney General, the commissioner of Agriculture
That does the office of financial regulations do? - ANS- Is responsible for all activities of
the Financial Services Commission relating to banks, credit unions, other financial
institutes, finance companies and the securities industry . (OFR)
What does the office of insurance regulations do?
(OIR) - ANS- Responsible for all activities of the Financial Services Commission relating
to the regulation of insurers and other risk-bearing entities
Who heads the Department of Financial services? - ANS- The Chief Financial Officer and
the commissioner of the office.
Who regulates the (DFS)? - ANS- The Chief Financial Officer, and the Commissioner of
the Office
What does OIR stand for? - ANS- Office of Insurance Regulations
A basic insurance policy in Florida May only be delivered and approved until when? -
ANS- Has been filed by the office And has been approved by the office.
Each filing of the OIR must be made when? - ANS- AT LEAST 30 days in advance of any
such use or delivery
The OIR May examine each insurer when? - ANS- As often as may be warranted for the
protection of the policyholders and in the public interest and must examine each
domestic insurer not less frequently than once every 5 years
What does OFR stand for? - ANS- Office of Financial Regulations
What is considered an insurance contract? - ANS- - Solicitation or inducement to
purchase insurance
- Preliminary negotiations toward the sale of insurance
- Effectuation of a contract of insurance
- transaction of matters subsequent to effectuation of a contract of insurance and arising
out of it.
, You have to have what I'm order to sell insurance? - ANS- Certificate of Authority
What is considered a 3rd degree felony - ANS- Unlicensed entities
New appointments or appointments being continued for natural persons expire when? -
ANS- 24 months later on the last day of the licensees birth month and shall be subject to
renewal at that time by the entity for which they are appointed.
When can they Appoint termination? - ANS- Anytime with a 60 days advance written
notice unless when appointment termination is based on the suspension or revocation of
an appointees license.
Within how many days after termination is when the insurance company must file written
notice with the department including the reasons and facts involved in the termination -
ANS- 30 days
A licensee must complete how many hours to keep their license? - ANS- 24 hours every
2 years.
Each licensee must complete a _______ law and ethics course - ANS- 5 hour ever 2
years
A licensee who has been licensed for more than 6 years must complete _____minimum
of how many hours of elective continuing education every ____ years - ANS- 20 hours
every 2 years 5 hours have to be in law and ethics. If an agent is in annuities than must
complete 3 hours of annuities.
Insurance companies by statue have how many days to respond to the department once
a consumer compliant has been filed - ANS- 20 days
I licensee must notify the department in writing within ______days after a change of
name, residence address, principle business street adddress bus. #, or email address -
ANS- 30 days
What is called the possibility of gain - ANS- Speculative risk
Companies that write one or more of insurance are known as what? - ANS- Multi line
insurer
What is considered non-participating because hey don't participate in dividends? - ANS-
Stock companies
In Florida who functions as brokers - ANS- The agents
What does the CFO stand for - ANS- Chief Financial Officer
What is the Financial services Commission composed of, - ANS- The Governor, the CFO,
The Attorney General, the commissioner of Agriculture
That does the office of financial regulations do? - ANS- Is responsible for all activities of
the Financial Services Commission relating to banks, credit unions, other financial
institutes, finance companies and the securities industry . (OFR)
What does the office of insurance regulations do?
(OIR) - ANS- Responsible for all activities of the Financial Services Commission relating
to the regulation of insurers and other risk-bearing entities
Who heads the Department of Financial services? - ANS- The Chief Financial Officer and
the commissioner of the office.
Who regulates the (DFS)? - ANS- The Chief Financial Officer, and the Commissioner of
the Office
What does OIR stand for? - ANS- Office of Insurance Regulations
A basic insurance policy in Florida May only be delivered and approved until when? -
ANS- Has been filed by the office And has been approved by the office.
Each filing of the OIR must be made when? - ANS- AT LEAST 30 days in advance of any
such use or delivery
The OIR May examine each insurer when? - ANS- As often as may be warranted for the
protection of the policyholders and in the public interest and must examine each
domestic insurer not less frequently than once every 5 years
What does OFR stand for? - ANS- Office of Financial Regulations
What is considered an insurance contract? - ANS- - Solicitation or inducement to
purchase insurance
- Preliminary negotiations toward the sale of insurance
- Effectuation of a contract of insurance
- transaction of matters subsequent to effectuation of a contract of insurance and arising
out of it.
, You have to have what I'm order to sell insurance? - ANS- Certificate of Authority
What is considered a 3rd degree felony - ANS- Unlicensed entities
New appointments or appointments being continued for natural persons expire when? -
ANS- 24 months later on the last day of the licensees birth month and shall be subject to
renewal at that time by the entity for which they are appointed.
When can they Appoint termination? - ANS- Anytime with a 60 days advance written
notice unless when appointment termination is based on the suspension or revocation of
an appointees license.
Within how many days after termination is when the insurance company must file written
notice with the department including the reasons and facts involved in the termination -
ANS- 30 days
A licensee must complete how many hours to keep their license? - ANS- 24 hours every
2 years.
Each licensee must complete a _______ law and ethics course - ANS- 5 hour ever 2
years
A licensee who has been licensed for more than 6 years must complete _____minimum
of how many hours of elective continuing education every ____ years - ANS- 20 hours
every 2 years 5 hours have to be in law and ethics. If an agent is in annuities than must
complete 3 hours of annuities.
Insurance companies by statue have how many days to respond to the department once
a consumer compliant has been filed - ANS- 20 days
I licensee must notify the department in writing within ______days after a change of
name, residence address, principle business street adddress bus. #, or email address -
ANS- 30 days
What is called the possibility of gain - ANS- Speculative risk
Companies that write one or more of insurance are known as what? - ANS- Multi line
insurer
What is considered non-participating because hey don't participate in dividends? - ANS-
Stock companies
In Florida who functions as brokers - ANS- The agents
