FLORIDA STATUTES, RULES, AND REGULATIONS COMMON TO ALL LINES
Department of Financial Services
- Conduct investigations of insurance matters as deemed appropriate - Collect, propose, publish, and disseminate information relating to its duties imposed by law; - Employ actuaries and be at-will employees serving at the pleasure of the Chief Financial Officer; and - Adopt rules to implement provisions of law conferring the Department's duties.
Department of Financial Services: Insurer anti-fraud plans
4. Insurer Anti-Fraud Plans Insurers are required to file with the Division of Insurance Fraud anti-fraud plans that include a written description of the following: • The organizational arrangement of the insurer's anti-fraud personnel who are responsible for the investigation and reporting of possible fraudulent insurance acts; The insurer's procedures for detecting and investigating possible fraudulent insurance acts; • The insurer's procedures for the mandatory reporting of possible fraudulent insurance acts to the Division; • The insurer's plan for anti-fraud education and training of its claims adjusters and any other personnel involved in anti-fraud related efforts: The contact information, including names, e-mail addresses, and telephone numbers, for personnel designated by the insurer to be responsible for achieving and maintaining compliance: The insurer's NAIC individual and group code numbers.
Financial Services Commission
Composed of the Governor, the CFO, the Attorney General, and the commissioner of Agriculture. Supervises the Office of Insurance Regulation and the Office of Financial Regulation.
Department of Financial Services: Receivership
Each agency is required to exercise due diligence within its lawful powers to secure full payment of all accounts receivable and other claims due to the State. Should any agency negotiate a proposed settlement agreement as to a delinquent account receivable prior to the required date of transfer to the Department for collection, the agencv must submit the proposed settlement agreement to the Department for approval prior to execution In addition to the proposed or provisional agreement, each agency must also submit the following information: The nature of the transaction or events that created the debt to the agency: • A brief explanation why the settlement is proper under the circumstances, including an explanation of how the settlement amount was derived: and • Any other information that the Department may require to properly perform its duties.
Department of Financial Services: Unclaimed property
In order to file claims as a Claimant's Representative, acquire ownership or entitlement to unclaimed property, and receive a distribution of fees and costs from the Department, private investigators, certified public accountants, and attorneys licensed to practice in the state of Florida must register with the Department's Bureau of Unclaimed Propertv.
Chief Financial Officer
Insurance laws in Florida are administered by the Chief Financial Officer, the Financial Services Commission, and the Commissioner of the Office of Insurance Regulation.
Department of Financial Services
Responsible for agent and adjuster licensing and investigations. In the event that the Department finds that any person has violated any provision of the Insurance Code, they may issue a cease and desist order, and/or an administrative fine. The Department also has the authority to suspend or revoke the license or certificate of authoritv of the licensee in violation of the Insurance Code of this state.
Department of Financial Services: Consumer Services
The Division of Consumer Services responds to complaints by consumers. This division is under direct supervision of the Chief Financial Officer.
Department of Financial Services
The main purpose of the Department of Financial Services is to enforce the provisions of the Insurance Code, and to execute the duties imposed upon it by the Code.
The Office of Financial Regulation includes a Bureau of Financial Investigations that functions
as a criminal justice agency, and conducts investigations within or outside the state as deemed necessary to aid in the enforcement of state laws. If, during an investigation, the Office has reason to believe that any criminal law of this state has or may have been violated, the Office may refer any records pertaining to the violation to state or federal law enforcement or prosecutorial agencies, and will provide investigative assistance to those agencies as required.
The Office of Financial Regulation is responsible for all activities of the Financial Services Commission relating to the regulation of
banks, credit unions, finance companies, and the securities industry.
The Chief Financial Officer (CFO)
is independently elected and serves as the head of the Department of Financial Services and as a member of the Financial Services Commission. The CFO oversees all 15 divisions and offices of the Department.
The Office of Insurance Regulation is responsible for all activities concerning insurers, including
licensing and certificates of authority, rates, policy forms, premium financing, claims, solvency, viatical settlements, administrative supervision, and any other related provisions of the Insurance Code.
The CFO has the authoritv to issue
subpoenas, administer oaths, and examine witnesses when examining and investigating any person implicated in an account. claim. or demand against or by the state.
The major structural unit of the Commission is the office. The following 2 offices are established within the Commission:
the Office of Financial Regulation and the Office of Insurance Regulation, which specifically regulates the business of insurance in the state.
