Chapter 26
Who oversees the insurance industry?
Commissioner of the Office of Insurance Regulation and the CFO from Department of Financial Services.
OIR is an office within?
Department of Financial Services; headed by the Chief Financial Officer (CFO)
What state office regulates insurance?
Officer of Insurance Regulation (OIR) ; which is run by the Commissioner of the Officer of Insurance Regulation
Bureau of Financial Investigations
Part of the Office of Financial Regulations (OFR); it investigates suspected wrongdoing inside and outside of Florida
Specific duties of OIR
policy approval, marketing, premium regulation, assessing insurer solvency, issuing insurer certificates, etc
Chief Financial Officer
(CFO) is an independently elected state office. - a member of the Financial Services Commission (helps administer laws) - head of the Department of Financial Services
Office of Financial Regulation
(OFR) responsible for all activities of the Financial Services Commission relating to regulation of banks, credit unions, other financial institutions, finance companies, and securities industry. -the head OFR is the Commissioner of the OFR
Office of Insurance Regulation
(OIR) responsible for all activities pertaining to regulation of insurers and other risk-bearing entities.
Financial services commission composed of
-Governor -CFO -Attorney General -Commissioner of Agriculture
Offices overseen by CFO
-division of accounting & auditing (Bureau of Unclaimed Property) -division of insurance agent and agency services -division of insurance fraud -division of consumer services -Officer of the Insurance Consumer Advocate
General duties and powers of DFS
-enforce insurance code -powers & authority may be expressed or implied in insurance code -conduct investigations for code violations -department and OIR may each employ actuaries. Actuaries must be members of society of actuaries or the casualty actuarial society
CFO regulates
-insurance agents (licensing) -insurance fraud -insurance consumer protection
Administration (insurance law)
Enforcement of insurance laws within the state. Administered (enforced) by CFO, Commissioner of OIR, and Financial Services Commission
Financial Services Commission
Supervises the OIR & OFR, and helps administer state insurance laws. Composed of: -Governor -CFO -Attorney General -Commissioner of agriculture
Authority of CFO
investigate insurance companies and producers, issue cease and desist orders, impose penalties, and seek a court injunction