State RegulationsFL specificDifficulty 1/5
In a Florida replacement transaction, within what time must the replacing insurer mail the Comparative Information Form (OIR-B2-313) after receiving the request, the application, and the replacement notice?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under F.A.C. 69B-151.007, on request the replacing insurer must mail the Comparative Information Form OIR-B2-313 within 5 working days after receiving the application and the replacement notice, or by the policy issue date, whichever is earlier. The form gives the applicant side-by-side information comparing the old and new policies, and the DFS checks these timelines during market-conduct examinations.
Why the other options are wrong
- A) Ten days is the window the existing insurer has to furnish the comparative information it is asked for, not the replacing insurer's deadline.
- B) Thirty days plays no role in the replacing insurer's comparative-information deadline.
- C) 'Immediately' describes the duty to forward the signed B2-312 to the existing insurer; the B2-313 gets 5 working days.
Memory hook
Replacing insurer: 5 working days for the comparison form.