State RegulationsFL specificDifficulty 3/5
The applicant in a Florida replacement transaction requests the Comparative Information Form, and the policy has not yet been issued. Under F.A.C. 69B-151.007, when must the replacing insurer mail Form OIR-B2-313?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under F.A.C. 69B-151.007, when the applicant requests it, the replacing insurer must mail the Comparative Information Form OIR-B2-313 within 5 working days of receiving the application plus the replacement notice, or of the policy's issue date, whichever is earlier. The whichever-is-earlier trigger prevents the insurer from delaying the comparison past the point where the consumer can still act on it.
Why the other options are wrong
- A) Ten days is the existing insurer's deadline under F.A.C. 69B-151.008 for providing the B2-313 valued on the current policy year.
- B) The rule sets a 5-working-day standard keyed to the application or issue date, not an immediate-mailing duty.
- D) Three years is the minimum record-retention period for the transaction, not a mailing deadline.
Memory hook
B2-313: five working days from the earlier of application or issue.