State RegulationsFL specificDifficulty 2/5
A client of a licensed Tampa insurance agent wants to complain about misleading statements made by her state-chartered bank. Where should the agent direct her?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
The Office of Financial Regulation (OFR), operating under the Financial Services Commission, regulates state-chartered banks and other non-insurance financial institutions in Florida and handles consumer complaints involving them. A Florida insurance agent should distinguish this from insurance matters, which fall to the Office of Insurance Regulation and the Department of Financial Services.
Why the other options are wrong
- B) The Office of Insurance Regulation has jurisdiction over insurers, their rates, and their policy forms, not banks, even banks that sell financial products.
- C) The Division of Insurance Fraud addresses suspected insurance fraud, meaning false statements made to obtain insurance money, not bank customer-service complaints.
- D) The CFO's office supervises agents, adjusters, and consumer services; bank regulation belongs to the Office of Financial Regulation.
Memory hook
Bank or securities problem goes to the OFR.