State RegulationsFL specificDifficulty 3/5
A Tampa resident is solicited for an investment that is an unregistered security sold by an unlicensed promoter, while a licensed insurance agent in the same scheme used forged signatures on insurance applications. Which pairing correctly identifies the investigating regulators?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Florida law, the Office of Financial Regulation investigates securities violations such as unregistered offerings and unlicensed securities sales, while the Department of Financial Services under the Chief Financial Officer investigates insurance agents' conduct, including forged or fraudulent signatures on insurance applications under Fla. Stat. 626.9541(1)(ee). Each regulator acts within its own line of authority.
Why the other options are wrong
- B) This reverses the jurisdictions: securities matters belong to the OFR, and agent misconduct belongs to DFS.
- C) OIR regulates insurers; it does not investigate securities promoters or discipline individual agents.
- D) The Financial Services Commission oversees the regulators; the CFO, through DFS, plays a direct role in agent investigations.
Memory hook
Securities to OFR, agents to DFS - never reversed.