State RegulationsFL specificDifficulty 1/5
In Florida, which office is responsible for reviewing and approving insurance policy forms and rates?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
The Office of Insurance Regulation (OIR), led by the Commissioner of Insurance Regulation who is appointed by the Financial Services Commission, reviews and approves the policy forms insurers use in Florida and must approve most rates before they take effect. This form-and-rate oversight of insurers is separate from the Department of Financial Services, which focuses on agents, consumers, and enforcement.
Why the other options are wrong
- A) The CFO heads the Department of Financial Services, which handles agent licensing and consumer protection; form and rate approval belongs to the OIR.
- C) The Office of Financial Regulation regulates banks and securities firms, not insurance policy forms and rates.
- D) The Division of Consumer Services assists policyholders with complaints and education; it does not approve forms or rates.
Memory hook
Forms and rates go to the OIR.