State RegulationsFL specificDifficulty 2/5
A Florida insurer wants to issue a newly designed life insurance policy in Jacksonville. What must happen first under Florida law?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under the Florida Insurance Code administered by the Office of Insurance Regulation (OIR), an insurer may not issue or deliver a policy form in Florida until the form has been filed with and approved by OIR. This approval authority lets OIR screen contract language before it reaches consumers, preventing unjust, unfair, or misleading provisions from entering the market.
Why the other options are wrong
- A) Simultaneous filing and use is not permitted; approval must precede the form's issuance or delivery in Florida.
- B) The Division of Consumer Services handles consumer inquiries and complaints, not policy form approval.
- C) The Chief Financial Officer heads the Department of Financial Services and does not certify policy forms; that is OIR's function.
Memory hook
No approval, no policy: OIR signs off on forms first.