State RegulationsFL specificDifficulty 2/5
Upon receiving the signed Form OIR-B2-312 in a Florida replacement transaction, what must the replacing insurer do with it?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under F.A.C. 69B-151.007, the replacing insurer must immediately forward a copy of the Form OIR-B2-312 to the existing insurer as soon as it is received with the application. This gives the existing insurer prompt notice so it can exercise its own duties, such as providing the comparative information within 10 days of receiving the B2-312. No waiting period applies, and neither the DFS nor the agent is in this transmission chain.
Why the other options are wrong
- A) The forwarding duty is immediate; nothing in the rule ties it to the end of a free-look period.
- C) The DFS is not part of this transmission; the 5-working-day deadline belongs to mailing the Comparative Information Form to the applicant.
- D) The form is not returned to the agent; it stays with the insurers' replacement files, which are kept for at least 3 years.
Memory hook
B2-312 moves immediately to the old insurer.