State RegulationsFL specificDifficulty 2/5
Which of the following is a general power of the Florida Department of Financial Services?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
The Department of Financial Services, under the Chief Financial Officer, conducts investigations and examinations of matters within its jurisdiction - agent conduct, premium handling, and fraud - and enforces the Insurance Code through administrative action. Form approval and insurer capital requirements belong to the Office of Insurance Regulation, and bank regulation to the Office of Financial Regulation.
Why the other options are wrong
- B) Policy form approval is the Office of Insurance Regulation's authority, not DFS's.
- C) State-chartered banks and securities dealers are regulated by the Office of Financial Regulation.
- D) Capital and surplus requirements for insurers are set and enforced through the OIR's insurer oversight.
Memory hook
DFS investigates and enforces - against people, not forms.