State RegulationsFL specificDifficulty 1/5
The Office of Insurance Regulation (OIR) is responsible for regulating
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
The Office of Insurance Regulation, operating under the Financial Services Commission, is Florida's insurer regulator: it reviews and approves rates and policy forms, monitors insurers' financial condition, and conducts market conduct examinations. Licensing and disciplining individual agents belongs instead to the Department of Financial Services under the Chief Financial Officer.
Why the other options are wrong
- A) Banks and securities firms are the Office of Financial Regulation's territory.
- C) Individual agents are licensed and disciplined by the Department of Financial Services.
- D) Unclaimed property administration is a Department of Financial Services function.
Memory hook
OIR watches companies; DFS watches people.