CHAPTER #5 FLORIDA STATUTES,
RULES AND REGULATIONS COMMON
TO ALL LINES QUESTIONS WITH
VERIFIED ANSWERS
Investigation - ANSWER-Has power to to conduct investigation that concerning
Florida financial institutions codes or rules adopted by the Commissioner
Failure to comply with a subpoena or order will result in a contempt of court and
costs for the investigation are assessed against the person being investigated
Persons Required to be Licensed - ANSWER-•FL law requires any individual who
solicits insurance to hold a valid license issued by the Department of Financial
Services
Scope of License - ANSWER-•A life agents license covers all classes of life
insurance except limited credit.
•No agent shall transact business for any line for which they do not have a current
license or appointment from an authorized insurer.
License Types - ANSWER-•Agent
•Public Adjuster
•All- lines Adjuster
•Agency
•Unaffiliated Agent
Agent - ANSWER-General lines agent, Life Agent, Health Agent, or Title grant
Public Adjuster - ANSWER-any person who, for compensation prepares complete or
files an insurance claim form for an insured or third party claimant; may also be a
compensated person who aids in negotiating or effecting the settlement of claims.
All Lines Adjuster - ANSWER-A self-employed person who works for insurers or
adjusting firms to ascertain and determine the amount of claims, losses or damages
payable under contracts and attempt to settle those claims.
Agency - ANSWER-A business location at which an individual, firm, partnership
corporation, association or other entity engages in any activity that by law can only
be performed by licensed insurance agent; does not include and insurer or adjuster.
Unaffiliated Agent - ANSWER-a licensed agent not appointed by any insurer but if
self- appointed; acts as an independent consultant for a fee that must be established
through a written contract with the parties involved.
Insurance Agencies - ANSWER-•Any business location at which an individual
engages in any activity for which an agents license is required must be licensed
, •A licensed agent must be designated to be in a full time charge of each licensed
agency location and is deemed the "Agent in Charge"
•Branch locations can have the same agent in Charge providing they are present
when activities requiring licensure are occurring
•Branch Locations are not required to be licensed if they transact business under the
name and the federal tax ID of the licensed agency(effective October 15,2015)
License Process - ANSWER-•File a written application completed under oath and
signed by the applicant. the application; must include full name, age, ss#,residence
address, business address, mailing address, contact phone, and email address
•Meet all required qualifications
•Pay all application fees(non refundable) in advance to the department
•Provide proof of completion or in process of completing pre-licensing, if required.
•If an applicant is denied a license based on the application, the applicant must wait
30 days from the date of denial before applying again
Financial Services Commission Duties - ANSWER-Supervises the Office of
Insurance Regulation and the Office of Financial Regulation
Commissioner of the Office of Insurance Regulation - ANSWER-Appointed by the
Financial Services Commission
Office of Office OIR Powers and Duties - ANSWER-Insurance company Regulation,
including:licensing, rates policy, forms, market conduct, claims, certificates of
Authority and solvency.
Examination - ANSWER-The CFO and OIR have the right to examine insurers books
and records at least once every 5 years or as frequently as deemed appropriate
The cost of the examination is the responsibility of the insurer being examined.
Investigation - ANSWER-DFS and OIR may investigate any person who has violated
or is violating the insurance code
DFS can investigate the accounts, records and insurance affairs of any agent
adjuster, insurance agency or other person subject to its jurisdiction.
OIR can investigate the accounts, records, and transaction of insurers and or any
company involved in doing business with a domestic insurer.
ANY individual who willfully obstructs an investigation of guilty of a misdemeanor.
Commissioner of Financial Regulations - ANSWER-Head of the office for Financial
Regulation
Power and Duties - ANSWER-Responsible for all activities of the financial services
commission financial related to regulation of banks, credit unions, other financial
institutions, finance companies and securities industry
Includes a Bureau of financial investigation that investigates wrong doing and may
refer suspicious violations of criminal law to state or federal law enforcement of
prosecuting agency
Examination Process - ANSWER-•An exam application may be submitted either
before or after submitting the license application to the department.
RULES AND REGULATIONS COMMON
TO ALL LINES QUESTIONS WITH
VERIFIED ANSWERS
Investigation - ANSWER-Has power to to conduct investigation that concerning
Florida financial institutions codes or rules adopted by the Commissioner
Failure to comply with a subpoena or order will result in a contempt of court and
costs for the investigation are assessed against the person being investigated
Persons Required to be Licensed - ANSWER-•FL law requires any individual who
solicits insurance to hold a valid license issued by the Department of Financial
Services
Scope of License - ANSWER-•A life agents license covers all classes of life
insurance except limited credit.
•No agent shall transact business for any line for which they do not have a current
license or appointment from an authorized insurer.
License Types - ANSWER-•Agent
•Public Adjuster
•All- lines Adjuster
•Agency
•Unaffiliated Agent
Agent - ANSWER-General lines agent, Life Agent, Health Agent, or Title grant
Public Adjuster - ANSWER-any person who, for compensation prepares complete or
files an insurance claim form for an insured or third party claimant; may also be a
compensated person who aids in negotiating or effecting the settlement of claims.
All Lines Adjuster - ANSWER-A self-employed person who works for insurers or
adjusting firms to ascertain and determine the amount of claims, losses or damages
payable under contracts and attempt to settle those claims.
Agency - ANSWER-A business location at which an individual, firm, partnership
corporation, association or other entity engages in any activity that by law can only
be performed by licensed insurance agent; does not include and insurer or adjuster.
Unaffiliated Agent - ANSWER-a licensed agent not appointed by any insurer but if
self- appointed; acts as an independent consultant for a fee that must be established
through a written contract with the parties involved.
Insurance Agencies - ANSWER-•Any business location at which an individual
engages in any activity for which an agents license is required must be licensed
, •A licensed agent must be designated to be in a full time charge of each licensed
agency location and is deemed the "Agent in Charge"
•Branch locations can have the same agent in Charge providing they are present
when activities requiring licensure are occurring
•Branch Locations are not required to be licensed if they transact business under the
name and the federal tax ID of the licensed agency(effective October 15,2015)
License Process - ANSWER-•File a written application completed under oath and
signed by the applicant. the application; must include full name, age, ss#,residence
address, business address, mailing address, contact phone, and email address
•Meet all required qualifications
•Pay all application fees(non refundable) in advance to the department
•Provide proof of completion or in process of completing pre-licensing, if required.
•If an applicant is denied a license based on the application, the applicant must wait
30 days from the date of denial before applying again
Financial Services Commission Duties - ANSWER-Supervises the Office of
Insurance Regulation and the Office of Financial Regulation
Commissioner of the Office of Insurance Regulation - ANSWER-Appointed by the
Financial Services Commission
Office of Office OIR Powers and Duties - ANSWER-Insurance company Regulation,
including:licensing, rates policy, forms, market conduct, claims, certificates of
Authority and solvency.
Examination - ANSWER-The CFO and OIR have the right to examine insurers books
and records at least once every 5 years or as frequently as deemed appropriate
The cost of the examination is the responsibility of the insurer being examined.
Investigation - ANSWER-DFS and OIR may investigate any person who has violated
or is violating the insurance code
DFS can investigate the accounts, records and insurance affairs of any agent
adjuster, insurance agency or other person subject to its jurisdiction.
OIR can investigate the accounts, records, and transaction of insurers and or any
company involved in doing business with a domestic insurer.
ANY individual who willfully obstructs an investigation of guilty of a misdemeanor.
Commissioner of Financial Regulations - ANSWER-Head of the office for Financial
Regulation
Power and Duties - ANSWER-Responsible for all activities of the financial services
commission financial related to regulation of banks, credit unions, other financial
institutions, finance companies and securities industry
Includes a Bureau of financial investigation that investigates wrong doing and may
refer suspicious violations of criminal law to state or federal law enforcement of
prosecuting agency
Examination Process - ANSWER-•An exam application may be submitted either
before or after submitting the license application to the department.
