Florida Statutes, Rules, and Regulations Exam with 100% Correct Answers

Florida Statutes, Rules, and Regulations Exam with 100% Correct Answers Financial Services Regulation - Answer ️️ -Key Function: provides regulatory oversight for Florida's financial services providers. Mission: to protect the citizens of Florida, promote a safe and sound financial marketplace, and contribute to the growth of Florida's economy with smart, efficient and effective regulation of the financial services industry. Chief Financial Officer - Answer ️️ -An elected official. Is the head of the Department of Financial Services (DFS). Financial Services Commission - Answer ️️ -: responsible for final approval of rules developed by each office. All regulatory decisions are vested with the offices. (a) Office of Financial Regulation (OFR) - regulates the banking, finance and securities industries in Florida. (b) Office of Insurance Regulation (OIR) - regulates insurance companies. Members: - Governor - Attorney General - Chief Financial Officer - Commissioner of Agriculture Office of Financial Regulation - Answer ️️ -In charge of examining insurance company financials (books and records) and approving companies to do business in the state. The issue a Certificate of Authority to an insurance carrier. Department of Financial Services - Answer ️️ --Approves issue of licenses to agents - Regulates insurance claims - Investigate allegations of ethics violations - Administers justice within the domain of insurance Agent and Adjuster licensing and investigations - Answer ️️ -Under the CFO, the DFS approves issue of licenses to agents, regulates insurance claims, investigates allegations of ethics violations, and administers justice within the domain of insurance. Insurance Fraud - Answer ️️ -is any act committed with the intent to obtain a fraudulent outcome from an insurance process. This may occur when a claimant attempts to obtain some benefit or advantage to which they are not otherwise entitled, or when an insurer knowingly denies some benefit that is due. Office of Insurance Regulation - Answer ️️ -The Commissioner of Insurance is in charge of the Office of Insurance Regulation (OIR). They are in charge of examining insurance company financials (books and records), and approving companies to do business in the state. In this regard, they issue a Certificate of Authority to an insurance carrier. Office of Financial Regulation - Answer ️️ -regulates the