Cameron Miranda
The Florida Office of Insurance Regulation (OIR) is responsible for overseeing all activities concerning insurers and other risk-bearing entities in the state. The OIR is led by the Florida Insurance Commissioner, who is appointed by the Financial Services Commission (FSC). The FSC is made up of the Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture. The OIR's responsibilities include licensing, rate-setting, policy form approval, market conduct investigation, claims handling, and administrative supervision. The OIR also works to protect consumers from unfair, deceptive, and fraudulent practices in the insurance industry. To achieve this, it collaborates with entities like the Florida Life and Health Insurance Guaranty Association (FLAHIGA), a non-profit organization that safeguards policyholders of insolvent insurers.
| Characteristics | Values |
|---|---|
| Who administers the insurance laws of Florida | The governor, the CFO, the attorney general, and the commissioner of agriculture |
| The Commissioner of the Office of Insurance Regulation (OIR) | |
| The Financial Services Commission (FSC) | |
| The Florida Office of Insurance Regulation (OIR) | |
| The Division of Insurance Agent and Agency Services | |
| The Bureau of Licensing | |
| The Bureau of Investigation | |
| The Office of Financial Regulation (OFR) | |
| The Chief Financial Officer (CFO) | |
| The Department of Financial Services | |
| The Company Admissions units within Life and Health and Property and Casualty Financial Oversight | |
| The Office of the Inspector General | |
| The Agency Clerk |
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What You'll Learn
The Florida Office of Insurance Regulation (OIR)
The head of the OIR is the Florida Insurance Commissioner, who is appointed by the Financial Services Commission (FSC). The FSC is a governing body comprising the Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture. Together, they serve as the agency head for rulemaking purposes, as outlined in sections 120.536-120.565 of the Florida Statutes.
The OIR is committed to protecting Florida's seniors and refers examination findings for criminal investigation when necessary. One of the key functions of the OIR is to provide the general public with access to insurance company form and rate filings. The "IRFS Forms & Rates Filing Search" system allows users to search, view, and download relevant information from insurance companies in the Life & Health and Property & Casualty lines of business. This system includes both “Quick Search” and “Advanced Search” features to cater to different user needs.
The OIR also has Company Admissions units within Life and Health and Property and Casualty Financial Oversight. These units assist insurance companies and others seeking general information about the business climate in Florida. They work closely with companies to submit applications for a Certificate of Authority (COA) to transact insurance in the state. The Company Admissions units are responsible for receiving all company applications and coordinating the OIR's review before granting approval to sell insurance in Florida.
Additionally, the OIR has a Property and Casualty Product Review unit that enforces Chapters 627 and 626 of the Florida Statutes. This unit reviews property and casualty contracts and rate filings from insurance companies to ensure compliance with actuarial standards, statutory provisions, and administrative rules. The unit also conducts actuarial reviews of insurance company rates to prevent inadequacy, excessiveness, or unfair discrimination.
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Licensing and approval
The Florida Office of Insurance Regulation (OIR) is responsible for overseeing all activities concerning insurers and other risk-bearing entities. This includes licensing, rates, policy forms, market conduct, claims, and the issuance of certificates of authority. The OIR is headed by the Florida Insurance Commissioner, who is appointed by the Financial Services Commission (FSC). The FSC is made up of the Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture. These individuals are responsible for administering insurance state laws in Florida.
To become a licensed insurance agent in Florida, individuals must complete a 60-hour approved insurance course for life and health, including variable annuity insurance. This course must be completed within four years of the application date. An alternative option is to complete the Florida 2-15 Health & Life (Including Annuities & Variable Contracts) Pre-License Course. Upon successful completion of either course, an electronic copy of the certificate will be sent to the Department of Financial Services, Bureau of Licensing.
The Florida Department of Financial Services, Bureau of Licensing, is responsible for receiving and processing applications for insurance licenses. Applicants must submit non-refundable application fees to the department. Once licensed, individuals must maintain their qualifications and renew their appointments periodically.
Insurance companies seeking to sell insurance in Florida must submit applications for a Certificate of Authority (COA) to the Company Admissions units within Life and Health and Property and Casualty Financial Oversight. These units work closely with companies to facilitate the application process and ensure compliance with applicable laws and standards. The Property and Casualty Product Review unit enforces the provisions of Chapters 627 and 626 of the Florida Statutes, reviewing property and casualty contracts and rate filings from insurance companies to ensure compliance with actuarial standards and rules.
Florida also has specific insurance requirements for vehicle registration. All vehicles with a current Florida registration must be insured with Personal Injury Protection (PIP) and Property Damage Liability (PDL) insurance. The minimum coverage requirements are $10,000 for both PIP and PDL. Vehicles registered as taxis have higher coverage requirements, including $125,000 per person and $250,000 per occurrence for BIL, and $50,000 for PDL. Continuous insurance coverage is mandatory, even if the vehicle is not being driven or is inoperable.
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The Financial Services Commission
The OIR is responsible for all activities concerning insurers and other risk-bearing entities in Florida. This includes licensing, rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, premium financing, and administrative supervision. The OIR works closely with insurance companies to facilitate the application process for selling insurance in Florida. It also promotes accountability, integrity, efficiency, and cost-effectiveness through internal audits, investigations, and performance reviews.
The FSC serves as the agency head for rulemaking purposes under Florida Statutes sections 120.536-120.565. FSC actions are taken by majority vote. While the Insurance Commissioner is considered the agency head for final agency actions within the regulatory authority delegated to the OIR.
The FSC also has oversight over the Office of Financial Regulation (OFR), which supervises state-chartered financial institutions and regulates non-depository finance companies and the securities industry. The OFR defends the public from investment and securities fraud and protects citizens against entities that violate state laws and rules. It has divisions and bureaus that oversee financial enterprises and individuals, such as mortgage loan originators, securities industry participants, and payday lenders.
Additionally, the FSC has a Government Affairs Office that coordinates and prepares presentations for the Commissioner to appear before the Commission with proposed administrative rules and performance measures. The FSC also has a Communications Office that handles media relations, internal communications, and stakeholder engagement.
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The role of the Chief Financial Officer (CFO)
The Chief Financial Officer (CFO) is an independently elected state official in Florida. The CFO is a member of the Financial Services Commission (FSC) and, as such, plays a role in enforcing insurance laws. The FSC is made up of the Governor, CFO, Attorney General, and Commissioner of Agriculture.
The CFO is also the head of the Department of Financial Services, which includes the Office of Insurance Regulation (OIR). The OIR is responsible for all activities concerning insurers and other risk-bearing entities, including licensing, rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, premium financing, and administrative supervision. The OIR is run by the Insurance Commissioner, who is appointed by the FSC.
As part of the Department of Financial Services, the CFO has the authority to investigate insurance companies and producers, issue cease and desist orders, impose penalties, and seek court injunctions. The CFO's office includes various divisions and offices, such as Accounting and Auditing, Consumer Services, Insurance Agent and Agency Services, and Regulatory Policy.
The CFO's Executive Offices include the Chief of Staff, Deputy CFOs, Cabinet Affairs, Communications, External Affairs, Finance and Budget, and Policy and Strategic Initiatives. The Office of General Counsel provides legal advice and representation to the CFO and the Department of Financial Services. The Office of Information Technology manages the information technology resources for the Department of Financial Services, OIR, and the Office of Financial Regulation.
In summary, the CFO of Florida is responsible for enforcing insurance laws as part of the FSC and as the head of the Department of Financial Services, which includes the OIR. The CFO has the authority to regulate and supervise insurance companies and protect consumers.
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Audits and enforcement
The OIR conducts audits of insurance companies within the state, referred to as market conduct examinations. These audits ensure compliance with applicable standards, statutory provisions, and administrative rules. The OIR has the authority to issue cease and desist orders, seek court injunctions, and conduct investigations inside and outside Florida.
The Financial Services Commission (FSC), composed of the Governor, Chief Financial Officer (CFO), Attorney General, and Commissioner of Agriculture, also plays a role in enforcing insurance laws. The CFO, as part of the FSC, helps enforce insurance laws and, along with the Commissioner of the OIR, oversees the insurance industry. The CFO's divisions and offices, such as the Bureau of Licensing and the Bureau of Investigation, have a role in regulating insurance.
The Office of Financial Regulation (OFR) is another body that enforces insurance laws. The OFR includes a Bureau of Financial Investigations that investigates suspected wrongdoing and may refer violations to law enforcement.
Additionally, the Florida licensing statutes require a minimum level of insurance knowledge and competence for agents, helping to protect the public. Agents must also complete 24 hours of continuing education and 5 hours of law and ethics updates every two years. Violations of insurance laws can result in penalties, including fines, imprisonment, or administrative penalties.
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Frequently asked questions
The Financial Services Commission, which is composed of the Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture, administers the insurance laws of Florida.
The Florida Insurance Commissioner is the head of the OIR.
The OIR is responsible for all activities concerning insurers and other risk-bearing entities, including licensing, rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, premium financing, and administrative supervision.
