Key Takeaways
- The Florida Office of Insurance Regulation (OIR) regulates insurance companies, rates, and policy forms
- The Florida Department of Financial Services (DFS) handles agent licensing, appointments, and consumer services
- The Chief Financial Officer (CFO) is elected and oversees the Department of Financial Services
- Florida insurance law is found in Title XXXVII (Insurance) of the Florida Statutes, Chapters 624-651
- OIR is part of the Financial Services Commission, headed by the Governor and Cabinet
Florida Regulatory Agencies
Important: This study guide covers Florida state-specific Life & Health insurance content only. You should complete the national Life & Health exam preparation first, as it covers the foundational insurance concepts tested on your exam.
Florida has a unique dual regulatory structure for insurance, with two primary agencies sharing oversight responsibilities.
Office of Insurance Regulation (OIR)
The Office of Insurance Regulation (OIR) is responsible for:
- Regulating insurance companies doing business in Florida
- Reviewing and approving insurance rates
- Approving policy forms
- Monitoring insurer solvency
- Market conduct examinations
OIR Leadership
OIR is part of the Financial Services Commission, which consists of:
- The Governor
- The Attorney General
- The Chief Financial Officer
- The Commissioner of Agriculture
The Insurance Commissioner is appointed by the Financial Services Commission and directs OIR operations.
Department of Financial Services (DFS)
The Department of Financial Services (DFS) handles:
| Function | Description |
|---|---|
| Agent Licensing | Issues and renews producer licenses |
| Appointments | Processes insurer-agent appointments |
| Consumer Services | Handles complaints and inquiries |
| Fraud Investigation | Investigates insurance fraud |
| Continuing Education | Approves CE providers and courses |
DFS Leadership
The Chief Financial Officer (CFO) is:
- Elected by Florida voters to a 4-year term
- Head of the Department of Financial Services
- State Fire Marshal
- Member of the Florida Cabinet
Exam Tip: Remember that Florida has TWO agencies: OIR regulates insurers and rates, while DFS handles agent licensing. The CFO is elected.
Florida Insurance Code
Florida insurance law is contained in Title XXXVII (Insurance) of the Florida Statutes:
Key Chapters
| Chapter | Subject |
|---|---|
| 624 | Insurance Code: Administration and General Provisions |
| 626 | Insurance Field Representatives and Operations |
| 627 | Insurance Rates and Contracts |
| 628 | Insurers |
| 629 | Individual and Group Annuities |
| 641 | Health Care Services Programs |
Chapter 626 - Producer Licensing
Chapter 626 is particularly important for licensing exams as it contains:
- Agent and agency licensing requirements
- Appointment procedures
- Continuing education requirements
- Prohibited practices
- Disciplinary procedures
Regulatory Interaction
How OIR and DFS Work Together
| Issue | Primary Agency |
|---|---|
| License application | DFS |
| Insurer appointment | DFS |
| Rate filing review | OIR |
| Policy form approval | OIR |
| Consumer complaint | DFS (initially) |
| Insurer examination | OIR |
| Producer discipline | DFS |
| Insurer solvency | OIR |
Contact Information
- DFS Agent Licensing: (850) 413-3137
- OIR Consumer Hotline: (877) 693-5236
- Online Services: MyProfile at MyFloridaCFO.com
Which Florida agency is responsible for issuing insurance producer licenses?
How is the Florida Chief Financial Officer (CFO) selected?
Which chapter of the Florida Statutes contains producer licensing requirements?