Financial Services Regulation
Key Function: provides regulatory oversight for Florida's financial services providers.
Mission: to protect the citizens
... [Show More] 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
An elected official.
Is the head of the Department of Financial Services (DFS).
Financial Services Commission
: 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
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
-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
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
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
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
regulates the banking, finance and securities industries in Florida.
Investigation
Process through which an insurance company or examiner obtains necessary information to evaluate a claim.
Insurance Contract
An insurance contract is a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder."
Insurance Transaction
Means solicitation, negotiation, and putting into effect of insurance policies.
It also includes actions after the policy goes into effect, such as issuing endorsements.
Insurer
a person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation.
Reinsurance
is insurance that is purchased by an insurance company (the "ceding company" or "cedent" or "cedant" under the arrangement) from one or more other insurance companies (the "reinsurer") directly or through a broker as a means of risk management, sometimes in practice including tax mitigation and other reasons described below.
Domestic Company
Domiciled in FL
Foreign Company
Domiciled in another state or US territory (not a foreign country).
Alien Company
Domiciled in another country
Fraternals
insurance issued by a fraternal order or association to its members, formerly meeting its obligations by assessments upon members at the time obligations arose but now generally by a legal reserve.
Stock Company
One that issues shares of stock to shareholders.
Its purpose is to make a profit for the shareholders.
Mutual Company
Owned by policyholders. Rather than pay dividends to stockholders, it pays excess profits back to policyholders. [Show Less]