Jane Dotson
Florida has an insurance commissioner who is the administrative head of 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 commissioner is appointed by the Florida Financial Services Commission, composed of the governor, attorney general, chief financial officer, and agriculture commissioner.
| Characteristics | Values |
|---|---|
| Name of insurance commission | Florida Office of Insurance Regulation (OIR) |
| Head of the commission | Florida Insurance Commissioner |
| Appointing authority | Florida Financial Services Commission (FSC) |
| Composition of FSC | Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture |
| Address | 200 East Gaines Street Tallahassee, FL 32399-4206 |
| Phone number | (850) 413-3140 |
| [email protected] | |
| Consumer helpline | 1-877-693-5236 |
| Hours | 8 AM–5 PM Monday–Friday |
Explore related products
What You'll Learn
- Florida has an Office of Insurance Regulation (OIR)
- The OIR is responsible for all insurer and risk-bearing entity activities
- Commissioners must have 5 years of private sector experience in insurance
- The FSC appoints the Insurance Commissioner
- The OIR has an Industry Portal for insurance companies and related entities
Florida has an Office of Insurance Regulation (OIR)
The OIR is responsible for licensing insurance companies operating in Florida, as well as regulating rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, premium financing, and administrative supervision. The Deputy Commissioners of Life and Health Insurance and Property and Casualty Insurance supervise their respective Product Review, Financial Oversight, and Market Regulation business units.
The Company Admissions units within the Life and Health and Property and Casualty Financial Oversight divisions assist insurance companies and others seeking general information about the business climate in Florida. They help companies submit applications for Certificates of Authority (COA) to transact insurance in the state and facilitate the application process. The Office of the Inspector General promotes accountability, integrity, efficiency, and cost-effectiveness in OIR operations through internal audits, investigations, and performance reviews.
Consumers seeking assistance with an insurance question or filing an insurance-related complaint should contact the Department of Financial Services Division of Consumer Services. The OIR also provides an online portal for insurance companies and related entities to access filing and submission systems, rate collection systems, quarterly submission reports, and other related content. The contact information for the OIR is as follows:
Office of Insurance Regulation
200 East Gaines Street
Tallahassee, FL 32399-4206
Phone: (850) 413-3140
Email: [email protected]
Young Adults Staying on Parents' Insurance Plans
You may want to see also
Explore related products
![Report Of The Royal Commission On Life Insurance [and Supplementary Return]](https://m.media-amazon.com/images/I/51KUkhWivPL._AC_UY218_.jpg)
The OIR is responsible for all insurer and risk-bearing entity activities
Florida has an Office of Insurance Regulation (OIR), which is responsible for overseeing all activities concerning insurers and other risk-bearing entities. 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.
The OIR's responsibilities include licensing insurance companies, setting rates, approving policy forms, overseeing market conduct, handling claims, issuing certificates of authority, monitoring solvency, regulating viatical settlements and premium financing, and providing administrative supervision. The office ensures that all these activities are carried out in compliance with the Florida Insurance Code and Chapter 636 of the Florida Statutes.
The OIR also investigates allegations of unauthorized and illegal insurance activity and conducts in-depth investigations of authorized insurers. The Market Regulation division works closely with the Legal Services office to take administrative action, impose penalties, and require corrective measures to protect insurance consumers from unlawful or harmful practices.
Additionally, the OIR includes the Office of the Inspector General, which promotes accountability, integrity, efficiency, and cost-effectiveness in OIR operations through internal audits, investigations, and performance reviews. The Legal Services Office provides legal advice and counsel to the OIR, handles litigation, and reviews applications for new companies.
The OIR plays a crucial role in regulating and overseeing the insurance industry in Florida, ensuring consumer protection and compliance with relevant laws and regulations.
Informing Obamacare About Your Insurance Coverage
You may want to see also
Explore related products
Commissioners must have 5 years of private sector experience in insurance
Florida has an insurance commissioner, a state executive position in the Florida state government. The commissioner is appointed by the Florida Financial Services Commission, composed of the governor, attorney general, chief financial officer, and agriculture commissioner.
State law requires commissioners to have five years of private sector experience in the insurance industry. This experience must have been gained immediately preceding the person's selection as commissioner. In addition to this, commissioners must also have five years of experience as a senior examiner or employee in a state or federal regulatory agency overseeing the insurance industry, also in the period immediately preceding their selection.
The current Florida Commissioner of Insurance Regulation is Michael Yaworsky, who assumed office in 2023. The commissioner heads the Florida Office of Insurance Regulation, which regulates the state's insurance providers. The commissioner's salary is determined by law and, in 2015, this was $134,158.
There are no term limits associated with the office of insurance commissioner, and no particular procedure for dealing with vacancies.
Becoming an Insurance Broker: Alberta's Requirements and Steps
You may want to see also
Explore related products
The FSC appoints the Insurance Commissioner
Florida has an independent state body called the Florida Financial Services Commission (FSC). The FSC is composed of the governor, attorney general, chief financial officer, and agriculture commissioner.
State law requires commissioners to have five years of experience in the private sector of the insurance industry and five years of experience as a senior examiner or employee in a regulatory agency overseeing the insurance industry. These five-year periods must immediately precede the person's selection as commissioner.
The Insurance Commissioner is considered the agency head for purposes of final agency action for all areas within the regulatory authority delegated to the OIR. The Deputy Commissioners of Life and Health Insurance and Property and Casualty Insurance advise the Insurance Commissioner and, upon request, the Governor, Financial Services Commission, and Legislature on policies and trends affecting insurance markets, companies, and consumers.
The FSC serves as the agency head for rulemaking purposes, and its actions are taken by majority vote.
ATT Mobile Insurance: Refurbished Phone Replacements?
You may want to see also
Explore related products
The OIR has an Industry Portal for insurance companies and related entities
Florida has an Office of Insurance Regulation (OIR), which is responsible for overseeing all activities concerning insurance companies and other risk-bearing entities. 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.
The OIR has an Industry Portal that serves as a central resource for insurance companies and related entities. The portal covers a wide range of topics, including licensing, rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, premium financing, and administrative supervision.
The OIR's website provides detailed information on the regulatory requirements for insurance companies operating in Florida. It also offers resources for insurance-related entities, such as data and reporting tools, industry reports, and market statistics. The OIR is committed to protecting Florida seniors, and it works closely with insurance companies to ensure compliance with the state's insurance regulations.
The Company Admissions units within the OIR assist insurance companies and others seeking general information about the business climate in Florida. These units help companies submit applications for a Certificate of Authority (COA) to transact insurance in the state and facilitate the application process. The OIR also has a Legal Services Office that provides advice and counsel to insurance companies and related entities, handling litigation and regulatory issues.
Overall, the OIR's Industry Portal serves as a comprehensive resource for insurance companies and related entities operating in Florida, providing guidance, regulatory information, and resources to support compliance and effective business operations in the state.
The Fine Print of Renewable Term Life Insurance: Understanding Expiry and Renewal Clauses
You may want to see also
Frequently asked questions
Yes, Florida has an insurance commission. The Florida Office of Insurance Regulation (OIR) is responsible for overseeing insurers and other risk-bearing entities. The head of the OIR is the Florida Insurance Commissioner.
State law requires commissioners to have five years of experience in the private sector of the insurance industry and five years of experience as a senior examiner or employee in a regulatory agency overseeing the insurance industry. The Commissioner is appointed by the Florida Financial Services Commission, composed of the governor, attorney general, chief financial officer, and agriculture commissioner.
The Florida Insurance Commissioner oversees the OIR, which is responsible for licensing insurance companies, setting rates, policy forms, market conduct, claims, solvency, and administrative supervision. The Commissioner also appoints Deputy Commissioners for Life and Health Insurance and Property and Casualty Insurance, who supervise their respective business units.
