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Florida Department Of Insurance - Duties of the Florida Department of Insurance

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Because the insurance industry is such a major part of life in the modern era, most every state in the country has dedicated an official government office to deal with its regulation. The Florida Department of Insurance is officially titled the Florida Office of Insurance Regulation. The official duties of the office are to make sure insurance companies are compliant with state law by enforcing the existing statutes and recommending amendments to those statutes to the state legislature should they feel they are deficient. The Florida Department of Insurance also carefully monitors the state insurance market to make sure it does not fall the needs of the state’s consumers and businesses.

The Florida Office of Insurance Regulation is headed by a commissioner that is appointed by the governor and cabinet, which holds the collective title of the Financial Services Commission. Administratively, the Florida Department of Insurance is part of the Department of Financial Services, but they do not fall under that department’s authority. The Office of Insurance Regulation answers only to the Commission.

The mission of the Florida Department of Insurance is one of public protection, doing so by overseeing companies’ forms, rates, and solvency, while watching market performance and overseeing the entrance of new companies into the market. To carry out its duties as efficiently as possible, the Florida Office of Insurance Regulation (FLOIR) is organized into eleven business units. Each business unit carries out the various duties of the office as a whole. The units and their responsibilities are as follows:

Business Development – This office is in charge of finding existing companies that are believed to be solvent enough as to provide a boon to the Florida insurance market. These companies are helped to expand or create new lines in the state.

Company Admissions – This unit receives and processes the applications for new insurance companies to operate and sell insurance in Florida. They use a new dedicated online application system that also provides all of the information necessary for admission.

Legal Services – The Legal Services Unit exists to counsel the Office and handle any litigation that is directed at the FLOIR. They also conduct administrative hearings and review applications from new companies.

Legislative Affairs This unit advises the state legislature on priorities and the budget required to carry out their duties. They communicate directly with legislators on cases of importance to the insurance market.

Life and Health Financial Oversight – This unit monitors the life and health insurance industries. It holds companies responsible for financial reporting and market conduct. Besides insurance companies, the department oversees fraternal benefit organizations, HMOs, pre-paid health services providers, and discount medical plan companies.

Life and Health Product Review – This unit ensures that all health and life insurance companies are in compliance with the law as regards to their policy forms and rates. All new forms and rate plans must go through this unit for approval before they are considered final.

Market Investigations – The Market Investigations Unit conducts the examinations that must take place when insurance companies are alleged to be violating the law. This unit consists of four sections:

  • Property and Casualty
  • Life and Health
  • Special Investigations
  • Market Analysis
    All sections are authorized to impose penalties and take corrective actions for insurance companies not in compliance.

Market Research and Technology – This unit oversees the collection of data on the public insurance industry and that is used for analysis and evidence. All data is efficiently organized and made available for all authorized internal requests.

Property and Casualty Financial Oversight – This unit monitors the market and financial condition of property and casualty insurance and title insurance. They also admit new property and casualty companies to the Florida Market.

*Property and Casualty Product Review * – This unit is the counterpart to the Life and Health Product Review Unit.

Specialty Product Administration – This unit oversees various products that are related to the insurance industry but are not insurance. These products include warranties, premium financing, legal expense services, and care-providing retirement communities.

Consumers can contact the Florida Department of Insurance for various types of information that include sinkhole protection, specific insurance questions, Medicare supplementation, legislative issues, and public hearings. In addition, a number of consumer guides and advice is available regarding all insurance issues.

The Florida Department of Insurance can be contacted by mail or by phone:

Florida Office of Insurance Regulation
200 East Gaines Street
Tallahassee, FL 32399-0305

General phone: 850-413-3140

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