Florida Community Association Manager Practice Exam

Which agency regulates insurance in Florida?

1. The Florida Department of Insurance

2. The OIR (Office of Insurance Regulation)

3. The Florida Insurance Commission

4. The Office of Risk Management

The correct answer is: The OIR (Office of Insurance Regulation)

The Office of Insurance Regulation (OIR) is the correct agency that regulates insurance in Florida. This agency operates under the Florida Department of Financial Services, but its primary role is specifically focused on overseeing and regulating the insurance industry within the state. The OIR manages the licensing of insurance companies, ensures compliance with state laws, reviews insurance rates and policies, and protects consumers by ensuring that the insurance market remains fair, competitive, and financially sound. While other options may sound relevant, they do not serve as the primary regulatory body for insurance in Florida. The Florida Department of Insurance is no longer an active entity; its functions have been absorbed primarily by the OIR. The Florida Insurance Commission, which does exist, typically does not serve a regulatory role as the OIR does. Lastly, the Office of Risk Management is more focused on risk management practices within state agencies and does not regulate the insurance industry in Florida. Understanding the distinction between these agencies helps clarify the appropriate regulatory framework that governs insurance in the state.