Florida P&C Insurance Law & Regulation
Florida splits insurance oversight between two bodies, and its consumer-protection rules are heavily tested. This chapter explains who does what and the market-conduct rules.
Two Regulators: DFS and OIR
Florida divides insurance regulation. The Florida Department of Financial Services (DFS), through its Division of Insurance Agent and Agency Services, licenses and disciplines agents (producers). The Office of Insurance Regulation (OIR) licenses insurers and reviews rates and forms. For an agent-licensing question, the answer is the DFS; know the distinction because the exam often contrasts the two.
Unfair Trade Practices and Fiduciary Duty
Florida's unfair insurance trade practices law prohibits misrepresentation, false advertising, twisting, sliding (adding coverage or a fee without informed consent), unfair discrimination, coercion, and unfair claim practices. Rebating rules in Florida are narrow and specific. Premiums an agent collects are fiduciary funds that must not be commingled or converted. DFS can fine, suspend, or revoke an appointment or license for violations.
Cancellation and Nonrenewal
Florida law regulates cancellation and nonrenewal of personal auto and property policies, including hurricane-related protections for homeowners, and requires advance written notice. Notice periods vary by policy type and reason and are set by statute, so confirm the current requirements with the DFS or the Florida statutes rather than assuming a single number.