19.1.1 The State Legislature
...establishes and maintains the legal framework for state laws relating to insurance (the Insurance Code). The legislature established the Department of Financial Services and the Office of Insurance Regulation to administer the Insurance Code.
The Florida Insurance Code provides that the Department of Financial Service and the Office of Insurance Regulation may adopt reasonable rules necessary to affect any of their respective statutory duties. Rules beginning with 69O (note this is the letter "O" - not the number "zero") are adopted by the Office of Insurance Regulation, which regulates insurers. Rules beginning with 69B are adopted by the Department of Financial Services, which regulates agents.
Florida insurance laws govern the following areas.
- Organization of the Department of Financial Services and the powers and duties of the Chief Financial Officer, the Financial Services Commission and the Office of Insurance Regulation
- Organization of insurance companies, their powers and limitations, and the requirements in regard to their financial condition and operations
- Qualifications, licensing, and appointment of agents
- The rights of policyowners and beneficiaries
