State RegulationsFL specificDifficulty 2/5
Which statement about Florida's Chief Financial Officer is correct?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Florida's Chief Financial Officer is a statewide elected Cabinet officer who heads the Department of Financial Services and, together with the Governor and the rest of the Cabinet, sits on the Financial Services Commission, which oversees the Office of Insurance Regulation and the Office of Financial Regulation. This structure separates the CFO's consumer-protection and enforcement duties from the day-to-day regulation of insurers.
Why the other options are wrong
- A) The CFO is elected by Florida voters statewide, not appointed to a fixed term by the Financial Services Commission.
- B) The Commissioner of the Office of Insurance Regulation is a separate official appointed by the Financial Services Commission; the CFO does not hold both jobs.
- D) Insurance companies have no vote in selecting the CFO; the office is filled by statewide election.
Memory hook
Voters elect the CFO; the Commission appoints the commissioners.