State RegulationsFL specificDifficulty 3/5
In a Florida replacement transaction, the existing insurer receives a copy of Form OIR-B2-312 accompanied by a request for comparative information. What must the existing insurer do under F.A.C. 69B-151.008?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under F.A.C. 69B-151.008, upon request the existing insurer must provide the Comparative Information Form OIR-B2-313, valued on the current policy year, within 10 days of receiving the B2-312 from the replacing insurer, and it must keep its replacement records for at least 3 years. The 10-day window differs deliberately from the replacing insurer's 5-working-day standard, and candidates often confuse the two deadlines.
Why the other options are wrong
- B) The 5-working-day deadline belongs to the replacing insurer for mailing the B2-313; the existing insurer has 10 days.
- C) The rule requires cooperation between the insurers; refusing the request on confidentiality grounds is not permitted.
- D) F.A.C. 69B-151.008 imposes a flat duty to respond within 10 days and contains no fee condition.
Memory hook
Old insurer: 10 days. New insurer: 5 working days.