State RegulationsFL specificDifficulty 1/5
In Florida, who files premium rates with the state for review, and under what standard are those rates judged?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under the Florida Insurance Code, insurers file their rates with the Office of Insurance Regulation, and rates must satisfy the standard of being adequate, not excessive, and not unfairly discriminatory. OIR reviews filings and may disapprove any rate that fails this standard, protecting both solvency and consumers.
Why the other options are wrong
- A) Agents do not file rates, and Florida law does not require uniform rates across competing insurers.
- B) The CFO does not file rates; insurers do, and revenue maximization is not the legal standard.
- D) Policyholders do not file rates, and rates are filed by the insurer for OIR review, not negotiated with DFS one by one.
Memory hook
Rates: adequate, not excessive, not unfair - filed by insurers.