State RegulationsFL specificDifficulty 3/5
Which statement about a Florida licensee's duty to reply to regulators is correct?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Chapter 626, Florida Statutes, Florida licensees must reply to and cooperate with both of the state's insurance regulators - the Department of Financial Services, which handles agent licensing and consumer matters, and the Office of Insurance Regulation, which oversees insurers and may require information in market-conduct and other proceedings.
Why the other options are wrong
- A) The duty to reply runs to both regulators; the licensing outline specifically pairs DFS and the OIR for agent responses.
- C) Nonresident licensees who accept Florida business assume the same cooperation duties as residents.
- D) The duty attaches to legitimate regulatory requests generally, long before any formal charges are filed.
Memory hook
Two regulators, one duty: answer both.