I just finished Unit 1 quiz and was confused about the question on the official name of the Office of Insurance Regulation. I thought that it was already an official name and the study manual seems to indicate that the OIR and the Dept of Financial Services are two separate entities/organization. However, the quiz question seems to indicate that they are one and the same. Below is the question:
"What is the official name of the Office of Insurance Regulation?
Choose one answer.
A. The Department of Insurance
B. The Depart of Financial Services- CORRECT ANSWER PER QUIZ
C. The Treasury Office
D. The Office of Insurance Regulation"
I had selected "D" as I had thought they were two different departments with different functions.
Can anyone clarify?
Marie,
This is a little confusing.
The Florida Department of Financial Services oversees everything "financial" in the state. It has several offices that work within the department. The Office of Insurance Regulations is one of these departments. There are many other offices, bureaus and commissions. They are all overseen by the FLDFS.
I hope this helps.
Regards,
Jan
It helps. I think the question then needs to be written differently. OIR is the official name of that department, but it falls within the umbrella of the DFSFL. The current question infers that OIR is not an official name.
Just some feedback.
Marie
I would agree with you, I chose the same answer (wrong) answer as you did. And also read the material with the same understanding. Jan Thank you for your explanation, but agreed the question is not clear.
Thank you for this mesage board and for following it to answer any questions.
I am just starting my studies and there is allot to learn.
Cindy
Jan, et al,
I too got this "wrong" but I beleive this question is error. The Florida Statutes 20.121, starting on page 211 of the book, talk about the DFS and it's relationship to the OIR and the OFR. Specifically, read the part (3) FINANCIAL SERVICES COMMISSION on the bottom left of page 212. The OIR and OFR report to the commission not to DFS. See also page 213 top right (5) TRANSITIONAL RULES. The Commission and the DFS are distinct.
Professionally I have dealt with the OIR many times and the letterhead is Office of Insurance Regulation / Financial Services Commission.
This is one of several errors in this website I beleive.
Tricia,
Is this the question you are referencing? I believe this is question is wrong also. The "official" name of the Office of Insurance Regulation is "The Office of Insurance Regulation. It is a separate division, but it is within the FLDFS. Although the OIR is its' own division, it still falls under the FLDFS. The FL Statute you reference shows the six areas of the DFS. The OIR is part of the Financial Services Commission and all of these areas fall under the CFO, Jeff Atwater. I think this question is incorrect, but the OIR is part of the FLDFS.
Thanks for pointing this out. I'll have this question corrected. Please let me know the other areas you reference which are in error.
Jan
What is the official name of the Office of Insurance Regulation?