Posted : 02/19/2007
When shopping for insurance in Florida, residents can rest easy knowing that the Florida Department of Financial Services (DFS) is looking out for their best interests. Responsible for the regulation of Florida's insurance industry, the DFS is akin to a department of insurance and oversees all types of insurance policies including:
The principal responsibility of the DFS is to protect Florida consumers. The DFS does this by:
The DFS manages the licensing process for all insurance companies, agents, adjusters, and groups in the state. Licensing procedures ensure not only that insurance companies are financially secure but also that individual agents are well-versed in Florida state insurance laws through pre-licensure and continuing education coursework. The DFS also reviews all insurance products to verify that they comply with the Florida Insurance Code's rules regarding insurance contracts and rates.
Through CDI, consumers can verify:
Beyond licensing, the DFS works on a number of fronts to protect Florida insurance consumer interests. The agency actively seeks to help consumers resolve their insurance-related disputes by reviewing and investigating consumer complaints. The DFS also seeks to limit disputes by providing a searchable database of frequently asked questions to help consumers better determine their insurance needs. This database can be found on the DFS website.
In addition to managing consumer complaints, the DFS polices all other insurance activities in Florida. The DFS Chief Financial Officer works diligently with his division commissioners to protect consumers by prosecuting insurance fraud scams, revoking the insurance licenses of those who violate the Florida Insurance Code, and issuing cease & desist orders to stop sales of unlicensed insurance products. The DFS also publishes regulations to ensure the proper implementation of the Florida Insurance Code.
For more information regarding Florida insurance laws as well as complete information about the Florida Department of Financial Services, Florida's department of insurance, please visit the at DFS website.
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