Life & Health · Chapter 20 · Financial Services Regulation
Office of Insurance Regulation (OIR)
Definition
The FSC office responsible for all activities concerning insurers and other risk-bearing entities: company licensing, rates, policy forms (insurers must file policies, rates, and forms with the OIR for approval or disapproval), market conduct, claims, issuance of certificates of authority, oversight of company solvency, viatical settlements, premium financing, and administrative supervision. Headed by the Florida Insurance Commissioner (sometimes called the Director), who is appointed by the Financial Services Commission and advised by two (2) Deputy Insurance Commissioners — one for property & casualty, one for life & health.
In plain English
The company-side regulator: it decides which insurers may operate, what they may charge, and what their paper may say.
Exam tip
OIR = companies (rates, forms, solvency, certificates of authority). Its boss, the Insurance Commissioner, is appointed by the FSC — not elected.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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