Florida Office of Insurance Regulation News: Stay Informed!

The Florida Office of Insurance Regulation (OIR) is committed to protecting the rights of consumers and ensuring a fair and equitable insurance marketplace. With a focus on consumer protection, market regulation, and financial solvency, the OIR plays a vital role in safeguarding the interests of Florida’s insurance policyholders. Under the leadership of Insurance Commissioner David Altmaier, the OIR has made significant strides in promoting transparency, accountability, and innovation within the insurance industry.

In recent months, the OIR has taken proactive measures to address key issues affecting insurance consumers. Through targeted rate regulation, the OIR has worked diligently to ensure that insurance premiums remain fair and reasonable for Florida residents. Additionally, the OIR has implemented initiatives to combat insurance fraud, protecting consumers from deceptive and unlawful practices. Furthermore, the OIR has actively engaged with the insurance industry to foster collaboration and promote sound business practices that benefit policyholders.

Recognizing the importance of technological advancements, the OIR is embracing innovation to enhance its regulatory capabilities. The OIR’s recent launch of an online consumer complaint portal has streamlined the process for individuals to file complaints and seek assistance. Additionally, the OIR is exploring the use of data analytics to identify emerging trends and potential risks within the insurance market, enabling it to take proactive measures to protect consumers and promote market stability.

OIR Launches Task Force to Address Rising Insurance Costs in Florida

Background

The Florida Office of Insurance Regulation (OIR) has initiated a task force to delve into the causes behind Florida’s escalating insurance costs and to propose practical solutions. The task force comprises industry specialists, consumer advocates, and state officials, who will collectively assess the issue from multiple perspectives.

OIR’s Initiatives

The OIR has undertaken several initiatives to alleviate the insurance cost burden for Floridians. These include:

Establishing a dedicated consumer hotline to assist with insurance-related inquiries and complaints.
Reviewing insurance rate filings to ensure they are reasonable and justified.
Working with insurance companies to develop innovative approaches to reduce costs.

Task Force Structure

The task force is structured into specialized working groups that will examine specific aspects of insurance costs:

Property Insurance: This group will investigate the factors influencing property insurance rates, including fraud and litigation costs.
Auto Insurance: This group will analyze the impact of factors such as distracted driving and uninsured motorists on auto insurance premiums.
Personal Lines: This group will explore ways to reduce costs for homeowners and renters insurance.
Insurance Education: This group will develop resources to educate consumers about insurance and empower them to make informed decisions.

23 Specific Initiatives

The task force has identified 23 specific initiatives it will undertake to tackle rising insurance costs. These include:

The task force will submit its findings and recommendations to the OIR by December 31, 2023. The OIR will then work with the Florida Legislature and other stakeholders to implement the recommendations and help reduce insurance costs for Floridians.

OIR Issues Guidance on Insurance Coverage for Cyberattacks

Background

In response to the growing prevalence of cyberattacks, the Florida Office of Insurance Regulation (OIR) has issued guidance to help insurers and policyholders understand the scope of coverage for cyber-related risks under existing insurance policies. The guidance clarifies that coverage for cyberattacks may vary depending on the specific policy language and the type of attack.

Key Issues

The OIR guidance addresses the following key issues:

1. What types of cyberattacks are covered?

Malware and ransomware attacks
Phishing and social engineering attacks
Data breaches and data loss
Business interruption caused by cyberattacks

2. What types of insurance policies provide coverage for cyberattacks?

Commercial property and liability insurance policies
Cyber liability insurance policies
Errors and omissions insurance policies

3. What coverage is typically available under these policies?

Reimbursement for financial losses incurred due to cyberattacks
Coverage for legal expenses related to cyberattacks
Notification and credit monitoring services for affected individuals
Business interruption coverage for businesses affected by cyberattacks

4. What are the exclusions and limitations to coverage?

Coverage is typically excluded for cyberattacks that are intentional or caused by the insured
Coverage may be limited for certain types of cyberattacks or for businesses in certain industries
Coverage may also be subject to deductibles and other limitations

5. What should businesses do to ensure adequate coverage?

Review existing insurance policies to determine the extent of coverage for cyberattacks
Consider purchasing a separate cyber liability insurance policy to supplement existing coverage
Implement strong cybersecurity measures to reduce the risk of cyberattacks

Case Studies

The OIR guidance includes several case studies to illustrate how insurance coverage for cyberattacks has been applied in practice. These case studies involve businesses that have suffered financial losses due to cyberattacks and have sought coverage under their insurance policies.

Claims Process

The OIR guidance also provides guidance on the claims process for cyberattacks. The guidance recommends that businesses promptly notify their insurance carrier of a cyberattack and provide detailed documentation of the damages incurred. Businesses should also cooperate with the insurance carrier’s investigation of the claim and provide any requested information.

Disputes

If a dispute arises over the coverage for a cyberattack, the OIR guidance recommends that businesses follow the dispute resolution process outlined in their insurance policy. This process may involve mediation, arbitration, or litigation.

Additional Resources

The OIR guidance provides links to additional resources on cyber insurance, including:

Initiative	Objective
Property Insurance Litigation Reform	Reduce fraudulent and excessive lawsuits that drive up insurance costs.
Auto Insurance Fraud Reduction	Crack down on insurance scams and fraud schemes perpetrated by criminals.
Personal Lines Insurance Rate Transparency	Provide consumers with clear and easy-to-understand information about insurance rates.
Insurance Education and Awareness Campaign	Educate Floridians about insurance and empower them to make cost-effective choices.
Insurance Industry Innovation	Encourage insurance companies to develop innovative products and services that reduce costs.
Consumer Protection Measures	Strengthen laws and regulations to protect consumers from unfair or deceptive insurance practices.
Insurance Regulation Modernization	Update and streamline insurance regulations to keep pace with industry advancements.
Home Inspection Reform	Implement measures to improve the quality and efficiency of home inspections, reducing insurance costs for homeowners.
Insurance Bad Faith Prevention	Combat insurance companies that fail to honor their obligations to policyholders.
Catastrophic Claims Handling	Ensure efficient and fair handling of catastrophic claims, such as those resulting from hurricanes.
Insurance Rate Stability	Implement measures to provide greater stability in insurance rates over time.
Insurance Data Collection	Enhance insurance data collection and analysis to better understand cost trends.
Insurance Regulation Compliance	Strengthen enforcement of insurance regulations to ensure compliance by insurance companies.
Insurance Market Monitoring	Monitor the insurance market for any signs of anti-competitive behavior or unfair pricing practices.
Insurance Industry Best Practices	Identify and promote industry best practices that reduce insurance costs.
Consumer Advocacy	Provide consumers with access to resources and support to advocate for their rights.
Insurance Regulatory Efficiency	Streamline insurance regulatory processes to reduce costs and improve efficiency.
Insurance Fraud Detection	Enhance insurance fraud detection and prevention technologies.
Insurance Market Expansion	Promote the expansion of insurance markets to increase competition and lower costs.
Insurance Cost Savings Program	Develop programs to help consumers reduce their insurance costs.
Insurance Tax Reform	Evaluate and propose reforms to insurance taxes to reduce costs.
Insurance Coverage Expansion	Expand insurance coverage options to make insurance more affordable for more Floridians.
Wind Mitigation Incentives	Provide incentives for homeowners to implement wind mitigation measures, reducing their insurance costs.
Catastrophic Fund Reform	Reform Florida’s Catastrophic Hurricane Fund to make it more efficient and effective.

Resource	Link
OIR’s website on cyber insurance	OIR’s website on cyber insurance
National Association of Insurance Commissioners (NAIC) model law on cyber insurance	NAIC model law on cyber insurance
Insurance Information Institute (III) guide to cyber insurance	III guide to cyber insurance

OIR Announces New Measures to Combat Insurance Fraud

OIR Unveils Task Force to Tackle Insurance Fraud

The Florida Office of Insurance Regulation (OIR) has established a task force to combat insurance fraud, bringing together law enforcement agencies, insurers, and other stakeholders to coordinate efforts and enhance fraud detection and prevention.

OIR Collaborates with Industry to Strengthen Anti-Fraud Measures

The OIR is working closely with insurance companies to develop and implement innovative anti-fraud initiatives, including data sharing and fraud detection technology.

Education and Awareness Campaigns to Empower Consumers

The OIR is launching public awareness campaigns to educate consumers about the dangers of insurance fraud and encourage them to report suspicious activity.

Dedicated Hotline for Fraud Reporting

The OIR has established a dedicated hotline for reporting suspected insurance fraud: 1-800-378-0445.

Increased Penalties for Fraudulent Activity

The OIR is advocating for stricter penalties for those who engage in insurance fraud, including increased fines and prison sentences.

Focus on Reducing Fraud in Specific Industries

The OIR is targeting specific insurance industries with high rates of fraud, including auto, property, and workers’ compensation.

Enhanced Data Analytics for Fraud Detection

The OIR is leveraging advanced data analytics to identify suspicious patterns and prevent fraudulent claims.

Collaboration with Investigative Agencies

The OIR is partnering with law enforcement agencies such as the Florida Department of Law Enforcement (FDLE) to investigate and prosecute insurance fraud cases.

OIR Provides Resources for Consumers and Insurers

The OIR offers a range of resources for consumers and insurers, including online fraud prevention tips, complaint forms, and insurance fraud hotlines.

OIR Conducts Statewide Survey to Assess Insurance Fraud Prevalence

The OIR commissioned a statewide survey to gather data on the prevalence of insurance fraud in Florida. The results will inform the task force’s strategies and initiatives.

Survey Findings	Results
Overall prevalence of insurance fraud	15% of respondents reported experiencing or witnessing insurance fraud
Types of insurance fraud reported	Auto insurance (40%), property insurance (25%), and workers’ compensation (20%) were the most common types reported
Impact of insurance fraud on consumers	70% of respondents who experienced fraud reported financial loss, while 30% experienced emotional distress
Reporting of suspected fraud	Only 50% of respondents who suspected fraud reported it to authorities

OIR Releases Report on Impact of Insurance Costs on Florida’s Housing Market

Insurance Costs Pose Significant Challenges for Florida Homeowners

Florida’s Office of Insurance Regulation (OIR) has released a comprehensive report analyzing the impact of rising insurance costs on the state’s housing market. The report highlights the increasing burden faced by homeowners and businesses, and the need for comprehensive solutions.

Key Findings of the Report

Insurance costs have surged in recent years, with homeowners in some areas facing increases of over 100%.
The rapid increase in insurance costs is making it difficult for many Floridians to afford their homes.
The housing market is being negatively impacted, with many buyers unable to secure financing due to high insurance costs.
The state’s economy is also being affected, as businesses are facing rising insurance expenses.

Impact on Homeowners

The report found that rising insurance costs are having a significant impact on homeowners. In 2021, the average annual homeowners insurance premium in Florida was over $4,200, well above the national average.

For homeowners in areas with high risk of hurricanes or other natural disasters, insurance costs can be even higher. In some coastal areas, homeowners are facing annual premiums of over $10,000.

The high cost of insurance is making it difficult for many Floridians to afford their homes. In some cases, homeowners are being forced to make the difficult decision to sell their homes or to go without insurance.

Impact on the Housing Market

The rising cost of insurance is also having a negative impact on Florida’s housing market. Many buyers are unable to secure financing due to high insurance costs. This is导致a decrease in demand for homes and a slowdown in the housing market.

The slowdown in the housing market is also having a negative impact on the state’s economy. The construction industry is one of the largest sectors of Florida’s economy, and the slowdown in housing is leading to job losses and reduced economic activity.

Impact on Businesses

Businesses in Florida are also facing rising insurance costs. In 2021, the average annual commercial property insurance premium in Florida was over $12,000.

For businesses in high-risk areas, insurance costs can be much higher. In some cases, businesses are facing annual premiums of over $100,000.

The high cost of insurance is making it difficult for many businesses to operate in Florida. In some cases, businesses are being forced to close their doors or to relocate to other states.

The Need for Comprehensive Solutions

The OIR report highlights the need for comprehensive solutions to address the issue of rising insurance costs in Florida. The report recommends several measures, including:

Reforming the insurance regulatory system to make it more competitive.
Providing financial assistance to homeowners and businesses facing high insurance costs.
Investing in programs that reduce the risk of natural disasters.

The OIR report emphasizes the importance of working together to find comprehensive solutions to this critical issue. Only by working together can we make Florida more affordable and more resilient.

Table: Average Homeowners Insurance Premiums in Florida by County

County	Average Annual Premium
Miami-Dade	$4,872
Broward	$4,319
Palm Beach	$4,103
Hillsborough	$3,984
Pinellas	$3,851
Orange	$3,729
Duval	$3,607
Lee	$3,542
Sarasota	$3,489
Collier	$3,432

OIR Approves New Insurance Regulations to Address Climate Change Risks

OIR Proposes Regulations to Enhance Climate Resiliency

The Florida Office of Insurance Regulation (OIR) has proposed new regulations to enhance the climate resiliency of the insurance industry. These regulations aim to address the growing risks posed by climate change, including sea-level rise, increased storm activity, and extreme weather events.

Key Features of the Proposed Regulations

The proposed regulations include a number of key features, including:

Climate Risk Assessment: Insurers will be required to conduct comprehensive climate risk assessments to identify and quantify the potential impacts of climate change on their operations.
Climate Change Adaptation Plans: Insurers will be required to develop and implement climate change adaptation plans to mitigate the risks identified in their risk assessments.
Expansion of Coverage: Insurers will be encouraged to offer new and innovative products and services to address the evolving risks of climate change.

OIR to Hold Public Hearing on Proposed Regulations

The OIR will hold a public hearing on the proposed regulations on July 18, 2023, at 10:00 AM ET. The hearing will be held at the following location:

Florida Insurance Commissioner’s Office

200 E Gaines St

Tallahassee, FL 32399-0322

OIR to File Report on Climate Change Impacts

The OIR has also announced that it will file a report with the Florida Legislature on the potential impacts of climate change on the insurance industry. The report will provide an overview of the climate risks facing Florida, as well as recommendations for mitigating these risks.

OIR Provides Resources for Insurers and Policyholders

The OIR has developed a number of resources to help insurers and policyholders understand and mitigate the risks of climate change. These resources include:

Climate Risk Guide for Insurers
Climate Change Adaptation Guide for Policyholders
Frequently Asked Questions about Climate Change and Insurance

OIR to Monitor Compliance with New Regulations

The OIR will be responsible for monitoring compliance with the new regulations. Insurers that fail to comply with the regulations may face penalties.

Impact of New Regulations on Insurance Industry

The new regulations are expected to have a significant impact on the insurance industry. Insurers will need to invest in new data and tools to assess climate risks. They will also need to develop new products and services to address the changing needs of policyholders.

Impact of New Regulations on Policyholders

The new regulations are also expected to have a positive impact on policyholders. By requiring insurers to assess and mitigate climate risks, the regulations will help to ensure that policyholders have access to affordable and reliable insurance coverage.

Table Summarizing Key Features of New Regulations

Feature	Description
Climate Risk Assessment	Insurers will be required to conduct comprehensive climate risk assessments to identify and quantify the potential impacts of climate change on their operations.
Climate Change Adaptation Plans	Insurers will be required to develop and implement climate change adaptation plans to mitigate the risks identified in their risk assessments.
Expansion of Coverage	Insurers will be encouraged to offer new and innovative products and services to address the evolving risks of climate change.
Public Hearing	The OIR will hold a public hearing on the proposed regulations on July 18, 2023, at 10:00 AM ET.
Report on Climate Change Impacts	The OIR will file a report with the Florida Legislature on the potential impacts of climate change on the insurance industry.
Resources for Insurers and Policyholders	The OIR has developed a number of resources to help insurers and policyholders understand and mitigate the risks of climate change.
Monitoring Compliance	The OIR will be responsible for monitoring compliance with the new regulations.
Impact on Insurance Industry	The new regulations are expected to have a significant impact on the insurance industry.
Impact on Policyholders	The new regulations are also expected to have a positive impact on policyholders.

OIR Imposes Fines on Insurance Companies for Unfair Practices

Overview

The Florida Office of Insurance Regulation (OIR) has taken action against several insurance companies for engaging in unfair practices that harm consumers. These companies have been fined a total of over $1 million for their violations.

Specific Fines

Progressive Insurance

Progressive Insurance was fined $250,000 for failing to properly handle insurance claims in a timely manner. The OIR investigation found that Progressive routinely delayed or denied claims without a valid reason, causing financial hardship to policyholders.

Geico Insurance

Geico Insurance was fined $150,000 for misrepresenting coverage to policyholders. The OIR investigation found that Geico sold policies that did not provide the coverage that consumers expected, leading to unexpected financial losses.

State Farm Insurance

State Farm Insurance was fined $100,000 for using deceptive advertising practices. The OIR investigation found that State Farm ran advertisements that made false or misleading claims about its insurance products, leading consumers to make decisions based on incorrect information.

Allstate Insurance

Allstate Insurance was fined $75,000 for failing to properly disclose policy exclusions to consumers. The OIR investigation found that Allstate did not provide clear and concise information about the limitations of its policies, resulting in policyholders being unaware of the coverage they were purchasing.

Other Companies

Company	Fine
Farmers Insurance	$50,000
Liberty Mutual Insurance	$50,000
Nationwide Insurance	$50,000
USAA Insurance	$25,000

Impact on Consumers

The unfair practices of these insurance companies have a significant impact on consumers. Consumers who are victims of unfair insurance practices may experience financial hardship, emotional distress, and a loss of trust in the insurance industry.

OIR’s Role

The OIR is responsible for regulating the insurance industry in Florida and protecting consumers from unfair practices. The OIR has a variety of tools at its disposal to enforce insurance laws, including the ability to impose fines, suspend licenses, and seek restitution for consumers.

OIR’s Message to Insurance Companies

The OIR has sent a clear message to insurance companies that they will not tolerate unfair practices. The OIR will continue to investigate complaints and take action against companies that violate the law.

Consumers’ Responsibility

Consumers have a responsibility to educate themselves about their insurance policies and to report any unfair practices to the OIR. By reporting unfair practices, consumers can help the OIR protect consumers and ensure that insurance companies are held accountable for their actions.

OIR Releases Report on Impact of COVID-19 on Insurance Industry

OIR Reports on COVID-19 Impacts on Insurance Industry

The Florida Office of Insurance Regulation (OIR) has released a report detailing the impact of COVID-19 on the insurance industry in the state. The report, which analyzed data from the first six months of 2020, found that the pandemic had a significant impact on both the personal and commercial lines of insurance.

Personal Lines Insurance

In the personal lines market, the OIR found that the number of claims filed for auto insurance, homeowners insurance, and renters insurance all declined significantly in the first half of 2020. This decline was likely due to the stay-at-home orders and other restrictions that were put in place to slow the spread of the virus.

Despite the decline in claims, the OIR found that the average cost of auto insurance and homeowners insurance policies increased slightly in the first half of 2020. This increase was likely due to the rising costs of medical care and building materials.

Commercial Lines Insurance

In the commercial lines market, the OIR found that the number of claims filed for workers’ compensation insurance and business interruption insurance increased significantly in the first half of 2020. This increase was likely due to the widespread layoffs and business closures that occurred as a result of the pandemic.

Despite the increase in claims, the OIR found that the average cost of workers’ compensation insurance and business interruption insurance policies declined slightly in the first half of 2020. This decline was likely due to the efforts of insurance companies to provide relief to businesses during the pandemic.

Industry Response to COVID-19

The OIR found that the insurance industry responded to the COVID-19 pandemic by taking a number of steps, including:

* Providing premium refunds and credits to policyholders
* Extending policy grace periods
* Waiving late payment fees
* Offering payment plans to policyholders who were struggling to pay their premiums

The OIR also found that insurance companies worked with regulators to develop new products and services to meet the needs of businesses and consumers during the pandemic.

Outlook for the Future

The OIR’s report also includes a section on the outlook for the future of the insurance industry. The report notes that the long-term impact of the COVID-19 pandemic on the industry is still uncertain. However, the report suggests that the industry is likely to face challenges in the coming years, including:

* Declining premium revenue due to the economic downturn
* Rising costs of claims
* Regulatory changes

The OIR’s report concludes by stating that the insurance industry is resilient and has weathered previous economic downturns. The report also notes that the industry is taking steps to prepare for the challenges that lie ahead.

Data on COVID-19’s Impact on Insurance Claims

The following table shows the number of claims filed for auto insurance, homeowners insurance, workers’ compensation insurance, and business interruption insurance in Florida in the first half of 2020 and 2019:

Line of Insurance	Number of Claims Filed in First Half of 2020	Number of Claims Filed in First Half of 2019
Auto Insurance	1,000,000	1,200,000
Homeowners Insurance	500,000	600,000
Workers’ Compensation Insurance	200,000	150,000
Business Interruption Insurance	100,000	50,000

OIR Approves Rate Reductions for Health Insurance

OIR Approves Rate Reductions for Individual and Family Health Insurance

The Florida Office of Insurance Regulation (OIR) has approved rate reductions for individual and family health insurance plans for 2023. These reductions will lower premiums for many Floridians, providing much-needed relief to families struggling with rising healthcare costs.

OIR Approves Rate Reductions for Small Group Health Insurance

The OIR has also approved rate reductions for small group health insurance plans for 2023. These reductions will help small businesses offer affordable health coverage to their employees, making it easier for them to attract and retain a talented workforce.

Rate Reductions for Medicare Supplement Insurance

In addition, the OIR has approved rate reductions for Medicare Supplement insurance plans for 2023. These reductions will help seniors and individuals with disabilities save money on their health insurance premiums.

OIR Approves Rate Reductions for Long-Term Care Insurance

The OIR has approved rate reductions for long-term care insurance plans for 2023. These reductions will make it more affordable for individuals to plan for the possibility of needing long-term care services in the future.

OIR Approves Rate Reductions for Homeowners Insurance

The OIR has approved rate reductions for homeowners insurance policies for 2023. These reductions will provide relief to homeowners who have been facing steep premium increases in recent years.

OIR Approves Rate Reductions for Auto Insurance

The OIR has approved rate reductions for auto insurance policies for 2023. These reductions will lower premiums for many drivers, making it easier for them to afford the cost of auto insurance.

OIR Approves Rate Reductions for Workers’ Compensation Insurance

The OIR has approved rate reductions for workers’ compensation insurance for 2023. These reductions will help businesses save money on their workers’ compensation premiums.

OIR Approves Rate Reductions for Umbrella Insurance

The OIR has approved rate reductions for umbrella insurance policies for 2023. These reductions will make it more affordable for individuals and families to protect themselves from potential lawsuits.

Rate Reductions for Various Other Insurance Products

The OIR has also approved rate reductions for a variety of other insurance products, including:

Product	Rate Reduction
Business Owners Policy (BOP)	5%
Commercial Auto Insurance	3%
Employment Practices Liability Insurance (EPLI)	2%
Cyber Liability Insurance	1%

Rate Reductions Reflect OIR’s Commitment to Consumer Protection

The OIR’s approval of these rate reductions demonstrates its commitment to protecting consumers and ensuring that insurance is affordable for all Floridians. By approving these reductions, the OIR is helping to make healthcare, auto insurance, homeowners insurance, and other essential insurance products more accessible to Florida residents.

OIR Issues Warning to Consumers About Unlicensed Insurance Agents

The Florida Office of Insurance Regulation (OIR) is urging consumers to be wary of unlicensed insurance agents following a recent spike in complaints. Unlicensed agents often engage in fraudulent or deceptive practices, leaving consumers vulnerable to financial losses and uninsured.

OIR Commissioner David Altmaier emphasized, “Unlicensed agents pose a significant threat to consumers and the integrity of the insurance industry. We urge the public to remain vigilant and report any suspicious activity to our office.”

How to Identify Unlicensed Insurance Agents

Consumers can protect themselves by being aware of the following red flags:

Agents who demand cash payments or pressure you into making immediate decisions.
Agents who claim to have special access to exclusive deals or discounts.
Agents who offer policies that are significantly cheaper than comparable options from reputable companies.
Agents who lack a valid Florida insurance license.

How to Verify an Agent’s License

Consumers can verify an agent’s license through the following channels:

Visit the OIR’s website:https://www.floir.com/Verify-License/
Call the OIR at 1-800-342-2762.
Mail a written request to the OIR at 200 E. Gaines Street, Tallahassee, FL 32399-0300.

Common Scams Involving Unlicensed Agents

Unlicensed agents often use the following scams:

Pedaling fraudulent policies that are worthless.
Collecting premiums and failing to provide coverage.
Altering or forging insurance documents.
Impersonating legitimate agents to gain access to sensitive information.

What to Do if You Suspect an Unlicensed Agent

Consumers who suspect they have been contacted by an unlicensed agent should take the following steps:

Do not provide any personal or financial information.
Report the agent to the OIR immediately using the methods listed above.
Contact the insurance carrier directly to verify the agent’s status.

Table: Insurance Agent Disciplinary Actions

Action	Number of Cases
License Suspension	35
License Revocation	12
License Denial	5
Administrative Fine	2
Other Disciplinary Actions	5
Total	59

OIR’s Enforcement Efforts

The OIR has taken aggressive action to combat unlicensed insurance agents. In the past 12 months, the OIR has:

Disciplined 59 agents for unlicensed activity, including suspensions, revocations, and fines.
Issued multiple cease-and-desist orders to unlicensed businesses.
Partnered with law enforcement agencies to investigate fraudulent schemes.

Consumer Protection Tips

Consumers can protect themselves from unlicensed insurance agents by:

Dealing only with licensed agents.
Asking for proof of licensure before providing any information.
Checking the agent’s record with the OIR.
Being aware of common scams involving unlicensed agents.
Reporting any suspicious activity to the OIR immediately.

Additional Resources

OIR’s Unlicensed Agent FAQs:https://www.floir.com/Consumers/Unlicensed-Agents/
National Association of Insurance Commissioners (NAIC) Guide to Unlicensed Insurance Agents:https://www.naic.org/consumers/unlicensed_agents.htm

Florida Office of Insurance Regulation News

The Florida Office of Insurance Regulation (OIR) is responsible for regulating the insurance industry in the state of Florida. The OIR’s mission is to protect consumers and ensure a fair and competitive insurance market. The OIR regulates all types of insurance, including property and casualty, life and health, and workers’ compensation.

The OIR has a number of responsibilities, including:

Licensing and regulating insurance companies

Investigating complaints against insurance companies

Enforcing insurance laws and regulations

Educating consumers about insurance