Which authorities regulate variable life policies?
The Office of Insurance Products (OIP) is responsible for the regulation of variable insurance under the Investment Company Act of 1940.
Does the federal government regulate variable life policies?
In some ways, variable life insurance can be described as a form of securities. Why? Because of investment risks, variable policies are considered securities contracts. They are regulated under the federal securities laws.
Which 2 terms are associated directly with the way an annuity is funded?
Which two terms are associated directly with the way an annuity is funded? Single payment or periodic payments. Annuities are characterized by how they can be paid for: Either a single payment (lump sum) or through periodic payments in which the premiums are paid in installments over a period of time.
What are adjustable rates for life policy loan in Florida based on?
Adjustable rates for life insurance policy loans in Florida are based on Moody’s corporate bond index. The maximum contestability period for most life insurance policies is 2 years. Making a material misrepresentation to an insured is considered to be an unfair trade practice.
What federal agency regulates annuities?
Regulation. Variable annuities are securities registered with the Securities and Exchange Commission (SEC), and sales of variable insurance products are regulated by the SEC and FINRA.
Who can sell variable annuities?
Products developed by life insurance companies are often marketed through banks and stock brokerage firms. Make sure the person who sells you the annuity is a licensed life insurance agent. In the case of a variable annuity, the agent should also be a licensed securities dealer.
Which entity approves the insurance policy forms in Florida?
Individual short-term policy forms and rates must be filed and approved by the Florida Office of Insurance Regulation (OIR) prior to being marketed.
Who are the named individuals or entities the policyowner designates to receive life insurance policy proceeds upon the insured’s death?
Beneficiaries are the named individuals or entities designated by the policyowner to receive the policy proceeds upon the insured’s death.
Which of the following entities can legally bind coverage?
Your insurance coverage can be bound one of two ways: coverage can be bound through the insurance company issuing the policy or by the verbal or written commitment (called a “binder”) of an authorized representative of the company, such as an agent.
Who regulates insurance in Florida?
The Office of Insurance Regulation
The Office of Insurance Regulation regulates and provides oversight for all insurance companies and insurance-related entities licensed to do business in Florida as described above.
Who administers the insurance laws of Florida?
The commissioner heads the Florida Office of Insurance Regulation, which regulates the state’s insurance providers. He or she is appointed by the Florida Financial Services Commission, an independent panel composed of the governor, attorney general and several other state executive officers.
Who is the primary regulator of insurance companies in Florida?
The Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and is entrusted with the monitoring of statewide industry markets.
Who directly oversees the Division of insurance Agent and Agency Services in Florida?
The head of the OIR is the Florida Insurance Commissioner. The Commissioner is appointed by the Financial Services Commission (FSC). The FSC is comprised of the Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture.
Who regulates the insurance industry?
Insurance is regulated by the states. This system of regulation stems from the McCarran-Ferguson Act of 1945, which describes state regulation and taxation of the industry as being in “the public interest” and clearly gives it preeminence over federal law. Each state has its own set of statutes and rules.
What is the responsibility of the Office of Insurance Regulation?
Educates consumers, mediates consumer complaints, and enforces insurance laws through investigation of complaints against insurers and licensees and examinations of insurer claims and underwriting files.
Who is the head of the Office of Insurance Regulation in Florida?
David AltmaierDavid Altmaier was appointed as the Florida Insurance Commissioner in April 2016 by the Financial Services Commission. He leads the Office of Insurance Regulation (OIR) and has oversight of one of the largest insurance markets in the world.
Who regulates insurance companies in the US?
The National Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
Who regulates insurance in America?
The National Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) is a voluntary association composed of state insurance regulators for all 50 states, the District of Columbia and five US territories. The NAIC provides a forum for the development and implementation of uniform policy.