What agency regulates insurance in Florida?The Office of Insurance Regulation (OIR) ensures that insurance companies licensed to do business in Florida are financially viable, operating within the laws and regulations governing the industry, and offering insurance policy products at fair and adequate rates that do not unfairly discriminate against the public.
What is the Florida Life and Health insurance Guaranty Association?Florida Insurance Guaranty Association
FIGA is a nonprofit corporation created by the Florida Legislature in 1970. FIGA services pending claims by or against Florida policyholders of member insurance companies which become insolvent and are ordered liquidated.
What is rehabilitation of an insurance company?When a company enters a period of financial difficulty and is unable to meet its obligations, the insurance commissioner in the company's home state initiates a process—dictated by the laws of the state—whereby efforts are made to help the company regain its financial footing. This period is known as rehabilitation.
What is liquidation of an insurance company?"Liquidation" is the process whereby the Commissioner, upon a Superior Court's order, terminates an insurance company's insurance business by canceling all insurance policies and by not issuing any new or renewal policies.
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