What is the maximum period for suspension or revocation specified by the CFO?

What is the maximum period for suspension or revocation specified by the CFO?

• A. 1 year
• B. 2 years
• C. 3 years
• D. 4 years

Answer: (B)

The maximum period for suspension or revocation specified by the Chief Financial Officer (CFO) in Florida is indeed two years. This is established under the Florida statutes governing insurance regulations, specifically relating to the actions the CFO can take regarding the licensure of insurance agents or entities found to be in violation of state insurance laws. A suspension of a license for up to two years allows the CFO to impose a moderate penalty that can serve as a deterrent for future violations while still providing the licensee an opportunity for reinstatement. This duration strikes a balance between ensuring compliance with regulatory standards and allowing professionals in the industry to rectify their conduct and re-enter the market after a defined period of time. In understanding this rule, it is important to be familiar with the regulatory framework that guides professional licenses in the insurance sector and the CFO's authority to maintain oversight and enforce compliance.

The maximum period for suspension or revocation specified by the Chief Financial Officer (CFO) in Florida is indeed two years. This is established under the Florida statutes governing insurance regulations, specifically relating to the actions the CFO can take regarding the licensure of insurance agents or entities found to be in violation of state insurance laws. A suspension of a license for up to two years allows the CFO to impose a moderate penalty that can serve as a deterrent for future violations while still providing the licensee an opportunity for reinstatement.

This duration strikes a balance between ensuring compliance with regulatory standards and allowing professionals in the industry to rectify their conduct and re-enter the market after a defined period of time. In understanding this rule, it is important to be familiar with the regulatory framework that guides professional licenses in the insurance sector and the CFO's authority to maintain oversight and enforce compliance.