What is the primary purpose of the Florida Statutes in relation to insurance?

The primary purpose of the Florida Statutes in relation to insurance is to regulate the insurance industry and protect consumers. This regulatory framework is essential for ensuring that insurance companies operate fairly and maintain financial stability while providing necessary protection to policyholders.

Through these statutes, the state establishes guidelines for insurance practices, mandates licensing for insurance agents, oversees policy forms and rates, and enforces consumer protections. This includes safeguarding against fraudulent practices and ensuring that consumers understand their rights and the terms of coverage provided.

While generating revenue for the state, promoting education, and establishing pricing standards are also important aspects of the insurance landscape, they are secondary to the fundamental goal of regulation and consumer protection. Balancing the needs of the insurance industry while prioritizing consumer interests is at the core of the statutes' purpose.