How often must domestic insurance companies be examined by the Chief Financial Officer in Florida?

The correct frequency for examining domestic insurance companies by the Chief Financial Officer in Florida is at least every 5 years. This requirement is established to ensure that insurance companies are operating in financial soundness and compliance with state regulations. Regular examinations help identify any potential issues that could affect the company's financial stability or compliance with statutory obligations.

This longer examination period is designed to balance the need for oversight with the practicalities of business operations. It acknowledges that insurance companies typically maintain stability over longer periods, thereby not requiring annual scrutiny unless specific circumstances arise that would prompt more frequent examinations.

Shorter intervals such as every 2 years or annually do not align with the established regulatory framework. The three-year interval might seem reasonable; however, it still does not match the mandated five-year timeline, making it essential for stakeholders to be aware of this regulation to ensure they are compliant with state laws governing insurance oversight.