What is the primary goal of the Florida Insurance Code?

The Florida Insurance Code is designed with multiple goals in mind, which encompass regulating the insurance market, protecting consumers, and ensuring fair competition among insurers.

Regulating the insurance market is vital for maintaining order and stability within the industry. It helps to establish standards and rules that insurance companies must follow, which ensures that they operate within a legal framework.

Protecting consumers is another critical aim of the Florida Insurance Code. This involves safeguarding policyholders from unfair practices, fraud, and other potential abuses by insurance companies. By having a regulatory body oversee these practices, consumers can feel more secure in their dealings with insurers, knowing that there are protections in place.

Ensuring fair competition among insurers allows for a diverse marketplace where consumers can choose from various products and services. This helps to drive innovation and keeps prices competitive, benefiting consumers directly.

Since the Florida Insurance Code addresses all these aspects, the correct answer is that its primary goal encompasses all of the above elements.