Office of Program Policy Analysis and Government Accountability
Office of Program Policy Analysis and Government Accountability

Department of Financial Services

For assistance, call 1-877-693-5236 or visit https://www.myfloridacfo.com/

What is the purpose of the department?

The Department of Financial Services (DFS) regulates the state's banking, securities, insurance, and funeral and cemetery businesses, and serves consumers who need assistance or information related to these businesses. The department also keeps track of all money coming into and going out of Florida state government and helps to reduce the loss of life and property due to fire.

OPPAGA has summaries that provide detailed information about several programs within the department.

What is the difference between the Department of Financial Services and the Financial Services Commission?

As a compromise to having all aspects of the financial and insurance industries regulated by appointed officials versus an elected official, these regulatory responsibilities are split between the state agency and the Financial Services Commission.

The Department of Financial Services is lead by Florida's Chief Financial Officer (CFO), an elected official. The CFO is directly responsible for

  • ensuring that businesses have workers' compensation coverage in place for employees;
  • investigating fraud, including securities and insurance fraud;
  • licensing and overseeing insurance agents and agencies;
  • monitoring the investment of state funds and managing the deferred compensation program for state employees;
  • overseeing cemeteries and funeral homes; and
  • overseeing the state's accounting and auditing functions and unclaimed property.

The Financial Services Commission includes the Governor and Cabinet, which appoint the officials who oversee the Office of Insurance Regulation and Office of Financial Regulation.

The Office of Insurance Regulation has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. The office protects the public by providing regulatory oversight of company solvency, policy forms and rates, market conduct performance, and new company entrants to the Florida market.

The Office of Financial Regulation is responsible for supervising state-chartered banks, credit unions, savings associations, and international bank agencies, and licenses and regulates non-depository finance companies and the securities industry. The office defends the public from investment and securities fraud and protects citizens against entities that violate state laws and rules.

These two offices are administratively housed in the Department of Financial Services but report directly to the commission.

How can citizens get additional information about the professionals and industries that the department regulates?

The department has a consumer resources webpage that answers frequently asked questions about a wide variety of issues, including how to report insurance fraud and obtain answers about funeral and cemetery issues. In addition, the webpage provides users online access to consumer guides and current insurance market monitoring initiatives.

How can citizens get information about the money coming into and going out of Florida state government?

The department hosts a website, Transparency Florida, which allows Florida taxpayers to track government spending. The website provides citizens access to finance reports, fund balances, state and local receipts and disbursements, and contracts.

How are these activities funded?

Fiscal Year: 2022-23
Fund Dollars Positions
FINANCIAL SERVICES, DEPARTMENT OF
PROGRAM: FINANCIAL ACCOUNTABILITY FOR PUBLIC FUNDS
FLORIDA PLANNING ACCOUNTING AND LEDGER MANAGEMENT
59,830,381
50.00
RECOVERY AND RETURN OF UNCLAIMED PROPERTY
5,677,588
65.00
STATE FINANCIAL INFORMATION AND STATE AGENCY ACCOUNTING
17,954,876
157.00
PROGRAM: FINANCIAL SERVICES COMMISSION
OFFICE OF FINANCIAL REGULATION
EXECUTIVE DIRECTION AND SUPPORT SERVICES
10,349,934
58.00
FINANCE REGULATION
11,503,554
91.00
FINANCIAL INVESTIGATIONS
4,227,445
44.00
SAFETY AND SOUNDNESS OF STATE BANKING SYSTEM
12,543,721
95.00
SECURITIES REGULATION
7,288,185
76.00
OFFICE OF INSURANCE REGULATION
COMPLIANCE AND ENFORCEMENT - INSURANCE
31,469,936
249.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
3,193,364
33.00
PROGRAM: FIRE MARSHAL
COMPLIANCE AND ENFORCEMENT
6,174,351
65.00
FIRE MARSHAL ADMINISTRATIVE AND SUPPORT SERVICES
40,808,953
12.00
PROFESSIONAL TRAINING AND STANDARDS
5,537,481
28.00
PROGRAM: INVESTIGATIVE AND FORENSIC SERVICES
FIRE AND ARSON INVESTIGATIONS
17,697,074
136.00
FORENSIC SERVICES
1,149,051
9.00
INSURANCE FRAUD
25,427,098
207.00
OFFICE OF FISCAL INTEGRITY
686,194
7.00
PROGRAM: LICENSING AND CONSUMER PROTECTION
CONSUMER ASSISTANCE
9,350,194
107.00
FUNERAL AND CEMETERY SERVICES
2,523,598
25.00
INSURANCE COMPANY REHABILITATION AND LIQUIDATION
910,612
1.00
LICENSURE, SALES APPOINTMENT AND OVERSIGHT
10,432,800
104.00
PUBLIC ASSISTANCE FRAUD
6,681,256
74.00
PROGRAM: OFFICE OF CHIEF FINANCIAL OFFICER AND ADMINISTRATION
CONSUMER ADVOCATE
782,269
5.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
164,172,213
129.00
INFORMATION TECHNOLOGY
28,599,855
118.00
INFORMATION TECHNOLOGY - FLAIR INFRASTRUCTURE
18,097,807
77.00
LEGAL SERVICES
9,373,680
90.00
PROGRAM: STATE PROPERTY AND CASUALTY CLAIMS
STATE SELF-INSURED CLAIMS ADJUSTMENT
76,666,732
116.00
PROGRAM: TREASURY
DEPOSIT SECURITY
2,081,978
21.00
STATE FUNDS MANAGEMENT AND INVESTMENT
6,799,413
25.50
SUPPLEMENTAL RETIREMENT PLAN
1,840,287
13.00
PROGRAM: WORKERS' COMPENSATION
WORKERS' COMPENSATION
30,971,694
281.00
TOTAL
630,803,574
2,568.50

Updates

Property Insurance. In the May 2022 special session, the Legislature enacted Ch. 2022-268, Laws of Florida, to stabilize Florida's property insurance market. The law addresses the increasing lack of access and affordability of property insurance in Florida through the authorization of $2 billion for a new Reinsurance to Assist Policyholders program for insurers, and expansion of the My Safe Florida Home Program to include hurricane mitigation inspections and matching grants for retrofitting of some homesteaded single family homes. The law also allows residential property insurers to offer policies that include a roof deductible, prohibits insurers from refusing to write policies on homes with roofs less than 15 years old solely based on the roof's age, increases insurer transparency and accountability, and enhances previous reforms to reduce frivolous litigation.

Where can I find related OPPAGA reports?

A complete list of related OPPAGA reports is available on our website.

Where can I get more information?

Other Reports
The Auditor General reports on department operations are available on its website.

Websites of Interest
Department of Financial Services Consumer Guides
Government Finance Officers Association

Performance Information


Performance measures and standards for the department may be found in its Long Range Program Plan.

What are the applicable statutes?

Chapters 17, 624, and 655, and ss. 20.121 and 215.5586, Florida Statutes.

Whom do I contact for help?

Department of Financial Services, Division of Consumer Services, 1-877-MY-FL-CFO (1-877-693-5236), 850-413-3030 (outside Florida), or Contact Form

Website