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.
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
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.
| 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 |
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.
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
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