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.

• Agent and Agency Services
• Consumer Services
• Financial Accountability for Public Funds
• Financial Services Commission
  • Office of Financial Regulation
  • Office of Insurance Regulation
• Fire Marshal
• Funeral, Cemetery, and Consumer Services
• Investigative and Forensic Services
• Rehabilitation and Liquidation
• State Property and Casualty Claims
• Treasury
• Workers' Compensation

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, which includes the Governor and Cabinet, appoints 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.

Property Insurance. The 2023 Legislature enacted Ch. 2022-271, Laws of Florida, which makes several changes related to policyholder and insurer accountability. Among its provisions, the law

• reduces the deadline for policyholders to report a claim under the policy from two years to one year for a new or reopened claim, and from three years to 18 months for a supplemental claim;
• authorizes the Office of Insurance Regulation (OIR) to subject any authorized insurer to a market conduct examination after a hurricane under certain conditions relating to property insurance claims; 
• amends the prompt pay laws to encourage the prompt payments of claims;
• provides that the one-way attorney fee provisions of s. 627.428, s. 626.9373, and s. 627.70152, Florida Statutes, are not applicable in a suit arising under a residential or commercial property insurance policy;
• reinstates application of the civil offer of judgment statute to civil actions arising under a residential or commercial property insurance policy;
• allows joint offers of settlement in property insurance litigation contingent on acceptance of all joint offerees;
• removes provisions regarding attorney fees relating to the alternative procedure for resolution of disputed sinkhole insurance claims;
• prohibits the assignment, in whole or in part, of any post-loss insurance benefit under any residential property insurance policy or under any commercial property insurance policy issued on or after January 1, 2023;
• provides that bad faith litigation for failure to settle a property insurance claim may not be filed until after the insured has established, through adverse adjudication by a court, that the insurer breached the insurance contract and a final judgment or decree has been rendered against the insurer;
• increases the eligibility threshold for Citizens renewal personal lines residential risk policyholders that renew on or after April 1, 2023, and renewal commercial lines residential risk policyholders;
• provides that Citizens personal lines residential policyholders must secure and maintain flood insurance that meets certain requirements as a condition of eligibility for Citizens coverage;
• amends the mandatory flood insurance notice by requiring it to be part of the declarations page and makes revisions to the content of notice to encourage purchase of flood insurance;
• provides conditions whereby a property insurer may include mandatory binding arbitration in its policies; and
• authorizes the OIR to extend the 30-day coverage period for policies of insolvent insurers by an additional 15 days if the OIR reasonably believes that market conditions are such that the policies cannot be placed with an authorized insurer within the 30-day period.

Other Reports
A complete list of Auditor General reports is 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), 850-413-3089 (outside Florida), or Contact Form
Website