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

Department of Financial Services

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?

The elected Chief Financial Officer (CFO) is the head of the Department of Financial Services. 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 to 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: 2021-22
Fund Dollars Positions
FINANCIAL SERVICES, DEPARTMENT OF
PROGRAM: FINANCIAL ACCOUNTABILITY FOR PUBLIC FUNDS
FLORIDA PLANNING ACCOUNTING AND LEDGER MANAGEMENT
35,730,838
50.00
RECOVERY AND RETURN OF UNCLAIMED PROPERTY
5,677,152
65.00
STATE FINANCIAL INFORMATION AND STATE AGENCY ACCOUNTING
17,501,134
158.00
PROGRAM: FINANCIAL SERVICES COMMISSION
OFFICE OF FINANCIAL REGULATION
EXECUTIVE DIRECTION AND SUPPORT SERVICES
9,618,076
50.00
FINANCE REGULATION
10,615,320
85.00
FINANCIAL INVESTIGATIONS
4,002,520
44.00
SAFETY AND SOUNDNESS OF STATE BANKING SYSTEM
11,702,217
96.00
SECURITIES REGULATION
7,178,050
79.00
OFFICE OF INSURANCE REGULATION
COMPLIANCE AND ENFORCEMENT - INSURANCE
30,035,344
246.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
3,195,164
33.00
PROGRAM: FIRE MARSHAL
COMPLIANCE AND ENFORCEMENT
6,662,351
66.00
FIRE MARSHAL ADMINISTRATIVE AND SUPPORT SERVICES
20,262,033
12.00
PROFESSIONAL TRAINING AND STANDARDS
5,468,632
27.00
PROGRAM: INVESTIGATIVE AND FORENSIC SERVICES
FIRE AND ARSON INVESTIGATIONS
14,479,954
124.00
FORENSIC SERVICES
1,149,051
9.00
INSURANCE FRAUD
25,077,798
207.00
OFFICE OF FISCAL INTEGRITY
686,194
7.00
PROGRAM: LICENSING AND CONSUMER PROTECTION
CONSUMER ASSISTANCE
9,365,166
107.00
FUNERAL AND CEMETERY SERVICES
2,518,403
25.00
INSURANCE COMPANY REHABILITATION AND LIQUIDATION
930,162
1.00
LICENSURE, SALES APPOINTMENT AND OVERSIGHT
10,473,700
104.00
PUBLIC ASSISTANCE FRAUD
6,667,456
74.00
PROGRAM: OFFICE OF CHIEF FINANCIAL OFFICER AND ADMINISTRATION
CONSUMER ADVOCATE
783,371
5.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
14,180,397
129.00
INFORMATION TECHNOLOGY
23,400,263
126.00
INFORMATION TECHNOLOGY - FLAIR INFRASTRUCTURE
18,437,506
82.00
LEGAL SERVICES
9,273,215
92.00
PROGRAM: STATE PROPERTY AND CASUALTY CLAIMS
STATE SELF-INSURED CLAIMS ADJUSTMENT
76,616,587
116.00
PROGRAM: TREASURY
DEPOSIT SECURITY
2,081,978
21.00
STATE FUNDS MANAGEMENT AND INVESTMENT
4,193,840
24.50
SUPPLEMENTAL RETIREMENT PLAN
1,790,145
13.00
PROGRAM: WORKERS' COMPENSATION
WORKERS' COMPENSATION
31,007,003
290.00
TOTAL
420,761,020
2,567.50

Updates

 The 2021 Legislature enacted Chapter 2021-77, Laws of Florida, which amends statutes relating to property insurance. Among its provisions, the law

  • prohibits contractors, or persons acting on behalf of contractors, from offering residential property owners consideration for performing roof inspections or filing insurance claims, or offering or receiving consideration for referrals when property insurance proceeds are payable;
  • prohibits contractors and subcontractors from advertising, soliciting, handling, offering to handle, or performing public adjuster services without a license;
  • prohibits a public adjuster, apprentice, or person acting on their behalf from offering financial inducements for allowing a roof inspection on residential property or making an insurance claim for roof damage, or offering or accepting consideration for referring services related to a roof claim;
  • increases the 10% cap on Citizens Property Insurance rate increases by 1% a year starting in 2022 at 11%, and up to 15% for 2026;
  • reduces the timeframe for providing property insurance claims or reopened claims to insurers from three years to two years after the date of loss;
  • addresses lawsuits not brought by an assignee arising under a residential or property insurance policy in several ways, including requiring claimants to file a notice of intent to initiate litigation with the department 10 business days prior to filing suit, specifying the information to be included in such notice, requiring the insurer to investigate each claim in the notice and respond to the notice within 10 business days, and specifying how attorney fees and costs are to be calculated and awarded.    

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