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, 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.
Fund | Dollars | Positions | |
---|---|---|---|
FINANCIAL SERVICES, DEPARTMENT OF | |||
PROGRAM: FINANCIAL ACCOUNTABILITY FOR PUBLIC FUNDS | |||
FLORIDA PLANNING ACCOUNTING AND LEDGER MANAGEMENT |
63,769,143
|
70.00 |
|
RECOVERY AND RETURN OF UNCLAIMED PROPERTY |
6,408,636
|
65.00 |
|
STATE FINANCIAL INFORMATION AND STATE AGENCY ACCOUNTING |
23,280,915
|
154.00 |
|
PROGRAM: FINANCIAL SERVICES COMMISSION | |||
OFFICE OF FINANCIAL REGULATION | |||
EXECUTIVE DIRECTION AND SUPPORT SERVICES |
11,238,945
|
58.00 |
|
FINANCE REGULATION |
12,734,173
|
92.00 |
|
FINANCIAL INVESTIGATIONS |
4,718,452
|
44.00 |
|
SAFETY AND SOUNDNESS OF STATE BANKING SYSTEM |
13,763,738
|
94.00 |
|
SECURITIES REGULATION |
8,797,014
|
76.00 |
|
OFFICE OF INSURANCE REGULATION | |||
COMPLIANCE AND ENFORCEMENT - INSURANCE |
40,404,951
|
274.00 |
|
EXECUTIVE DIRECTION AND SUPPORT SERVICES |
4,857,530
|
36.00 |
|
PROGRAM: FIRE MARSHAL | |||
COMPLIANCE AND ENFORCEMENT |
6,384,572
|
65.00 |
|
FIRE MARSHAL ADMINISTRATIVE AND SUPPORT SERVICES |
75,304,241
|
13.00 |
|
PROFESSIONAL TRAINING AND STANDARDS |
10,878,251
|
28.00 |
|
PROGRAM: INVESTIGATIVE AND FORENSIC SERVICES | |||
FIRE AND ARSON INVESTIGATIONS |
20,867,013
|
136.00 |
|
FORENSIC SERVICES |
1,635,482
|
9.00 |
|
INSURANCE FRAUD |
30,391,643
|
214.00 |
|
OFFICE OF FISCAL INTEGRITY |
971,563
|
9.00 |
|
PROGRAM: LICENSING AND CONSUMER PROTECTION | |||
CONSUMER ASSISTANCE |
11,231,074
|
114.00 |
|
FUNERAL AND CEMETERY SERVICES |
2,751,477
|
25.00 |
|
INSURANCE COMPANY REHABILITATION AND LIQUIDATION |
1,437,034
|
1.00 |
|
LICENSURE, SALES APPOINTMENT AND OVERSIGHT |
11,248,367
|
104.00 |
|
PUBLIC ASSISTANCE FRAUD |
7,455,512
|
74.00 |
|
PROGRAM: OFFICE OF CHIEF FINANCIAL OFFICER AND ADMINISTRATION | |||
CONSUMER ADVOCATE |
1,010,132
|
6.00 |
|
EXECUTIVE DIRECTION AND SUPPORT SERVICES |
436,818,742
|
129.00 |
|
INFORMATION TECHNOLOGY |
37,344,466
|
115.00 |
|
INFORMATION TECHNOLOGY - FLAIR INFRASTRUCTURE |
21,772,281
|
73.00 |
|
LEGAL SERVICES |
10,557,433
|
90.00 |
|
PROGRAM: STATE PROPERTY AND CASUALTY CLAIMS | |||
STATE SELF-INSURED CLAIMS ADJUSTMENT |
95,942,499
|
116.00 |
|
PROGRAM: TREASURY | |||
DEPOSIT SECURITY |
2,211,940
|
20.00 |
|
STATE FUNDS MANAGEMENT AND INVESTMENT |
5,485,539
|
26.50 |
|
SUPPLEMENTAL RETIREMENT PLAN |
1,945,197
|
13.00 |
|
PROGRAM: WORKERS' COMPENSATION | |||
WORKERS' COMPENSATION |
34,535,693
|
280.00 |
|
TOTAL |
1,018,153,648 |
2,623.50 |
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
Government and Corporate Activism. The 2023 Legislature enacted Ch. 2023-28, Laws of Florida, which requires financial institutions to make decisions regarding the provision or denial of services based on an analysis of risk factors unique to each customer, and prohibits institutions from discriminating against consumers for their religious beliefs, or political opinions, speech, or affiliations. The law also prohibits financial institutions from using ratings or scores that consider a "social credit score" to deny or cancel services to a customer.
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