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

Department of Financial Services

Financial Services Commission

For assistance, call 850-413-3089 or visit https://flofr.gov/sitepages/financialservicescommission.htm

What is the purpose of the commission?

The purpose of the Financial Services Commission is to safeguard the public by regulating the banking, securities, and insurance industries. The commission includes the Governor and Cabinet (Attorney General, Chief Financial Officer, and Commissioner of Agriculture), which appoint the officials who oversee the Offices of Financial Regulation (OFR) and Insurance Regulation (OIR). OFR regulates the banking, finance, and securities industries in Florida, and OIR regulates the state's insurance industry.

What are the primary functions of OFR and OIR?

  • Office of Financial Regulation has three divisions (Financial Institutions, Consumer Finance, and Securities) and one bureau (Financial Investigations) that oversee and regulate a wide-range of financial enterprises and individuals, including state-chartered banks, credit unions, mortgage loan originators, securities industry participants, consumer finance companies, money transmitters, and foreign currency exchangers.
  • Office of Insurance Regulation promotes a stable and competitive insurance market for consumers. The office is responsible for all activities concerning insurers and other risk bearing entities, including licensing, rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, and premium financing.

How are these activities funded?

Fiscal Year: 2022-23
Fund Dollars Positions
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
TOTAL
80,576,139
646.00

Updates

Regulatory Oversight of Property Insurers. The 2022 Legislature enacted Ch. 2022-268, Laws of Florida, which includes a number of provisions to assist insurance policyholders. In addition to creating the Reinsurance to Assist Policyholders Program, the law provides for increased insurance industry reporting and oversight by the Office of Insurance Regulation, including crating a Property Insurer Stability Unit within the OIR to aid in the detection and prevention of insurer insolvencies in the homeowners’ and condominium unit owners’ insurance market.

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?

What are the applicable statutes?

Section 20.121(3), Florida Statutes.

Whom do I contact for help?