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.

• 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.

Insurer Accountability. The 2023 Legislature enacted Ch. 2023-172, Laws of Florida, which contains provisions intended to increase consumer protection and insurer accountability in Florida. These provisions include expanding the law that prohibits authorized insurers from cancelling a residential property insurance policy during any pending claim until the earlier of when the property has been repaired or one year after the insurer issues the final claim payment. Additionally, the law requires that the Office of Insurance Regulation create a risk-based methodology for scheduling high-, average-, and low-risk insurers that must be approved and adopted by the Financial Services Commission.

Securities and Investor Protection Act Updates. The 2023 Legislature enacted Ch. 2023-205, Laws of Florida, which provides technical, clarifying, and conforming changes to  Ch. 517, Laws of Florida. The law also directs the Financial Services Commission to define by rule the definition of "accredited investor" in accordance with the Securities and Exchange Commission rules.

Other Reports
A complete list of Auditor General reports on financial regulation and insurance regulation operations are available on its website

Websites of Interest
Office of Financial Regulation Industry Alerts
Office of Financial Regulation Consumer and Research Resources
Conference of State Bank Supervisors
Federal Trade Commission ID Theft Resource
National Association of Insurance Commissioners
National Council of Insurance Legislators
National Credit Union Administration
North American Securities Administrators Association
U.S. Securities and Exchange Commission

Performance Information

Office of Financial Regulation, 850-487-9687

Office of Insurance Regulation, 850-413-3140

Website