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

Department of Financial Services

Financial Services Commission

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: 2021-22
Fund Dollars Positions
PROGRAM: FINANCIAL SERVICES COMMISSION
OFFICE OF FINANCIAL REGULATION
EXECUTIVE DIRECTION AND SUPPORT SERVICES
9,565,768
50.00
FINANCE REGULATION
10,576,381
85.00
FINANCIAL INVESTIGATIONS
3,977,552
44.00
SAFETY AND SOUNDNESS OF STATE BANKING SYSTEM
11,639,864
96.00
SECURITIES REGULATION
7,138,213
79.00
OFFICE OF INSURANCE REGULATION
COMPLIANCE AND ENFORCEMENT - INSURANCE
29,801,840
244.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
3,279,933
35.00
TOTAL
75,979,551
633.00

Updates

Regulatory Oversight of Property Insurers. The 2021 Legislature enacted Chapter 2021-77, Laws of Florida, which, among a range of changes to property insurance, specifies that insurers are required to annually file specified data on residential and commercial property insurance closed claims with the Office of Insurance Regulation.

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?