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.It promotes a stable and competitive insurance market for consumers.

Homeowners' Insurance Policy Disclosures. The Legislature enacted Chapter 2019-82, Laws of Florida, which requires an insurer issuing a homeowners insurance policy that does not provide for the coverage of flood to provide a prescribed statement informing the policyholder that their policy does not insure against losses caused by flood. Such statement must be provided to the policyholder at issuance and renewal.

Blockchain Technology. The Legislature enacted Chapter 2019-52, Laws of Florida, which establishes the Florida Blockchain Task Force comprised of government and private sector representatives to study the ways in which the state, county, and municipal governments can benefit from transitioning to a blockchain-based system for recordkeeping, security, and service delivery.
 
A blockchain is a digital ledger that allows parties to conduct transactions without the use of a third party acting as a central authority to validate those transactions.  An example of a third party is a bank in a financial transaction between two persons. Blockchain may reduce the costs associated with verifying transactions to the extent that it obviates the need for intermediaries in transactions that charge fees for their services. To the extent blockchain reduces costs for parties to a transaction, it may allow individuals and small startup businesses to directly compete with more entrenched businesses. Security for the ledger is usually accomplished through cryptography.

The task force is established within the Department of Financial Services. The task force will develop and submit recommendations to the Governor and Legislature concerning the potential for implementation of blockchain-based systems that promote government efficiencies, better services for citizens, economic development, and safer cybersecure interaction between government and the public. 

Other Reports
The Auditor General reports on financial regulation and insurance regulation operations are available on its website.
Websites of Interest
Office of Financial Regulation Consumer 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
Performance measures and standards for the department may be found in its Long Range Program Plan.

Section 20.121(3), Florida Statutes.

Office of Financial Regulation
850-487-9687
 
Office of Insurance Regulation
850-413-3140


Website