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: 2023-24
Fund Dollars Positions
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
TOTAL
96,514,803
674.00

Updates

Insurer Accountability. The 2023 Legislature enacted Ch. 2023-172, Laws of Floridawhich 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. 2023-205Laws of Floridawhich 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.

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?