OPPAGA text logo with graphic of FL historic capitol
OPPAGA text logo with graphic of FL historic capitol

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: 2020-21
Fund Dollars Positions
PROGRAM: FINANCIAL SERVICES COMMISSION
OFFICE OF FINANCIAL REGULATION
EXECUTIVE DIRECTION AND SUPPORT SERVICES
6,355,022
18.00
FINANCE REGULATION
12,220,123
100.00
FINANCIAL INVESTIGATIONS
3,898,576
45.00
SAFETY AND SOUNDNESS OF STATE BANKING SYSTEM
11,663,769
99.00
SECURITIES REGULATION
8,141,955
92.00
OFFICE OF INSURANCE REGULATION
COMPLIANCE AND ENFORCEMENT - INSURANCE
28,564,945
248.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
3,165,347
35.00
TOTAL
74,009,737
637.00

Updates

Public Records of Insurers.The 2020 Legislature enacted House Bill 1409, to provide a public records exemption for the personal financial and health information of insurance consumers, along with sensitive underwriting, personnel, payroll, and consumer claim information related to insolvent insurers.

Insurance Administration. The 2020 Legislature enacted Senate Bill 1606, which requires authorized insurers to file with the Department of Financial Services the name and e-mail address of the person who will receive civil remedy notices and requires the Department to provide civil remedy notices to the designated email address.  It also changes the amount of time the applicable statute of limitations for statutory bad faith actions is tolled pursuant to the civil remedy notice, from 65 days after mailing of the notice to 60 days after the insurer receives the notice.
 

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?