Department of Financial Services

What is the purpose of the department?

The Department of Financial Services (DFS) regulates the state's banking, securities, insurance, and funeral and cemetery businesses, and serves consumers who need assistance or information related to these businesses. The department also keeps track of all money coming into and going out of Florida state government and helps to reduce the loss of life and property due to fire.
OPPAGA has summaries that provide detailed information about several programs within the department.

What is the difference between the Department of Financial Services and the Financial Services Commission?

The elected Chief Financial Officer (CFO) is the head of the Department of Financial Services. The CFO is directly responsible for

  • ensuring that businesses have workers' compensation coverage in place for employees;
  • investigating fraud, including securities and insurance fraud;
  • licensing and overseeing insurance agents and agencies;
  • monitoring the investment of state funds and managing the deferred compensation program for state employees;
  • overseeing cemeteries and funeral homes; and
  • overseeing the state's accounting and auditing functions and unclaimed property.

The Financial Services Commission includes the Governor and Cabinet, which appoint the officials who oversee the Office of Insurance Regulation and Office of Financial Regulation.

The Office of Insurance Regulation has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. The office protects the public by providing regulatory oversight of company solvency, policy forms and rates, market conduct performance, and new company entrants to the Florida market.

The Office of Financial Regulation is responsible for supervising state-chartered banks, credit unions, savings associations, and international bank agencies, and licenses and regulates non-depository finance companies and the securities industry. The office defends the public from investment and securities fraud and protects citizens against entities that violate state laws and rules.

These two offices are administratively housed in the Department of Financial Services but report directly to the commission.

How can citizens get additional information about the professionals and industries that the department regulates?

The department has a consumer resources webpage that answers frequently asked questions about a wide variety of issues, including how to report insurance fraud and obtain answers about funeral and cemetery issues. In addition, the webpage provides users online access to consumer guides and to current insurance market monitoring initiatives.

How can citizens get information about the money coming into and going out of Florida state government?

The department hosts a website, Transparency Florida, which allows Florida taxpayers to track government spending. The website provides citizens access to finance reports, fund balances, state and local receipts and disbursements, and contracts.

How are these activities funded?

Fiscal Year: 2020-21
Title Fund Dollars Positions
FINANCIAL SERVICES, DEPARTMENT OF
PROGRAM: FINANCIAL ACCOUNTABILITY FOR PUBLIC FUNDS
FLORIDA PLANNING ACCOUNTING AND LEDGER MANAGEMENT
32,930,537
55.00
RECOVERY AND RETURN OF UNCLAIMED PROPERTY
5,431,701
65.00
STATE FINANCIAL INFORMATION AND STATE AGENCY ACCOUNTING
16,949,982
159.00
PROGRAM: FINANCIAL SERVICES COMMISSION
OFFICE OF FINANCIAL REGULATION
EXECUTIVE DIRECTION AND SUPPORT SERVICES
6,333,388
18.00
FINANCE REGULATION
12,139,733
100.00
FINANCIAL INVESTIGATIONS
3,863,127
45.00
SAFETY AND SOUNDNESS OF STATE BANKING SYSTEM
11,579,632
99.00
SECURITIES REGULATION
8,070,875
92.00
OFFICE OF INSURANCE REGULATION
COMPLIANCE AND ENFORCEMENT - INSURANCE
28,361,399
248.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
3,130,185
35.00
PROGRAM: FIRE MARSHAL
COMPLIANCE AND ENFORCEMENT
4,826,413
66.00
FIRE MARSHAL ADMINISTRATIVE AND SUPPORT SERVICES
21,263,595
12.00
PROFESSIONAL TRAINING AND STANDARDS
9,642,044
27.00
PROGRAM: INVESTIGATIVE AND FORENSIC SERVICES
FIRE AND ARSON INVESTIGATIONS
15,505,588
124.00
FORENSIC SERVICES
1,108,259
9.00
INSURANCE FRAUD
22,788,656
194.00
OFFICE OF FISCAL INTEGRITY
662,648
7.00
PROGRAM: LICENSING AND CONSUMER PROTECTION
CONSUMER ASSISTANCE
8,979,755
112.00
FUNERAL AND CEMETERY SERVICES
2,377,968
25.00
INSURANCE COMPANY REHABILITATION AND LIQUIDATION
915,880
1.00
LICENSURE, SALES APPOINTMENT AND OVERSIGHT
10,087,268
110.00
PUBLIC ASSISTANCE FRAUD
6,326,890
72.00
PROGRAM: OFFICE OF CHIEF FINANCIAL OFFICER AND ADMINISTRATION
CONSUMER ADVOCATE
749,743
5.00
EXECUTIVE DIRECTION AND SUPPORT SERVICES
13,494,380
123.00
INFORMATION TECHNOLOGY
22,869,310
129.00
INFORMATION TECHNOLOGY - FLAIR INFRASTRUCTURE
16,210,363
76.00
LEGAL SERVICES
9,019,167
92.00
PROGRAM: STATE PROPERTY AND CASUALTY CLAIMS
STATE SELF-INSURED CLAIMS ADJUSTMENT
75,812,909
116.00
PROGRAM: TREASURY
DEPOSIT SECURITY
1,991,615
21.00
STATE FUNDS MANAGEMENT AND INVESTMENT
4,094,074
24.50
SUPPLEMENTAL RETIREMENT PLAN
1,745,905
13.00
PROGRAM: WORKERS' COMPENSATION
WORKERS' COMPENSATION
30,087,096
295.00
TOTAL
409,350,085
2,569.50

Updates

Financial Technology Sandbox. The 2020 Legislature enacted Ch. 2020-161, Laws of Florida, which creates the Financial Technology Sandbox within the Office of Financial Regulation to allow financial technology innovators to test new products and services in a supervised, flexible regulatory sandbox using exceptions to specified general law and waivers of the corresponding rule requirements under defined conditions.

Records of Insurers held by DFS. The 2020 Legislature enacted Ch. 2020-142, Laws of Florida, which creates a public records exemption for the personal financial and health information of insurance consumers, along with sensitive underwriting, personnel, payroll, and consumer claim information held by the Department of Financial Services pursuant to its receivership duties related to insolvent insurers.

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?

Other Reports
The Auditor General reports on department operations are available on its website.
State of Florida Long-Range Financial Outlook, Fiscal Years 2019-20 through 2021-22, Senate Committee on Appropriations, House Appropriations Committee, and Legislative Office of Economic and Demographic Research, Fall 2018.
Websites of Interest
Department of Financial Services Consumer Guides
Government Finance Officers Association
Performance Information
Performance measures and standards for the department may be found in its Long Range Program Plan.

What are the applicable statutes?

Chapters 17, 624, and 655, and ss. 20.121 and 215.5586, Florida Statutes.

Whom do I contact for help?

Department of Financial Services, Division of Consumer Services, 1-877-MY-FL-CFO (1-877-693-5236), 850-413-3030 (outside Florida), or Contact Form

Website