OPPAGA Government Program Summary

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

Title	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

Source: www.transparencyflorida.gov

Updates

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