A body consisting of Florida's governor and Cabinet, the Commission appoints two officials to handle the regulation of banking, securities and insurance.
The Office of Financial Regulation (OFR) 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 Florida's
citizens against entities that violate state laws and rules.
The Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the
monitoring of industry markets. Bureaus within the Division are organized into centers of regulatory expertise related to life and health, property and casualty, specialty
lines and other regulated insurance entities. It is within the Office of Insurance Regulation that the mission of public protection is implemented through regulatory oversight
of company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market.
The Department of Financial Services' Role
A compromise to having all aspects of the financial and insurance industries regulated by appointed officials versus a statewide-elected official, was to split the
regulatory responsibilities between this Agency and the Financial Services Commission. Florida's Chief Financial Officer serves on the Commission; regulates insurance agents;
is court appointed as the receiver or rehabilitator of insolvent insurers; administers the workers' compensation insurance act; appoints the Insurance Consumer Advocate, and
is administrator of the Division of Insurance Fraud.