CHIEF FINANCIAL OFFICER OF THE STATE OF FLORIDA

In 1998, voters passed a constitutional amendment combining the elected Cabinet offices of state treasurer and state comptroller into the position of chief financial officer.

The Florida Legislature in 2002 merged the state Department of Insurance, Treasury and State Fire Marshal and the Department of Banking and Finance into the Department of Financial Services.

The chief financial officer oversees the Department of Financial Services, which is responsible for assisting consumers who need information and help related to financial services, including banking, securities and insurance. In addition, the department keeps track of all money coming into and going out of state government - an amount that totals about $70 billion annually.

Responsibilities that fall directly under the chief financial officer include:

▪ Overseeing the state’s accounting and auditing functions, including review of state contracts and safeguarding unclaimed property.
▪ Monitoring the investment of state funds and managing the deferred compensation program for state employees.
▪ Investigating fraud, including identity theft and insurance fraud.
▪ Overseeing cemeteries and funeral homes that sell pre-need contracts.
▪ Licensing and oversight of insurance agents and agencies.
▪ Ensuring businesses have workers’ compensation coverage in place for employees and helping injured workers with benefit payments and re-employment.
▪ As state fire marshal, investigating fires and suppressing arson.

Consumers who have questions or need information about a variety of financial services from banking to insurance can call the department’s toll-free consumer helpline at 1-877-My-FL-CFO. Consumers can also refer to www.myfloridacfo.com, the department’s website, for additional information.
 

Financial Services Commission

The 2002 legislation placed the regulation of banking, securities and insurance under two appointed officials who are selected by the Financial Services Commission. The commission, which comprises the governor and Cabinet, appointed Kevin McCarty as commissioner of the Office of Insurance Regulation and Don Saxon as commissioner of the Office of Financial Regulation. Both offices are administratively housed in the Department of Financial Services but report directly to the Financial Services Commission.

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. 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 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 Florida’s citizens against entities that violate state laws and rules.