Legislation
from 2002
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, appoints the commissioner of the
Office of Insurance Regulation and the 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. |