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 OFR has three Divisions and one Bureau that oversee and regulate financial enterprises and individuals, such as mortgage loan originators, securities industry participants, consumer finance companies, money transmitters, foreign currency exchangers and payday lenders.
The Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and is entrusted with the monitoring of statewide 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.
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 Investigative and Forensic Services.