What does the Florida Department of Financial Services do?

The Department of Financial Services, led by the state’s elected Chief Financial Officer (CFO) and State Fire Marshal, provides assistance to Floridians on a wide range of consumer-driven topics including insurance and financial education, fire prevention and safety and unclaimed property.

The Statutory responsibilities of the Department of Financial Services include: Carrying out the state’s accounting and auditing functions, including preparing the state’s Comprehensive Annual Financial Report; monitoring state contracts; and making payment for state expenditures.

Subsequently, question is, how many divisions are in the Florida Department of Financial Services? 14

Herein, what are the 13 divisions of the Department of Financial Services?

Service Divisions

  • Accounting and Auditing.
  • Insurance Agent and Agency Services.
  • Investigative and Forensic Services.
  • Rehabilitation and Liquidation.
  • Workers’ Compensation.

Who is the head of the Department of Financial Services in Florida?

Chief Financial Officer of Florida
Official seal
Incumbent Jimmy Patronis since June 30, 2017
Department of Financial Services
Term length 4 years, renewable once

What are the 2 offices of the Financial Services Commission?

The two offices within the Commission are the Office of Financial Regulation, which regulates the banking, finance and securities industries in Florida, and the Office of Insurance Regulation, which regulates insurance companies.

What are the responsibilities of the Office of Insurance Regulation and the Department of Financial Services?

“The Office of Insurance Regulation, which shall be 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, premium financing, and administrative

Which division of the Department of Financial Services is a law enforcement agency?

Suspected criminal violations uncovered during the course of investigation are referred to the Department of Financial Services’ Division of Investigative and Forensic Services’ Bureau of Insurance Fraud or other law enforcement agencies as appropriate.

What is the primary role of the Office of Insurance Consumer Advocate?

The Office of Insurance Consumer Advocate is instrumental in maintaining a balance between a viable, competitive insurance market with the fiscal capacity to fulfill obligations to policyholders and consumers’ needs for accessible, affordable insurance products that protect their lives, their health and their property.

Which entity regulates banks in Florida?

The Office of Financial Regulation (OFR) is responsible for the regulation of financial institutions in Florida.

Which of the following is a function of the Bureau of Financial Investigations?

The Bureau of Financial Investigations is the criminal justice arm of the agency. The bureau maintains investigative teams throughout the state who have expertise in financial records and analysis, forensic accounting, interviewing and legal case preparation.

What does Nydfs stand for?

Definition of the NYDFS Cybersecurity Regulation The NYDFS Cybersecurity Regulation (23 NYCRR 500) is a new set of regulations from the NY Department of Financial Services (NYDFS) that places cybersecurity requirements on all covered financial institutions.

Who regulates DFS?

DFS will be among the most important financial regulators in the United States. The agency will regulate more than 3,900 banks, insurance companies, credit unions, mortgage brokers, and other financial institutions operating in New York state and elsewhere, with about $5.7 trillion in combined assets.

What is DFS in banking?

DIGITAL FINANCIAL SERVICES (DFS) Definition. The broad range of financial services accessed and delivered through digital channels, including payments, credit, savings, remittances and insurance. The digital financial services (DFS) concept includes mobile financial services (MFS).

Who regulates banks in New York?

National Banks are regulated by the Office of the Comptroller of the Currency or OCC. National Information Center: The Federal Reserve provides an Institution Search allowing searches for both current and non-current institutions by name and location.

Who administers the insurance laws of Florida?

Terms in this set (98) *Who administers the insurance laws of the state of Florida? regulation of insurance agents is directly administered by the Chief Financial Officer, as is insurance fraud and insurance consumer protection.

Who regulates mortgage companies in Florida?

The Division of Consumer Finance licenses and regulates non-depository financial service industries and individuals and conducts examinations and complaint investigations for licensed entities to determine compliance with Florida law.

What entity oversees and regulates Florida’s financial entities?

The Florida Office of Financial Regulation (OFR) provides regulatory oversight for Florida’s financial services industry. The OFR was created in 2003 as the result of the Cabinet Reorganization Act of 2002.