CFO and Department of Financial Services

The CFO heads the Department of Financial Services.  The Department of Financial Services (DFS) has over 2,000 employees and an annual budget of nearly $200 million. DFS is home to 13 diverse Divisions tasked with: protecting Floridians’ tax dollars, investigating insurance fraud, informing insurance consumers, upholding fire safety, and regulating Florida’s insurance agents, and much more.

The CFO also serves as one of three constitutionally-elected state executives of the Florida Cabinet

Descriptions of the 13 Divisions in DFS:

• Accounting and Auditing – Overseeing the state’s accounting and auditing functions, including review of state contracts and safeguarding unclaimed property. Carrying out the Chief Financial Officer’s constitutional duty to “settle and approve accounts against the state” by monitoring the expenditure of all appropriated public funds.

• Consumer Services – Helps consumers make informed insurance and financial decisions.  They operate our insurance consumer helpline, which receives approx. 200,000 calls a year, and coordinate community education programs throughout the state.  They also develop consumer guides and oversee our Get Lean program.

• Insurance Fraud – An accredited law enforcement agency charges with investigating insurance fraud.  The division investigates crimes associated with claim fraud, insurance premium fraud, workers’ compensation claim fraud, workers’ compensation premium avoidance and diversions, insurer insolvency fraud, unauthorized insurance entity fraud and insurance agent crimes.

• Treasury – Pays all state warrants (checks), keeps detailed records of all transactions involving the state’s money and produces substantial revenue for the state through short and intermediate-term investments. The Treasury performs cash management and custodial services for assets of the state and administers the deferred compensation program for state employees.

• Administration – Coordinates administrative support to the Department of Financial Services. The division provides personnel services and purchasing services, which means they oversee all the contracts for the Department of Financial Services.

• Agents and Agency Services – Licensing and oversight of insurance agents and agencies.  They also investigate alleged violations of the Florida Insurance Code by insurance agents and then can recommend administrative action (like revoking a license).

• Funeral, Cemetery, & Consumer Services – Regulates for-profit cemeteries, preneed funeral sales, funeral establishments and funeral directors and embalmers. Regular audits and inspections ensure consumers’ investments are handled properly.

• Information Systems – Manages and operates the IT resources for the Department of Financial Services, Office of Insurance Regulation and Office of Financial Regulation

• Legal Services – approximately 40 lawyers who provide service to the Department of Financial Services.

• Rehabilitation and Liquidation – Plans, coordinates and directs the conservation, rehabilitation and liquidation of insolvent insurance companies, unlicensed insurance companies and unlicensed insurance entities and rehabilitates financially troubled insurance companies.

• Risk Management – Oversees workers compensation, liability, federal civil rights, automobile liability, and property insurance coverage for almost all state agencies. Most importantly, risk management runs workers comp for the State of Florida.

• State Fire Marshall – A sworn law enforcement agency responsible for conducting arson investigations throughout the state.  The State Fire Marshal also runs the Florida State Fire College, the State Fire Marshal’s Forensic Laboratory, and inspects state-owned buildings including schools.

• Workers Compensation – Ensuring businesses have workers’ compensation coverage in place for employees and helping injured workers.  The Division enforces workers’ compensation laws; collects, evaluates, and disseminates data; informs all parties of their rights and responsibilities; and assists in resolving claims.