Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > State Regulation

Florida To Revamp Insurance Oversight

Your article was successfully shared with the contacts you provided.

NU Online News Service, May 9, 12:45 p.m. – The Florida Legislature has approved a plan that transfers key elements of the state’s regulation of insurance from an elected official to an appointed official.

The bill, H.B. 3E, was sponsored by Rep. JD Alexander, R-Lake Wales, Fla. It will create the Department of Financial Services, which will include an Office of Insurance Regulation and an Office of Financial Institutions and Securities Regulations.

The bill was passed by both the House and Senate and has been sent to Gov. Jeb Bush, a Republican, for his approval.

The American Insurance Association, Atlanta, an industry group, praised the long-debated bill, which was the result of a compromise worked out by Bush, legislative leaders, Insurance Commissioner Tom Gallagher and state Comptroller Robert Milligan.

The bill calls for the new Department of Financial Services to be headed by an elected chief financial officer.

Most authority for rule-making and rate approvals, however, will be in the hands of an insurance director, who will be appointed by the governor and cabinet.

The CFO will keep some oversight duties, including agent licensing, administration of the workers’ compensation system, consumer services and insurance fraud.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.