The Florida Financial Services Commission is the body that approves rules that the state's Office of Financial Regulation and Office of Insurance Regulation develop, according to the Office of Financial Regulation. The Governor, the Attorney General, the Chief Financial Officer and the Commissioner of Agriculture constitute the commission. The commission appoints a commissioner to lead each office. The Office of Financial Regulation regulates the state's finance, banking and securities industries, and the Office of Insurance Regulation regulates insurance companies.
The Financial Services Commission is responsible for protecting the public regarding insurance, banking and securities matters, explains the Florida Legislature's Office of Program Policy Analysis and Government Accountability. The Office of Financial Regulation and the Office of Insurance Regulation report to the Financial Services Commission directly, although the offices are within the Department of Financial Services for administrative purposes. Most of the funding for the Financial Services Commission comes from trust funds, such as the Insurance Regulatory Trust Fund, the Financial Institutions Regulatory Trust Fund and the Regulatory Trust Fund.
Consumer Finance, Financial Institutions and Securities are the three divisions that make up the Office of Financial Regulation, which also includes a Financial Investigations bureau. The office supervises and regulates industry participants, including banks with state charters, individuals who originate mortgage loans, payday lenders and money transmitter services. The Office of Insurance Regulation oversees the solvency, market performance and conduct of the insurance industry, including property, casualty, life, health and specialty lines, notes the Florida Legislature's Office of Program Policy Analysis and Government Accountability.