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Chief Financial Officer of Florida

From Wikipedia, the free encyclopedia

Chief Financial Officer of Florida
Incumbent
Jimmy Patronis
since June 30, 2017
Department of Financial Services
Term length4 years, renewable once
Inaugural holderTom Gallagher
2003
Formation2002
Websitewww.myfloridacfo.com

The chief financial officer of Florida is an elected statewide constitutional officer of Florida. The office was created in 2002 following the 1998 reforms of the Florida Cabinet. The CFO is a combination of the former offices of comptroller and treasurer/insurance commissioner/fire marshal. The office heads the Florida Department of Financial Services and is responsible for overseeing the state's finances, collecting revenue, paying state bills, auditing state agencies, regulating cemeteries and funerals, and handling fires and arsons. In addition, the CFO has administrative oversight over the offices which handles banking and insurance regulation. The CFO is a member of the Cabinet is third (behind the lieutenant governor and attorney general, respectively) in the line of succession to the office of Governor of Florida.[1][2]

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History

Tom Gallagher was the first state CFO and a former treasurer/insurance commissioner/fire marshal. Gallagher retired from the position in 2006 and Alex Sink (D), a Florida business executive and the wife of former Florida gubernatorial candidate Bill McBride, was elected on November 7, 2006. Alex Sink launched an unsuccessful campaign for governor in 2010, and was succeeded by Jeff Atwater. Atwater resigned and then-governor Rick Scott appointed Jimmy Patronis to the post.[3] Patronis won a statewide election and retained the post in 2018.[4]

List of chief financial officers

Chief financial officers by party affiliation
Party CFOs
Republican 3
Democratic 1
# Image Name Term of service Political party
1
Tom Gallagher 2003–2007 Republican
2
Alex Sink 2007–2011 Democratic
3
Jeff Atwater 2011–2017 Republican
4
Jimmy Patronis 2017–present Republican

Florida Insurance Guaranty Association

The Florida Insurance Guaranty Association (FIGA) was created by the Florida Legislature in 1970 as a nonprofit corporation to process covered claims of insolvent members by or against Florida policyholders with a limit of $300,000 per residence or non-residence commercial; $200,000 per condominium unit. Association members are all Florida-licensed direct writers of property and/or casualty insurance. FIGA's authority is codified in the Florida Insurance Guaranty Association Act, Florida Statutes 631.50 through 631.70. FIGA has the power to levy assessments against the insurer's direct written premiums, not to exceed 2% in any calendar year. The commissioner in the Office of Insurance Regulation retains oversight over FIGA.[5]

Office of Insurance Regulation

The Florida Office of Insurance Regulation (FOIR) is 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 supervision, as provided under the Florida Insurance Code or Chapter 636, Florida Statutes. The head of the OIR is the Florida Insurance Commissioner, appointed by the Financial Services Commission (FSC). Michael Yaworsky is the current Florida Insurance Commissioner.[6]

Financial Services Commission

The Financial Services Commission (FSC) is composed of Florida Governor, Chief Financial Officer, Attorney General, and Commissioner of Agriculture. The FSC serves as agency head for purposes of rulemaking pursuant to sections 120.536-120.565, Florida Statutes. FSC action is taken by majority vote. In case of a tie, the Governor's side prevails.

See also

References

  1. ^ "Constitution of Florida: Article IV, Section 3". Florida Legislature. Archived from the original on December 8, 2008. Retrieved August 22, 2019.
  2. ^ "Florida Statutes 14.055". Law Server. Retrieved August 22, 2019.
  3. ^ "Rick Scott appoints longtime ally Jimmy Patronis as Florida CFO".
  4. ^ "Republican Jimmy Patronis wins Florida chief financial officer race".
  5. ^ "Florida Insurance Guaranty Association". figafacts.com. State of Florida. Retrieved 22 July 2023.
  6. ^ "Florida Office of Insurance Regulation". floir.com. State of Florida. Retrieved 22 July 2023.

External links


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This page was last edited on 22 February 2024, at 07:06
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