Chief Financial Officer of Florida

Last updated
Chief Financial Officer of Florida
CFO Seal.png
Jimmy Patronis official photo (cropped).jpg
Incumbent
Jimmy Patronis
since June 30, 2017
Department of Financial Services
Term length 4 years, renewable once
Inaugural holder Tom Gallagher
2003
Formation2002
Website www.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]

Contents

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
PartyCFOs
Republican 3
Democratic 1
#ImageNameTerm of servicePolitical party
1 Tom Gallagher.jpg Tom Gallagher 2003–2007Republican
2 Alex Sink (cropped).png Alex Sink 2007–2011Democratic
3 Jeff Atwater CFO Official.jpg Jeff Atwater 2011–2017Republican
4 Jimmy Patronis official photo (cropped).jpg Jimmy Patronis 2017–presentRepublican

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

Related Research Articles

<span class="mw-page-title-main">Tom Gallagher</span> American politician

C. Thomas Gallagher III is an American politician, financier, and insurance agent from the state of Florida and a member of the Republican Party. Gallagher holds the distinction of having served more years as an elected state official than any other individual in Florida history. He began his career in the Florida House of Representatives, where he served from 1974 to 1987.

<span class="mw-page-title-main">Government of Florida</span> Government of a U.S. state

The government of Florida is established and operated according to the Constitution of Florida and is composed of three branches of government: the executive branch consisting of the governor of Florida and the other elected and appointed constitutional officers; the legislative branch, the Florida Legislature, consisting of the Senate and House; and the judicial branch consisting of the Supreme Court of Florida and lower courts. The state also allows direct participation of the electorate by initiative, referendum, and ratification.

<span class="mw-page-title-main">Florida Cabinet</span> Body of the Florida state government

The Florida Cabinet is a body of the government of Florida comprising the attorney general, the commissioner of agriculture, and the chief financial officer that engages in the collective governance of the state.

The Treasurer/Insurance Commissioner/Fire Marshal is a former statewide constitutional officer of Florida. The office was abolished following the Florida Cabinet reforms of 1998 which took effect in 2003.

<span class="mw-page-title-main">Secretary of state (U.S. state government)</span> Official in the state governments of the United States

The secretary of state is an official in the state governments of 47 of the 50 states of the United States, as well as Puerto Rico and other U.S. possessions. In Massachusetts, Pennsylvania, and Virginia, this official is called the secretary of the commonwealth. In states that have one, the secretary of state is the chief administrative officer of the state and is often the primary custodian of important state records. In the states of Alaska, Hawaii, and Utah, there is no secretary of state; in those states many duties that a secretary of state might normally execute fall within the domain of the lieutenant governor. Like the lieutenant governor, in most states, the secretary of state is in the line of succession to succeed the governor, in most cases immediately behind the lieutenant governor. In three states with no lieutenant governor as well as the U.S. territory of Puerto Rico, the secretary of state is first in the line of succession in the event of a gubernatorial vacancy.

<span class="mw-page-title-main">Florida Attorney General</span>

The Florida attorney general is an elected cabinet official in the U.S. state of Florida. The attorney general serves as the chief legal officer of the state, and is head of the Florida Department of Legal Affairs.

<span class="mw-page-title-main">Jeremy Ring</span> American politician (born 1970)

Jeremy Ring is an American Democratic politician and former tech startup executive from Florida. He served in the Florida Senate from 2006 to 2016, representing parts of Broward County. He was the Democratic nominee for Chief Financial Officer of Florida in the 2018 election.

<span class="mw-page-title-main">Jimmy Patronis</span> American politician (born 1972)

Jimmy Theo Patronis Jr. is an American politician serving as the chief financial officer of the state of Florida. He was previously a member of the Florida House of Representatives representing the 6th district, which includes Panama City and other parts of southern Bay County, from 2006 to 2014.

Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.

Florida Department of Financial Services (FLDFS) is a state agency of Florida. Its headquarters are in Tallahassee. In 2002 the Florida Legislature merged the Department of Insurance, Treasury and State Fire Marshal and the Department of Banking and Finance into one department, the Florida Department of Financial Services.

<span class="mw-page-title-main">Citizens Property Insurance Corporation</span> Insurance company in Florida, United States

Citizens Property Insurance Corporation (Citizens) was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. It was established by the Florida Legislature in Chapter 627.351(6) Florida Statutes as a not-for-profit insurer of last resort, headquartered in Tallahassee, Florida, and quickly became the largest insurer in the state. The company has no connection to Louisiana Citizens Property Insurance Corporation, the equivalent entity in Louisiana, or several similarly named "for-profit" subsidiaries in the Hanover Insurance Group.

Property and casualty insurance guaranty funds are part of the property and casualty guaranty fund system, a non-profit, state-based, statutorily-created insurance consumer protection system that protects policyholders if an insurer goes bankrupt.

<span class="mw-page-title-main">2014 Florida Chief Financial Officer election</span>

The 2014 Florida Chief Financial Officer election took place on November 4, 2014, which resulted in the re-election of the Florida Chief Financial Officer. Incumbent Republican Chief Financial Officer Jeff Atwater ran for re-election to a second term in office.

Guaranty associations are organizations which guarantee insurance policies in the event of an insolvency event.

<span class="mw-page-title-main">2018 Florida Chief Financial Officer election</span>

The 2018 Florida Chief Financial Officer election took place on November 6, 2018. Incumbent Republican Chief Financial Officer Jimmy Patronis, who was appointed in 2017, successfully ran for a full term, defeating Democratic nominee Jeremy Ring, a former state senator, in the general election.

<span class="mw-page-title-main">2018 Florida elections</span> 2018 general election in Florida

A general election was held in the U.S. state of Florida on November 6, 2018. All of Florida's executive officers were up for election as well as Florida's Class I Senate seat and all 27 seats in the United States House of Representatives. Primary elections were on August 28, 2018. The Republicans took control of the U.S. Senate seat held by three-term Democrat Bill Nelson in an upset while the Democrats picked up two House seats as well as the office of the Commissioner of Agriculture. The Republican gains in the state despite the trend towards Democrats nationwide were part of Florida's transition from a swing state to a red state.

<span class="mw-page-title-main">Adam Hattersley</span> American politician and author from Florida

Adam Roger Hattersley is an American politician and author who was a member of the Florida House of Representatives from the 59th district in Hillsborough County from 2018 to 2020. He ran for Chief Financial Officer of Florida in the 2022 election.

<span class="mw-page-title-main">UPC Insurance</span>

United Property & Casualty Insurance Company, Inc. is an American property and casualty insurance company with headquarters in Florida. It writes commercial, residential, homeowners’, and flood insurance policies in several coastal states. According to the most recent data available, UPC Insurance had about 159,170 active policies, accounting for just over 2.5 percent market share.

<span class="mw-page-title-main">2022 Florida Chief Financial Officer election</span>

The 2022 Florida Chief Financial Officer election was held on November 8, 2022, to elect the Chief Financial Officer of Florida. Incumbent Republican CFO Jimmy Patronis won re-election to a second term with over 59% of the vote and a margin of victory of 19 percentage points.

<span class="mw-page-title-main">1998 Florida Amendment 8</span> Amendment to the Florida constitution

Florida Amendment 8 is an amendment to the Florida state constitution that was passed on November 3, 1998. This amendment, which had first been put forth by the Florida Constitutional Revision Commission, amended articles 2, 3, 4, 8, 9, 11, and 13 of Florida's state constitution in an attempt to restructure the cabinet.

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.