Florida Commissioner of Insurance Regulation

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Florida Commissioner of Insurance Regulation
General information
Office Type:  Nonpartisan
Office website:  Official Link
Term limits:  None
Structure
Length of term:   Unspecified
Authority:  Florida Statutes, 20.121
Selection Method:  Appointed by the Florida Financial Services Commission
Current Officeholder

Kevin McCarty.jpg
Name:  Kevin McCarty
Assumed office:  January 2003
Compensation:  $133,158
Other Florida Executive Offices
GovernorLieutenant GovernorSecretary of StateAttorney GeneralChief Financial OfficerCommissioner of EducationAgriculture CommissionerInsurance CommissionerEnvironmental Protection SecretaryEconomic Opportunity DirectorPublic Service Commission
The Florida Commissioner of Insurance Regulation is a state executive position in the Florida state government. The commissioner heads the Florida Office of Insurance Regulation, which regulates the state's insurance providers. He or she is appointed by the Florida Financial Services Commission, an independent panel composed of the governor, attorney general, and several other state executive officers.

Current officeholder

The current commissioner is Kevin McCarty, who was first appointed in January 2003. McCarty is the first person to hold the office, which was created following a constitutional amendment that restructured the state's executive department in 1998.

McCarty has worked for the Florida Department of Insurance and its successor, the Office of Insurance Regulation, since 1991. He began his career in public service in 1988 in the Florida Department of Labor & Employment Security, where he worked on workers' compensation issues. He is the President-elect of the National Association of Insurance Commissioners, and chairs a number of NAIC task forces. McCarty has also represented the United States in the International Association of Insurance Supervisors.[1]

Authority

The office of insurance commissioner is established by state law.[2]

Florida Statutes, 20.121

The head of the office of Insurance Regulation is the Director of the office of Insurance Regulation, who may also be known as the Commissioner of Insurance Regulation.

Qualifications

State law requires commissioners to have 5 years of private sector experience in the insurance industry, and 5 years of experience as a senior examiner or employee in a state or federal regulatory agency overseeing the insurance industry. Both of these 5-year periods must have come immediately preceding the person's selection as commissioner.[2]

Florida Statutes, 20.121

Prior to appointment as director, the Director of the office of Insurance Regulation must have had, within the previous 10 years, at least 5 years of responsible private sector experience working full time in areas within the scope of the subject matter jurisdiction of the office of Insurance Regulation or at least 5 years of experience as a senior examiner or other senior employee of a state or federal agency having regulatory responsibility over insurers or Insurance agencies.

Appointments

The commissioner is appointed by the Florida Financial Services Commission, an independent state body composed of the governor, attorney general, chief financial officer, and the agriculture commissioner. State law does not prescribe any particular term length for the commissioner.[2]

Florida Statutes, 20.121

Prior to appointment as director, the Director of the office of Insurance Regulation must have had, within the previous 10 years, at least 5 years of responsible private sector experience working full time in areas within the scope of the subject matter jurisdiction of the office of Insurance Regulation or at least 5 years of experience as a senior examiner or other senior employee of a state or federal agency having regulatory responsibility over insurers or Insurance agencies.

Term limits

There are no term limits associated with the office of insurance commissioner.

Vacancies

There is no particular procedure for dealing with vacancies in the office of insurance commissioner.

Duties

The commissioner of insurance regulation is the administrative head of the Office of Insurance Regulation, which licenses insurance companies operating in Florida, and regulates their rates, market conduct, claims, solvency and other business practices.

Divisions

  • Company Admissions
  • Life and Health Financial Oversight
  • Market Research and Technology
  • Specialty Product Administration
  • Legal Services
  • Life and Health Product Review
  • Property and Casualty Financial Oversight
  • Communications
  • Government Affairs
  • Market Investigations
  • Property and Casualty Product Review[3]

Compensation

In 2010, the commissioner received a salary of $133,158. His salary is determined by law.

Contact info

Address:
200 E. Gaines Street
Tallahassee, FL 32399
Phone: (850) 413-3140

See also

External links

References