New Financial Services Commission Takes the Reins
The new year marks a new beginning for Florida’s Financial Services Commission. Under Florida’s regulatory structure, the Governor and Cabinet make up the four-member Financial Services Commission. This collegial body has rulemaking authority for the Office of Insurance Regulation and Office of Financial Regulation. In addition, the Financial Services Commission is responsible for employing the commissioners of insurance regulation and financial regulation, respectively.
Following November’s elections, all four members of the Financial Services Commission taking office today are new to their positions. Governor Rick Scott won the Republican nomination for Governor over Attorney General Bill McCollum and went on to defeat CFO Alex Sink in the general election. Scott has not previously served in government and has stated that he hopes to bring outside, business-oriented views to his position.
Former Senate president Jeff Atwater, also a Republican, takes over the Chief Financial Officer’s post from the departing Alex Sink. Atwater has legislative experience, culminating in his tenure as Senate president. During his time in the legislature, Atwater was involved in the high profile insurance issues including the various efforts at reform following the active storm seasons of 2004 and 2005.
Pam Bondi and Adam Putnam, both Republicans, round out the Financial Services Commission, serving as Attorney General and Commissioner of Agriculture respectively.
All four officials will be getting up to speed quickly in the duties of their constitutional offices. At the same time, they will soon be immersed in the complexity of insurance issues. We wish the new members of the Financial Services Commission well as they take their new posts today.