News & Updates


OIR Highlights Economic Impact of Insurance Industry

OIR Highlights Economic Impact of Insurance Industry

Insurance Commissioner Kevin McCarty appeared before the Governor and Cabinet last week to discuss potential standards under which the Office of Insurance Regulation can be objectively reviewed.  The Governor and Cabinet have indicated that they want to hear from the agencies they oversee, including the Office of Insurance Regulation, regarding appropriate measurements for their agencies.  After hearing the OIR’s input, the Governor and Cabinet will engage in a item-by-item discussion and adoption of review standards to be applied going forward.

As part of Commissioner McCarty’s presentation, he mentioned the economic impact the insurance industry has in Florida.  He first mentioned the return the state receives on its $151,000 in dues paid to the NAIC.  This includes $22 million in economic impact from NAIC meetings held in the state over the last 10 years.  The state is scheduled to host two more NAIC meetings over the next four years.  The OIR also receives the benefit of NAIC reporting systems, analyses, model regulations and other initatives.

McCarty also discussed that the insurance industry contributes $12.4 billion to Florida’s gross domestic product.  The industry pays $12.4 billion to Florida workers, with an average salary of $63,577.  Nearly 200,000 people work in the insurance industry in Florida.