Florida Department of Financial Services

What Florida Department of Financial Services does

The Florida Department of Financial Services (DFS) is a constitutional state agency established in January 2003 by merging the Department of Insurance, Treasury, State Fire Marshal, and Department of Banking and Finance. Headquartered at 200 East Gaines Street, Tallahassee, with a secondary Capitol office, an Ocala training campus, and a satellite office at 323 John Knox Road, DFS operates 12 service divisions and several specialized offices with approximately 2,000 employees. The department is led by Chief Financial Officer and State Fire Marshal Blaise Ingoglia, appointed by Governor Ron DeSantis in July 2025, and sits within the Florida Cabinet governance structure alongside the Attorney General and Commissioner of Agriculture.

DFS provides a portfolio of regulatory, protective, and financial-management services to Florida residents, businesses, insurance licensees, fire service personnel, state agencies, and universities. Core offerings include insurance consumer services, criminal investigations of insurance/workers' compensation/public assistance fraud and arson, insurance agent licensing, funeral and cemetery regulation, risk management for state agencies, fire prevention and firefighter certification (ProBoard-accredited), Treasury cash and investment management (including the SPIA program at 0.12% administrative fee and a Certificate of Deposit Placement Program), unclaimed property administration (holding over $4.5 billion across 13 million claimable accounts), and workers' compensation oversight. Adjacent programs include Fraud Free Florida, PrepareFL, My Safe Florida Home, Florida PALM (financial transparency), the Florida Agency for Fiscal Oversight, and the State Board of Immigration Enforcement.

The revenue model is tax-funded for core consumer services (provided at no direct cost), with Treasury investment management generating fees on managed balances and Risk Management operating a self-insurance trust fund for state workers' compensation, property, fleet, general liability, and federal civil rights coverage. Distribution is direct-to-citizen via myfloridacfo.com, FLTreasureHunt.gov, FraudFreeFlorida.com, PrepareFL.com, four specialized tip hotlines, and a toll-free Consumer Helpline. Technology backbone consists of government enterprise IT systems including Florida PALM, license verification databases, unclaimed property databases, the FireTRAQ certification system, and the Anti-Fraud Portal for insurer/SIU reporting. There is no documented AI/ML capability underlying these systems.

Name

Florida Department of Financial Services

Legal name

Florida Department of Financial Services

Website

https://myfloridacfo.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Florida Department of Financial Services is a constitutional state agency managing state finances, insurance regulation, fraud investigation, fire safety, unclaimed property ($4.5B+), and Treasury investments for Florida's residents, businesses, insurance licensees, and state agencies.

Ownership category

akta.pro rank

Product category

State Financial Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Other Insurance Related Activities (52429), Finance and Insurance (52)

SIC

Fire, Marine & Casualty Insurance (6331), Surety Insurance (6351)

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Financial Risk, Controls & Audit (Public Sector) (BPAIAEAH), Fraud Risk & Financial Crime Controls Advisory (BPAKADAL), Fraud Investigations & Claims Support (Insurance/Financial) (BPAKAEAD)

Keywords

• Financial regulation
• Consumer protection
• Insurance fraud investigation
• Unclaimed property
• Workers compensation oversight

Headquarters

HQ city

Tallahassee

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Treasury Investment Management: Manages the State Treasury including Special Purpose Investment Account (SPIA) for public entities. Treasury invests combined state funds in short-term liquid instruments and intermediate term fixed income securities. Administrative fee of 0.12% of average daily balance charged to SPIA participants.
2. Certificate of Deposit Placement Program: CFO manages certificate of deposit placement program placing CDs in Florida Qualified Public Depositories. Interest and principal collected quarterly and at maturity.
3. Unclaimed Property Trust Fund: Manages unclaimed financial assets including dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances, and refunds. Holds over $4.5 billion in over 13 million claimable accounts.
4. Risk Management Trust Fund: Provides self-insurance and insurance purchase for state agencies for workers' compensation, property, fleet automobile liability, general liability, and federal civil rights. Administers claims and provides loss prevention services.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Florida Department of Financial Services is a state government agency that regulates insurance and financial services industries, investigates insurance fraud, manages the state's unclaimed property program, oversees workers' compensation compliance, enforces fire safety codes through the State Fire Marshal, and provides consumer protection services such as insurance complaint intake and scam alerts to Florida residents, insurers, and businesses.

Product overview

The Florida Department of Financial Services is a state government agency with a platform-plus-modules architecture consisting of 12 service divisions and multiple specialized programs. The core divisions include Accounting and Auditing, Consumer Services, Criminal Investigations, Funeral and Cemetery Services, Insurance Agent Services, Rehabilitation and Liquidation, Risk Management, State Fire Marshal, Treasury, Unclaimed Property, Workers' Compensation, and Administration. These divisions provide regulatory oversight, consumer protection, fraud investigation, and financial management services. The department also operates specialized programs including Fraud Free Florida (anti-fraud initiative), the Florida Stablecoin Pilot Program (cryptocurrency payment initiative), the Florida Agency for Fiscal Oversight/FAFO (fiscal transparency), Operation S.A.F.E., PrepareFL (disaster preparedness), My Safe Florida Home (hurricane mitigation), and the State Board of Immigration Enforcement. The department is led by Chief Financial Officer Blaise Ingoglia, who also serves as State Fire Marshal.

Differentiator

Problem solved

Functional benefit

Brands

• Fraud Free Florida: Anti-fraud initiative and website aimed at coordinating investigative efforts and protecting Floridians from fraud and scams including property insurance fraud, workers compensation fraud, public assistance fraud, identity theft, investment fraud, and cybersecurity issues.
• PrepareFL
• Florida PALM
• My Safe Florida Home

Products and services

• Unclaimed Property Search and Claim Service Public service allowing Florida residents and businesses to search a database of abandoned financial assets (dormant bank accounts, securities, insurance proceeds, safe-deposit box contents, etc.) held in custody by the state, and to file claims to recover those assets.
• Insurance Complaint and Consumer Assistance Service Consumer-facing intake and mediation service through which Florida policyholders can file complaints against insurers, agents, and adjusters, and receive assistance resolving disputes over claims, billing, and coverage.
• Insurance Fraud Investigation Criminal investigation of suspected insurance fraud committed by consumers, providers, and organized groups operating in Florida, including arrests, prosecution referrals, and coordination with the Office of Statewide Prosecution.
• Insurance Licensing of Agents, Adjusters, Agencies, and Carriers State-administered licensure of insurance agents, adjusters, agencies, continuing education providers, and (through the Office of Insurance Regulation within DFS) authorization of insurance carriers to operate in Florida.
• Workers' Compensation Oversight and Coverage Verification State-level oversight of compliance with the Florida Workers' Compensation Act, including coverage verification, enforcement against non-compliant employers, and operation of the workers' compensation regulatory process.
• State Fire Marshal and Fire Safety Inspection Service Fire safety code enforcement, fire and arson investigations, building inspections, and public fire safety education delivered through the Office of the State Fire Marshal, including training and certification for firefighters.
• Funeral, Cemetery, and Consumer Services Regulation Licensure and regulatory oversight of funeral homes, cemeteries, and related industries in Florida, including handling of preneed contracts and consumer protection in funeral transactions.
• Financial Institution and Securities Regulatory Oversight State-level chartering and supervision of Florida-based financial institutions and related entities under the Division of Financial Institutions, plus securities-related functions within DFS.

Quantifiable outcome

• $4.5 billion in unclaimed property returned to Floridians
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• Florida Office of Insurance RegulationcoreOthersThe Office of Insurance Regulation is part of the Financial Services Commission and regulates insurance within Florida. The CFO oversees this regulatory body through the Florida Cabinet.
• Florida Office of Financial RegulationcoreOthersThe Office of Financial Regulation is part of the Financial Services Commission and handles regulation of banking, securities and insurance. The CFO oversees this body through the Florida Cabinet.
• Florida Cabinet (Governor, Attorney General, Commissioner of Agriculture)coreStrategic or Co-development PartnerThe CFO serves as one of three constitutionally elected state executives of the Florida Cabinet. The Cabinet comprises the CFO, Attorney General, and Commissioner of Agriculture and Consumer Services, governing matters including purchase of state lands, clemency, bond management, veterans' affairs, law enforcement administration, tax collection, and financial regulation.
• Florida Professional Firefighters (FPF)majorStrategic or Co-development PartnerPartnership with Florida Professional Firefighters for fire service awards and firefighter advocacy. The CFO and State Fire Marshal work closely with fire service organizations.
• Florida Fire Chiefs Association (FFCA)majorStrategic or Co-development PartnerPartners in fire service awards and firefighter support initiatives. FFCA collaborates with the State Fire Marshal on firefighter standards and recognition.
• American Property Casualty Insurance Association (APCIA)majorStrategic or Co-development PartnerThe Insurance Consumer Advocate partnered with APCIA to educate and empower Floridians with knowledge and resources to spot and stop contractor fraud and abuse, especially after disasters. Joint 'Don't Be A Victim! Prevent Contractor Fraud and Abuse' guide produced.
• U.S. Immigration and Customs Enforcement (ICE)majorStrategic or Co-development PartnerThe State Board of Immigration Enforcement involves a nation-leading partnership with ICE for immigration enforcement. DFS Criminal Investigations Division works with federal partners to arrest illegal aliens committing fraud.
• Homeland Security InvestigationsmajorStrategic or Co-development PartnerAssisted with arrest of criminal illegal alien Jose Arias-Reyes for insurance fraud. HSI provides federal support for DFS criminal investigations involving immigration-related fraud.
• Florida Qualified Public DepositoriesmajorChannel Partner/ Reseller/ DistributorFinancial institutions selected through competitive bidding to participate in the Certificate of Deposit placement program managed by the CFO. These banks and credit unions hold state CDs under the program.
• National Fire Protection Association (NFPA)minorStrategic or Co-development PartnerNFPA standards form the basis for Bureau of Fire Standards and Training certifications. DFS provides free public access to NFPA codes and standards as part of its commitment to enhancing public safety.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Consumer Financial Protection Bureau (CFPB): CFPB is the federal consumer financial protection regulator with jurisdiction overlapping Florida DFS's Consumer Services Division. CFPB's federal mandate complements DFS's state-level consumer protection work, particularly for financial products and services that cross state lines, making it a relevant federal-level peer.
• U.S. Treasury - Bureau of the Fiscal Service: The Bureau of the Fiscal Service manages federal cash, debt, and unclaimed property operations. Florida DFS's Division of Treasury (SPIA, CD placement) and Division of Unclaimed Property are state-level analogues of this federal Treasury function, making it a relevant federal-level peer for treasury and unclaimed property operations.
• National Association of Insurance Commissioners (NAIC): NAIC is the coordinating body for U.S. state insurance regulators and sets model regulations adopted by Florida DFS. As the umbrella organization that Florida DFS's insurance divisions operate within, NAIC is a natural peer for benchmarking regulatory frameworks, accreditation, and multi-state coordination.
• U.S. Fire Administration / FEMA: USFA is the federal agency coordinating fire prevention, training standards, and firefighter certifications, paralleling Florida DFS's State Fire Marshal division and Bureau of Fire Standards and Training (which holds ProBoard accreditation). USFA's national framework interacts directly with DFS's Fire College and certification programs.
• Florida Office of Insurance Regulation (FLOIR): FLOIR is part of Florida's Financial Services Commission alongside Florida DFS and directly regulates insurance carriers (rate filings, market conduct) in Florida. While FLOIR regulates carriers and DFS regulates agents/agency services, they jointly constitute Florida's insurance regulatory architecture and are direct collaborators/coordinators.

Direct peers

• Texas Department of Insurance: TDI is the state insurance regulator for Texas, performing similar licensing, consumer protection, and fraud investigation functions to Florida DFS's insurance-related divisions. Both states face significant hurricane and catastrophe exposure driving regulatory complexity, making TDI a strong comparable.
• New York State Department of Financial Services: NYDFS is the most direct structural peer to Florida DFS — a combined state-level regulator overseeing banking, insurance, and financial services for New York. Like Florida DFS, NYDFS was created by consolidating previously separate agencies and exercises broad statutory authority over insurance carriers, financial institutions, and consumer protection, making it the closest functional analogue in the U.S.
• California Department of Insurance: CDI is California's state insurance regulator, paralleling Florida DFS's Division of Insurance Agent and Agency Services and consumer protection functions. Both agencies oversee insurance licensing, market conduct examinations, and consumer complaints in their respective large-state insurance markets, and both operate within elected/state-level political structures.
• Florida Office of Financial Regulation (FLOFR): FLOFR is Florida's banking, securities, and non-insurance financial services regulator and, like FLOIR, sits within Florida's Financial Services Commission alongside DFS. FLOFR and DFS share constitutional oversight by the CFO and jointly constitute Florida's financial regulatory infrastructure, making FLOFR a tightly coupled peer.

Emerging players

• National Insurance Crime Bureau (NICB): NICB is a not-for-profit organization that partners with state insurance regulators and insurers to investigate insurance fraud. NICB directly coordinates with DFS's Criminal Investigations Division on anti-fraud initiatives, making it a peer in the fraud-investigation domain that Florida DFS operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FLDFS
• Facebookfacebook.com/FLDFS
• LinkedInlinkedin.com/company/florida-department-of-financial-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries15 records

Funding overview

Funding rounds

Investors

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M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Florida Department of Financial Services