Florida Insurance Regulator Confirmed

The Florida Financial Services Commission, made up of the governor and Cabinet, unanimously approved the appointment of Kevin McCarty as director of the Office of Insurance Regulation (OIR). As director, he will be responsible for regulation of all insurance companies and risk-bearing entities, including licensing, rates, policy forms, market conduct, adjusters, issuance of certificates of authority, solvency, viatical settlements and premium financing.

McCarty, who previously served as Deputy Insurance Commissioner, has more than ten years of experience in insurance regulation. He has also served as Deputy Director of the Division of Insurer Services, under the Department of Insurance, and was an analyst for the Department of Labor and Employment Security, providing expertise in the area of workers’ compensation law. McCarty holds a law degree from the University of Florida (1986) and recently served on the Governor’s Commission on Workers’ Compensation Reform.

The appointment is the result of governance changes initiated by a constitutional amendment approved by Florida voters in 1998, which merged the offices of State Treasurer, who also served as insurance commissioner, with the Comptroller, who headed up the Department of Banking and Finance. The Florida Legislature was responsible for determining how the banking and insurance industries would be regulated.

Last year, state lawmakers approved a system in which an appointed professional would oversee the insurance industry, including approval of rate increases. McCarty is the first person to serve in the new position and will report directly to the Financial Services Commission. The OIR is administratively housed under the Department of Financial Services, headed by Chief Financial Officer Tom Gallagher.