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SB 908 — Organization of the Department of Financial Services

by Senator Lee

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Banking and Insurance Committee (BI)

The bill changes the organization of the Department of Financial Services (DFS). The bill repeals the statutory requirement to establish the following divisions and bureau:

  • The Division of Legal Services;
  • The Division of Information Systems and;
  • The Bureau of Unclaimed Property.

The bill creates a Division of Unclaimed Property within the DFS. The DFS will continue to perform the functions performed by the Division of Legal Services and the Division of Information Systems but the CFO will have the authority to determine the organizational placement of those functions within the DFS.

The bill renames the Division of Insurance Fraud as the Division of Investigative and Forensic Services. It creates the Bureau of Forensic Services and the Bureau of Fire and Arson Investigations within the new division. The bill moves the Office of Fiscal Integrity from the Division of Accounting and Auditing to the new Division of Investigative and Forensic Services. The new division will perform the investigative functions currently performed by the Division of Insurance Fraud and the Division of State Fire Marshal.

The bill has no fiscal impact to the state.

If approved by the Governor, these provisions take effect July 1, 2016.

Vote: Senate 38-0; House 114-0