Effective January 7, 2003 the Financial Services Commission (or Commission) which is composed of the Governor, Attorney General, Chief Financial Officer, and Commissioner of Agriculture was created within the Department of Financial Services.
The major/main structural unit of the commission is the Office of Insurance Regulation and the Office of Financial Regulation. Both entities are headed by a director which is appointed by a majority vote with both the Governor and Chief Financial Officer on the prevailing side.
The Department of Financial Services is responsible for providing the Offices of Insurance and Financial Regulation with the administrative support necessary to carry-out their responsibilities. This administrative assistance does NOT insinuate a regulatory hierarchy.