New Florida insurance commissioner to receive $200K salary

Florida Governor Rick Scott has not yet named a new top insurance regulator, but with a significant salary, he hopes to attract the best

Insurance News

By Lyle Adriano

Florida’s next commissioner is set to earn a salary of up to $175,000—about 50% more than incumbent commissioner Kevin McCarthy’s $134,000. The increase was endorsed by Gov. Rick Scott and three other members of the Florida Cabinet in the hope that it would elevate the list of candidates for the post.

In early January, McCarthy announced that he would resign effective May 2. He was appointed back in 2003.

State Chief Financial Officer Jeff Atwater helped propose the salary increase, saying that he does not know if there is any other insurance market in the country that is as “dynamic” as Florida’s.

The increase will give Florida’s incoming insurance commissioner significantly higher pay than the other commissioners of similar southern coastal states. States like Louisiana, South Carolina, and Virginia do not pay more than $160,000 for their insurance commissioners, according to data cited by Atwater.

On Jan. 21, cabinet members voted to open the position through Mar. 11, hoping to interview the potential candidates later that month.

Atwater hopes that a new commissioner would be installed before the state’s hurricane season hits in full force in May.

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