Office of Insurance Regulation Performance Measures

Transcription

1 Office of Insurance Regulation Performance Measures GOAL #1: PROMOTE INSURANCE MARKETS THAT OFFER PRODUCTS TO MEET THE NEEDS OF FLORIDIANS WITH FAIR, UNDERSTANDABLE COVERAGE THAT IS PRICED IN A MANNER THAT IS ADEQUATE, BUT NOT EXCESSIVE OR UNFAIRLY DISCRIMINATORY OBJECTIVE: Process product filings expeditiously. OUTCOME: Percentage of life and health form and rate filing reviews completed within 45 days as required in Section , Florida Statutes. 90% 100% OUTCOME: Percentage of life and health form filing reviews completed within 30 days, as required in Section , Florida Statutes. Recommended Baseline 100% OUTCOME: How many life and health form filings were withdrawn last year? Number of Applications OUTCOME: Percentage of life and health rate filing reviews completed within 30 days, as required in Section , Florida Statutes. Recommended Baseline 100% OUTCOME: How many life and health rate filings were withdrawn last year? Number of Applications OUTCOME: Percentage of property and casualty form filing reviews completed within 45 days and rate filing review within 90 days, as required in Section and , Florida Statutes. 90% 100% OUTCOME: Percentage of property and casualty form filing reviews completed within 30 days, as required in Section and , Florida Statutes. Recommended Baseline 100% Page 1 of 7

2 OUTCOME: How many property and casualty form filings were withdrawn last year? Number of Applications OUTCOME: How many property and casualty rate filings were withdrawn last year? Number of Applications OBJECTIVE: Enable new companies to enter the market expeditiously. OUTCOME: Percentage of complete applications for a new certificate of authority processed within 180 days, as required by section , Florida Statutes. 98% 100% OUTCOME: Percentage of complete applications for new types of insurance added to an existing certificate of authority processed within 180 days, as required by section , Florida Statutes. Recommended Baseline 100% OUTCOME: How many new insurance company applications were rejected/disapproved last year and why were they rejected/disapproved? Number of Applications OUTCOME: How many new insurance company applications were withdrawn last year? Number of Applications QUESTION: Do you think that the insurance company admissions process is hampered by the regulations in place? QUESTION: Do you think you have taken all appropriate actions to streamline or eliminate cumbersome regulations that may negatively impact competition in the insurance industry? QUESTION: What efforts have been made to seek input from stakeholders on how to improve your services? Page 2 of 7

3 GOAL #2: PROTECT THE PUBLIC FROM ILLEGAL, UNETHICAL INSURANCE PRODUCTS AND PRACTICES. OBJECTIVE: To act upon allegations of unethical or illegal products or practices. OUTCOME: Percentage of market conduct examinations with violations in which the Office takes enforcement action. FY Actual FY Projected 85% Page 3 of 7

4 GOAL #3: MONITOR THE FINANCIAL CONDITION OF LICENSED INSURANCE COMPANIES AND TAKE ACTION TO ADDRESS FINANCIAL ISSUES AS EARLY AS REASONABLY POSSIBLE TO PREVENT UNNECESSARY HARM TO CONSUMERS OBJECTIVE: Conduct financial examinations of domestic companies in a timely manner. OUTCOME: Percentage of priority Financial Examinations of domestic insurers completed within 18 months of the as of exam date as required by the National Association of Insurance Commissioners accreditation standards. 98% 100% OUTCOME: Percentage of Life & Health priority Financial Examinations of domestic insurers completed within 18 months of the as of exam date as required by the National Association of Insurance Commissioners accreditation standards. Recommended Baseline 100% OUTCOME: Percentage of Property & Casualty priority Financial Examinations of domestic insurers completed within 18 months of the as of exam date as required by the National Association of Insurance Commissioners accreditation standards. Recommended Baseline 100% OBJECTIVE: Conduct financial analyses of companies in a timely manner OUTCOME: Percentage of priority Financial Analyses completed within 60 days, as required by the National Association of Insurance Commissioners accreditation standards. 98% 100% OUTCOME: Percentage of non-priority Financial Analyses completed within 90 days, as required by the National Association of Insurance Commissioners accreditation standards. 95% 100% Page 4 of 7

5 GOAL #4: OPERATE IN AN EFFICIENT, EFFECTIVE AND TRANSPARENT MANNER OBJECTIVE: Maximize administrative efficiency and productivity for the benefit of insurance consumers and companies. OUTCOME: Administrative costs as a percentage of total agency costs. 10% 8% OUTCOME: Administrative costs as a percentage of total agency positions. 10% 8% Page 5 of 7

6 GOAL #5: HELP GROW FLORIDA S ECONOMY OBJECTIVE: Provide a user friendly website with pertinent regulator information. OUTCOME: Percentage increase in the number of website hits per calendar year. Recommended Baseline 10% OUTCOME: Percentage increase of applications for new Life & Heath certificates of authorization filed with the Office over the past year. Recommended Baseline 10% OUTCOME: Percentage increase of applications for new Property & Casualty certificates of authorization filed with the Office over the past year. Recommended Baseline 10% OUTCOME: Number of companies that have re-domesticated to Florida in the last calendar year. Number of Companies Recommended Baseline 2 OUTCOME: Number of jobs that are associated with each insurance company that has re-domesticated to Florida. Number of Jobs Recommended Baseline 300 QUESTION: What has the Office pro-actively done to attract insurance companies to re-domesticate to Florida? QUESTION: What has the Office pro-actively done to encourage large national insurance companies to begin actively writing new business across the state of Florida? QUESTION: What is the percentage increase of domestic insurer surplus over last year? Life and Health Surplus Increase Property and Casualty Surplus Increase Total Surplus Increase Page 6 of 7

7 GOAL #6: MAINTAIN THE PUBLIC TRUST QUESTION: What is your and your staff s role with the National Association of Insurance Commissioners and what is Florida s return on investment by having you and your staff conducting business with the association? QUESTION: What is your and your staff s role with the International Association of Insurance Supervisors and what is Florida s return on investment by having you participate in it? Page 7 of 7

8 Office of Financial Regulation Performance Measures GOAL #1: EXCELLENCE IN ALL OFR DOES OBJECTIVE: Improve metrics to measure agency results. OUTCOME: Review all existing performance measures annually to ensure they are meaningful and results oriented rather than process driven. 100% 100% 100% OBJECTIVE: Develop an atmosphere of continuous improvement. OUTCOME: Review all existing performance measures annually to ensure they are meaningful and results oriented rather than process driven. 100% 100% 100% OBJECTIVE: Ensure customer satisfaction in the Division of Financial Institutions by surveying financial institutions. OUTCOME: Percentage of financial institutions surveys completed that rate the professionalism and responsiveness to management s request and concerns of the Division of Financial Institution s examiners as excellent. 97% 90% 100% OUTCOME: Percentage of financial institutions surveys completed that rate the professionalism, responsiveness, staffing level and training of the Division of Financial Institution s examiners, as compared to federal examiners, as excellent. 93% 90% 100% OUTCOME: Percentage of financial institutions surveys completed that rate the ability of the Division of Financial Institution s examiners to logically and clearly discuss all material supervisory concerns, findings and recommendations with management prior to conclusion of the on-site examination as excellent. 95% 90% 100% OBJECTIVE: Provide quick, responsive service to applicants. OUTCOME: Decrease the average number of days to review a Finance License application, as required in section , Florida Statutes Page 1 of 7

9 OUTCOME: Provide prompt resolution of registration matters by decreasing the number of broker dealer agent applications that are pendin, as required in section , Florida Statutes OUTCOME: Provide prompt resolution of registration matters by decreasing the number of days to process broker dealer agent applications, as required in section , Florida Statutes OUTCOME: Decrease the average number of days from the receipt of a deficient application to completion of the application. Average Number of Days Recommended Baseline 20 OBJECTIVE: Provide excellent regulatory service to the stakeholders of the Division of Securities by ensuring prompt regulatory action. OUTCOME: Take prompt action against those who violate the Securities law and undermine the public trust by increasing the number of enforcement actions. FY Actual FY Projected OUTCOME: Take prompt action against those who violate the Securities law and undermine the public trust by increasing the amount of fines received. FY Actual FY Projected $1,107,814 $826,875 OUTCOME: Take prompt action against those who violate the law and undermine the public trust by increasing the number of meaningful sanctions imposed. FY Actual FY Projected Page 2 of 7

10 GOAL #2: ENFORCE COMPLIANCE WITH STATE LAWS RELATED TO THE FINANCIAL INDUSTRY OBJECTIVE: Help Florida investors protect themselves by conducting examinations, investigations and enforcement cases pursuant to the Florida Securities & Investor Protection Act. OUTCOME: Number of Securities examinations, investigations and enforcement cases resulting in meaningful sanctions. FY Actual FY Projected OUTCOME: Number of active, major Securities enforcement cases. FY Actual FY Projected OBJECTIVE: Increase percentage of financial investigations completed that result in administrative, civil and or criminal action against individuals or entities that conduct fraudulent or illegal financial services activities. OUTCOME: Percentage of investigations accepted by prosecutors or OFR legal counsel for enforcement action that resulted in action being taken. FY Actual FY Projected 91% 84% OBJECTIVE: Improve efficiency of Finance examination program by decreasing the time to refer a priority examination to Legal Services. OUTCOME: Average number of days to refer a Finance priority examination to Legal Services. FY Actual FY Projected OBJECTIVE: Improve investigative efficiency by reducing the time required to prepare a legally sufficient case for potential enforcement action. OUTCOME: Percentage of priority investigations accepted by prosecutors or OFR legal counsel for enforcement action within 12 months. FY Actual FY Projected 85% 64% Page 3 of 7

11 GOAL #3: EXAMINE REGULATED COMPANIES AND APPLICABLE INDIVIDUALS OBJECTIVE: Examine all state financial institutions within statutory timeframes. OUTCOME: Percentage of state financial institutions examined within the last 18 and 36 months, as required by section , Florida Statutes. 100%/100% 100%/100% 100%/100% OBJECTIVE: Provide fair, balanced and responsive service to Division of Financial Institutions customers, the state-chartered or licensed financial institutions. OUTCOME: Percentage of financial institution surveys giving the Office of Financial Regulation s financial institution examination program a rating of 2 or better (1 highest, 5 lowest). 95% 75% 100% OBJECTIVE: Promote the Dual Banking System in Florida. OUTCOME: Percentage of state financial institutions completing surveys that rate the contribution of the state examination process to promoting safe and sound institutions as 2 or better (1 highest, 5 lowest). 94% 85% 100% OBJECTIVE: Examine companies and individuals regulated under the Florida Securities & Investor Protection Act to more effectively protect Florida investors. OUTCOME: Number of complex Securities examinations completed. FY Actual FY Projected OBJECTIVE: Improve service to Division of Finance consumers by providing an easy to use method of filing information with the agency. OUTCOME: Total number of consumer complaints received by Finance staff. FY Actual FY Projected 3,694 3,600 OUTCOME: Number of consumer complaints resolved by Finance staff. Number of Complaints Received Number of Complaints Resolved Percentage Resolved Recommended Baseline 100% Page 4 of 7

12 OBJECTIVE: Examine all money services businesses within statutory timeframes (five years per section , Florida Statutes). OUTCOME: Percentage of money services businesses examined. 100% 100% 100% OBJECTIVE: Improve the efficiency of the Finance examination process by reducing the number of days to complete a priority examination. OUTCOME: Average number of days to complete a Finance priority examination % OBJECTIVE: Improve efficiency of money services businesses examination program by providing examination results to licensed money services businesses in a timely manner. OUTCOME: Percentage of licensed check cashers and foreign currency exchangers receiving an examination report within 60 days of the onsite examination. 70% 75% 100% OUTCOME: Percentage of licensed money transmitters and payment instrument sellers receiving an examination report within 90 days of conclusion of the onsite examination. 75% 90% 100% Page 5 of 7

13 GOAL #4: REGISTER OR CHARTER INSTITUTIONS, COMPANIES AND INDIVIDUALS OBJECTIVE: Improve service to Securities applicants and registrants by processing submissions in a timely manner. OUTCOME: Percentage of all applications, except applications for new charters, statutorily complete that are processed within 60 days and within 90 days, as required by section , Florida Statutes. FY Actual FY Projected Baseline Recommended Baseline 95%/100% 67%/100% 95%/100% OUTCOME: Percentage of new banks opened in Florida during the fiscal year that chose a state charter. FY Actual FY Projected Baseline 0% 67% OBJECTIVE: Improve service to Securities applicants and registrants by processing submissions in a timely manner. OUTCOME: Percentage of Securities registration application processed within 90 days, as required in section , Florida Statutes. FY Actual FY Projected Baseline Recommended Baseline 100% 100% 100% OBJECTIVE: Improve service to Finance applicants and registrants by processing submissions in a timely manner. OUTCOME: Percent of Finance license applications processed within 90 days, as required in Section , Florida Statutes. FY Actual FY Projected Baseline Recommended Baseline 100% 100% 100% Page 6 of 7

14 GOAL #5: HELP GROW FLORIDA S ECONOMY OBJECTIVE: Increase the number of financial institutions in the state of Florida. OUTCOME: Number of new charter applications that were approved or disapproved. Number of approved charter applications Number of disapproved charter applications QUESTION: How many banks switched from a federal charter to a state charter in the last quarter? QUESTION: How many banks switched from a state charter to a federal charter in the last quarter? QUESTION: What has the Office proactively done to attract new banks to state of Florida? OBJECTIVE: Reduce financial burden on Florida banking and other financial institutions OUTCOME: Number and total amount of fees collected in previous fiscal year. Number of different fees Total amount collected during the fiscal year QUESTION: What have you done to reduce the number of fees/taxes on the banking industry? QUESTION: Do you think that the banking admissions process is hampered by the regulations in place? QUESTION: Do you think you have taken all appropriate actions to streamline or eliminate cumbersome regulations that may negatively impact competition in the banking industry? Page 7 of 7

15 Department of Revenue Performance Measures GOAL #1: INCREASE VOLUNTARY COMPLIANCE Child Support Enforcement OBJECTIVE: Increase collections on current obligations on IV-D cases. OUTCOME: Percent of support collected. FY Actual FY Recommended 58.4% 55% 60% QUESTION: For any federal performance measures, how is Florida performing compared to other states? General Tax Administration OBJECTIVE: Improve existing technology and broaden filing capabilities to assist taxpayers in complying with tax laws. OUTCOME: Percent of tax returns filed timely and accurately. FY Actual FY Recommended 88.6% 90% 100% OBJECTIVE: Improve understanding of tax collection requirements for Florida businesses. OUTCOME: Percentage and number of Florida taxpayers assessed an administrative fine for noncompliance. Percentage of Taxpayers Fined Number of Taxpayers Fined Property Tax Oversight OBJECTIVE: Ensure the just valuation and uniformity of all classes and subclasses of property studied. OUTCOME: Statewide level of assessment for real property. FY Actual FY % 90% Page 1 of 5

16 GOAL #2: INCREASE PRODUCTIVITY AND REDUCE COSTS Child Support Enforcement OBJECTIVE: Ensure that all cases are available for any appropriate action. OUTCOME: Percent of IV-D cases available for the next appropriate action. FY Actual FY Recommended 84% 85% 100% OBJECTIVE: Increase support order establishment for children in IV-D cases. OUTCOME: Percent of IV-D cases with an order for support (federal definition). FY Actual FY Recommended 81.4% 77.5% 85% General Tax Administration OBJECTIVE: Improve the productivity of tax compliance examinations. OUTCOME: Percent of tax compliance examinations resulting in an adjustment to a taxpayer s account. FY Actual FY % 72% OBJECTIVE: Improve the timeliness of resolving delinquent cases. OUTCOME: Percent of delinquent accounts reaching mature status. Property Tax Oversight FY Actual FY % 7% OBJECTIVE: Improve the efficiency of the Property Tax Oversight Division. OUTCOME: Cost of oversight per $1,000 property tax collected. FY Actual FY Recommended $0.58 n/a $0.50 Page 2 of 5

17 GOAL #3: IMPROVE SERVICES Child Support Enforcement OBJECTIVE: Improve distribution of identifiable IV-D and appropriate non-iv-d payments to families and other states. OUTCOME: Percent of state disbursement unit collections disbursed within two business days of receipt. FY Actual FY Recommended 98.6% 98% 100% General Tax Administration OBJECTIVE: Improve the timeliness of taxpayer claimed refund. OUTCOME: Percent of taxpayer refunds processed within 90 days and average number of days taxpayer refunds were processed (of those processed within 90 days). FY Actual FY Recommended Average Number of Days Refunds Were Processed 90% 90% 100% QUESTION: How much (total amount) does the state typically pay in interest each year on refunds processed after 90 days? Total Amount of Interest Paid OBJECTIVE: Improve Department service in addressing the concerns of affected stakeholders. OUTCOME: Number of proactive contacts from Department representatives to customers and stakeholders. Number of Outreach Efforts Customer Service Satisfaction Rating QUESTION: What is the type of proactive outreach performed by the Department? Property Tax Oversight OBJECTIVE: Improve customer and supplier satisfaction with program products and services. OUTCOME: Percent of users of PTO Compliance Assistance satisfied with the services provided. FY Actual FY Recommended 97.4% 96% 100% QUESTION: When DOR is advising local governments on property tax compliance, do they also advise them on methods to reduce costs? Page 3 of 5

18 GOAL #4: HELP GROW FLORIDA S ECONOMY OBJECTIVE: Reduce financial burden on Florida businesses and communities. OUTCOME: Number of new fees or fee increases; number of reduced or eliminated fees; number of proactive proposals to eliminate or reduce a tax. Number of New Fees Implemented or Increased Amount of Implemented or Increased Fee(s) Financial Impact to Florida Businesses and Communities Number of Fees Eliminated or Reduced Amount of Eliminated or Reduced Fee(s) Total Financial Savings to Florida Businesses and Communities Number of Department Proposals to Eliminate or Reduce a Tax Amount of Proposed Tax(es) to be Eliminated or Reduced Total Financial Savings to Florida Businesses and Communities OBJECTIVE: Reduce regulatory burden on Florida businesses and communities. OUTCOME: Number of rules eliminated or modified to allow for more flexibility. Number of Rules Reduced or Modified Total Financial Savings to Florida Businesses and Communities Page 4 of 5

19 GOAL #5: MAINTAIN THE PUBLIC TRUST OBJECTIVE: Reduce the number of erroneous tax warrants or assessments sent to the public. OUTCOME: Percentage of tax warrants filed in error. Percent of Tax Warrants Filed in Error Number of Erroneous Tax Warrants Filed QUESTION: How many TIPs (Tax Information Publications) resulted in a tax increase to businesses? QUESTION: How many changes in policy resulted in taxpayers owing back payments? Number of Policy Changes Number of Taxpayers Assessed Back Payments Page 5 of 5

20 Supplemental Agency Performance Measures for all Cabinet Agencies OPERATIONAL EFFICIENCY 1. How much has the agency reduced administrative costs? 2. How much has the agency reduced FTEs? 3. How many trips did you, and your staff, take outside of the State of Florida in the last quarter? Agency Head: Number of Days Traveling Outside of Florida Total Cost of Associated Travel Staff: Number of Days Traveling Outside of Florida Total Cost of Associated Travel Where were these trips to and for what purpose? 4. How much has the agency reduced overall travel costs for all employees? 5. What associations, boards, etc., do you, or your staff, have membership or participate in, on behalf of the agency? For travel-related to participation in these associations, boards, etc., how are you, and your staff, reimbursed for travel costs? Reimbursing Entity Amount Reimbursed in FY What is Florida s return on investment by having you, and your staff, participate in these associations, boards, etc.? Page 1 of 8

21 6. How many other programs or initiatives has the agency implemented to improve agency operation and reduce costs? How much has been saved? Page 2 of 8

22 CUSTOMER SERVICE 1. How many consumer complaints does the agency receive? How many programs or initiatives has the agency implemented to reduce consumer complaints? 2. What outreach efforts has the agency done to seek input from stakeholders? 3. What is the agency customer satisfaction rating according to consumer surveys administered by the agency? How many programs or initiatives has the agency implemented to improve this rating? 4. What is the average time it takes a call to the call center to be answered? How many programs or initiatives has the agency implemented to improve this time? 5. How many technological advancements were implemented to improve customer service performance? How much did it reduce costs? How much did it increase the speed of processing/providing customer service? Page 3 of 8

23 6. How many fees has the agency reduced, eliminated, increased, or newly proposed? Fee Reduction Fee Elimination Fee Increase New Fee Number of Fees Fee Cost Total Impact to Florida Businesses and Communities 7. How many communications methods are utilized to increase transparency and inform customers and citizens? How frequently are each of these methods utilized? Page 4 of 8

24 CONSUMER PROTECTION 1. How much has voluntary compliance increased? How many programs or initiatives has the agency implemented to increase voluntary compliance? 2. In how many legal cases is the agency currently a defendant? How much did the agency spend in outside legal expenses? 3. How many releases to the public of exempt information or personal data have occurred at the agency? How many programs or initiatives has the agency implemented to address prior releases or prevent future releases? Page 5 of 8

25 MANAGEMENT AND OVERSIGHT 1. How many ways does the agency measure employee satisfaction? How much has the employee satisfaction rating improved? 2. How many new initiatives have been implemented by agency leadership? 3. How many resources has the agency dedicated to improving metrics? 4. How many contracts does the agency manage? How many contracts are behind schedule, have not met contract requirements, or have other deficiencies? How many actions has the agency taken to bring these contracts into compliance? 5. How many rules or regulations has the agency reduced? How many agency rules have taken over 180 days from the effective date of the legislation to be formally proposed, as required in s , F.S. Page 6 of 8

26 How many rules have been the subject of pending rulemaking activity that has been ongoing for more than six months? How many new or amended rules required to implement legislation have yet to be adopted? How many programs or initiatives has the agency implemented to improve its rulemaking process? Page 7 of 8

27 HELPING FLORIDIANS AND GROWING FLORIDA S ECONOMY 1. How many different outreach efforts has the agency done to bring new businesses to Florida or assist businesses starting in Florida? How many businesses have relocated to Florida? How many new businesses have started in Florida? 2. How many programs or initiatives has the agency implemented to reduce costs, regulations or burdensome processes for businesses operating in the state? 3. How many programs or initiatives has the agency implemented to increase competition and improve the marketplace in Florida? 4. How many programs or initiatives has the agency implemented to lower the cost of living for Floridians? 5. How does the performance of the agency rank compared to other states in comparable metrics or unbiased national rankings? Index/Metric Ranking Page 8 of 8