Florida offering up to $200,000 for next state insurance commissioner
Florida’s next state insurance commissioner is in line for a major raise compared to the person who holds the job today.
Gov. Rick Scott and the three other members of the Florida Cabinet voted to advertise the position nationally with a salary for up to $200,000 in hopes it will attract top candidates that can handle the state’s complex insurance environment. If the next commissioner gets that amount, it would be nearly a 50 percent increase from what current insurance commission Kevin McCarty makes now.
McCarty announced earlier this month that he would resign effective May 2 after having held the position since 2003.
“I don’t know if there is an insurance market as dynamic as Florida’s,” Florida’s elected Chief Financial Officer Jeff Atwater, a Republican, said in proposing the increases pay.
Atwater said getting the pay to $175,000 or more, instead of the state’s current $134,000, would “enrich the talent pool.”
The amount could also give Florida an insurance commissioner with dramatically higher pay than other southern coastal states like Virginia, Louisiana and South Carolina. None of those state pay more than $160,000 according to data Atwater told the rest of the cabinet. Texas had the highest pay of the states Atwater cited at $175,000.
Also on Thursday, cabinet members voted to advertise the opening through March 11, which hopes of conducting interviews in late March.
Atwater said his hope is to try to get a new commissioner in place before Florida’s hurricane season begins in May.