CS for SB 1758                                   First Engrossed
       
       
       
       
       
       
       
       
       20091758e1
       
    1                        A bill to be entitled                      
    2         An act relating to the Department of Financial
    3         Services; amending s. 17.57, F.S.; increasing the
    4         percentage of funds under the control of the Chief
    5         Financial Officer which may be invested in certain
    6         types of securities; providing for the future
    7         expiration of such provision and the reversion as of a
    8         specified date of statutory text; creating s. 17.575,
    9         F.S.; creating the Treasury Investment Committee
   10         within the Division of Treasury; providing for the
   11         Chief Financial Officer to appoint committee members;
   12         requiring the committee to administer the Treasury
   13         Investment Program; requiring an annual report;
   14         creating s. 624.231, F.S.; authorizing the department
   15         or Office of Insurance Regulation to charge a fee for
   16         redacting portions of a record which are exempt under
   17         public-records laws; requiring that a person affirm a
   18         request to receive a redacted record before the
   19         information is provided; amending s. 624.501, F.S.;
   20         reducing the fee charged by the Department of
   21         Financial Services, the Office of Insurance
   22         Regulation, and the Financial Services Commission for
   23         copies of documents or records; amending s. 624.523,
   24         F.S.; revising the list of items from which payments
   25         received are deposited into the Insurance Regulatory
   26         Trust Fund; amending ss. 626.932 and 626.938, F.S.;
   27         deleting provisions relating to the distribution of
   28         certain collected taxes and interest; providing for
   29         the reversion as of a specified date of the statutory
   30         text of provisions relating to the distribution of
   31         such taxes and interest; amending s. 627.0628, F.S.;
   32         requiring the Florida Commission on Hurricane Loss
   33         Projection Methodology to adopt revisions to actuarial
   34         methods, standards, and models every odd year rather
   35         than annually; providing an effective date.
   36  
   37  Be It Enacted by the Legislature of the State of Florida:
   38  
   39         Section 1. Paragraph (v) of subsection (2) of section
   40  17.57, Florida Statutes, is amended to read:
   41         17.57 Deposits and investments of state money.—
   42         (2) The Chief Financial Officer shall make funds available
   43  to meet the disbursement needs of the state. Funds which are not
   44  needed for this purpose shall be placed in qualified public
   45  depositories that will pay rates established by the Chief
   46  Financial Officer at levels not less than the prevailing rate
   47  for United States Treasury securities with a corresponding
   48  maturity. In the event money is available for interest-bearing
   49  time deposits or savings accounts as provided herein and
   50  qualified public depositories are unwilling to accept such money
   51  and pay thereon the rates established above, then such money
   52  which qualified public depositories are unwilling to accept
   53  shall be invested in:
   54         (v) Securities not otherwise described in this subsection.
   55  However, not more than 5 3 percent of the funds under the
   56  control of the Chief Financial Officer shall be invested in
   57  securities described in this paragraph.
   58  
   59  These investments may be in varying maturities and may be in
   60  book-entry form. Investments made pursuant to this subsection
   61  may be under repurchase agreement or reverse repurchase
   62  agreement. The Chief Financial Officer may hire registered
   63  investment advisers and other consultants to assist in
   64  investment management and to pay fees directly from investment
   65  earnings. Investment securities, proprietary investment services
   66  related to contracts, performance evaluation services,
   67  investment-related equipment or software used directly to assist
   68  investment trading or investment accounting operations including
   69  bond calculators, telerates, Bloombergs, special program
   70  calculators, intercom systems, and software used in accounting,
   71  communications, and trading, and advisory and consulting
   72  contracts made under this section are exempt from the provisions
   73  of chapter 287.
   74         Section 2. Effective July 1, 2010, the amendment of s.
   75  17.57(2)(v), Florida Statutes, made by this act expires, and the
   76  text of that paragraph shall revert to that in existence on June
   77  30, 2009, except that any amendments to such text enacted other
   78  than by this act shall be preserved and continue to operate to
   79  the extent that such amendments are not dependent upon the
   80  portions of such text which expire pursuant to this section.
   81         Section 3. Section 17.575, Florida Statutes, is created to
   82  read:
   83         17.575 Administration of funds; Treasury Investment
   84  Committee.—
   85         (1) There is created a Treasury Investment Committee within
   86  the Division of Treasury consisting of at least five members who
   87  must possess special knowledge, experience, and familiarity in
   88  finance, investments, or accounting. The members of the
   89  committee shall be appointed by and serve at the pleasure of the
   90  Chief Financial Officer. The committee shall annually elect a
   91  chair and vice chair from among its membership.
   92         (2) The committee shall administer the Treasury Investment
   93  Program consistent with policies approved by the Chief Financial
   94  Officer for deposits and investments of public funds. The
   95  committee shall also make recommendations regarding investment
   96  policy to the Chief Financial Officer.
   97         (3) The committee shall submit an annual report outlining
   98  its activities and recommendations to the Chief Financial
   99  Officer and the Joint Legislative Auditing Committee. The report
  100  shall be submitted on August 15, 2009, and annually thereafter.
  101         Section 4. Section 624.231, Florida Statutes, is created to
  102  read:
  103         624.231 Disclosure and fees for production of records.—If
  104  the department or office determines that any portion of a record
  105  that is requested by a person is exempt pursuant to chapter 119,
  106  the insurance code, or chapter 641, the department or office
  107  shall disclose to the person in writing that the requested
  108  record will be provided in a redacted format and that there will
  109  be additional fees charged for staff time associated with
  110  researching and redacting the exempt portion of the record.
  111  Before the department or office provides the record, the person
  112  must affirm his or her request to receive the record.
  113         Section 5. Paragraph (a) of subsection (19) of section
  114  624.501, Florida Statutes, is amended to read:
  115         624.501 Filing, license, appointment, and miscellaneous
  116  fees.—The department, commission, or office, as appropriate,
  117  shall collect in advance, and persons so served shall pay to it
  118  in advance, fees, licenses, and miscellaneous charges as
  119  follows:
  120         (19) Miscellaneous services:
  121         (a) For copies of documents or records on file with the
  122  department, commission, or office, per page............$.15 $.50
  123         Section 6. Subsection (1) of section 624.523, Florida
  124  Statutes, is amended to read:
  125         624.523 Insurance Regulatory Trust Fund.—
  126         (1) There is created in the State Treasury a trust fund
  127  designated “Insurance Regulatory Trust Fund” to which shall be
  128  credited all payments received on account of the following
  129  items:
  130         (a) All fines, monetary penalties, and costs imposed upon
  131  persons by the department or the office as authorized by law for
  132  violation of the laws of this state.
  133         (b) Any sums received for copies of the stenographic record
  134  of hearings, as authorized by law.
  135         (c) All sums received under s. 624.404(5).
  136         (d) All sums received under s. 624.5091, as provided in
  137  subsection (5) thereof.
  138         (e) All payments received on account of items provided for
  139  under respective provisions of s. 624.501, as follows:
  140         1. Subsection (1) (certificate of authority of insurer).
  141         2. Subsection (2) (charter documents of insurer).
  142         3. Subsection (3) (annual license tax of insurer).
  143         4. Subsection (4) (annual statement of insurer).
  144         5. Subsection (5) (application fee for insurance
  145  representatives).
  146         6. The “appointment fee” portion of any appointment
  147  provided for under paragraphs (6)(a) and (b) (insurance
  148  representatives, property, marine, casualty and surety
  149  insurance, and agents).
  150         7. Paragraph (6)(c) (nonresident agents).
  151         8. Paragraph (6)(d) (service representatives).
  152         9. The “appointment fee” portion of any appointment
  153  provided for under paragraph (7)(a) (life insurance agents,
  154  original appointment, and renewal or continuation of
  155  appointment).
  156         10. Paragraph (7)(b) (nonresident agent license).
  157         11. The “appointment fee” portion of any appointment
  158  provided for under paragraph (8)(a) (health insurance agents,
  159  agent’s appointment, and renewal or continuation fee).
  160         12. Paragraph (8)(b) (nonresident agent appointment).
  161         13. The “appointment fee” portion of any appointment
  162  provided for under subsections (9) and (10) (limited licenses
  163  and fraternal benefit society agents).
  164         14. Subsection (11) (vending machines).
  165         15. Subsection (12) (surplus lines agent).
  166         16. Subsection (13) (adjusters’ appointment).
  167         17. Subsection (14) (examination fee).
  168         18. Subsection (15) (temporary license and appointment as
  169  agent or adjuster).
  170         19. Subsection (16) (reissuance, reinstatement, etc.).
  171         20. Subsection (17) (additional license continuation fees).
  172         21. Subsection (18) (filing application for permit to form
  173  insurer).
  174         22. Subsection (19) (license fee of rating organization).
  175         23. Subsection (20) (miscellaneous services).
  176         24. Subsection (21) (insurance agencies).
  177         (f) All payments received on account of actuarial and other
  178  services in the valuation or computation of the reserves of life
  179  insurers pursuant to s. 625.121(2).
  180         (g) All sums received under ss. 626.711 and 626.743.
  181         (h) Sums received under s. 626.932, as provided in
  182  subsection (5) thereof.
  183         (i) Sums received under s. 626.938, as provided in
  184  subsection (7) thereof.
  185         (h)(j) All sums received under s. 627.828.
  186         (i)(k) All sums received from motor vehicle service
  187  agreement companies under s. 634.221.
  188         (j)(l) All sums received under s. 648.27 (bail bond agent,
  189  limited surety agent, continuation fee), the “appointment fee”
  190  portion of any license or permit provided for under s. 648.31,
  191  and the application fees provided for under s. 648.34(3).
  192         (k)(m) All sums received under s. 651.015.
  193         (l)(n) All sums received by the Chief Financial Officer or
  194  the director of the office as fees for her or his services as
  195  service-of-process agent.
  196         (m)(o) All state tax portions of agents’ licenses collected
  197  under s. 624.501.
  198         Section 7. Subsection (5) of section 626.932, Florida
  199  Statutes, is amended to read:
  200         626.932 Surplus lines tax.—
  201         (5) The department shall deposit 15.74 percent of all taxes
  202  collected under this section to the credit of the Insurance
  203  Regulatory Trust Fund. Eighty-four and twenty-six hundredths
  204  percent of all Taxes collected under this section shall be
  205  deposited into the General Revenue Fund.
  206         Section 8. Subsection (7) of section 626.938, Florida
  207  Statutes, is amended to read:
  208         626.938 Report and tax of independently procured
  209  coverages.—
  210         (7) The department shall deposit 15.74 percent of all taxes
  211  and interest collected under this section to the credit of the
  212  Insurance Regulatory Trust Fund. Eighty-four and twenty-six
  213  hundredths percent of all Taxes and interest collected under
  214  this section shall be deposited into the General Revenue Fund.
  215         Section 9. The amendments to ss. 626.932(5) and 626.938(7),
  216  Florida Statutes, made by this act expire July 1, 2014, and the
  217  text of those subsections shall revert to that in existence on
  218  June 30, 2009, except that any amendments to such text enacted
  219  other than by this act shall be preserved and continue to
  220  operate to the extent that such amendments are not dependent
  221  upon the portions of such text which expire pursuant to this
  222  section.
  223         Section 10. Paragraph (e) of subsection (3) of section
  224  627.0628, Florida Statutes, is amended to read:
  225         627.0628 Florida Commission on Hurricane Loss Projection
  226  Methodology; public records exemption; public meetings
  227  exemption.—
  228         (3) ADOPTION AND EFFECT OF STANDARDS AND GUIDELINES.—
  229         (e) The commission shall adopt revisions to previously
  230  adopted actuarial methods, principles, standards, models, or
  231  output ranges every odd year at least annually.
  232         Section 11. This act shall take effect July 1, 2009.