Florida Senate - 2010                                     SB 740
       
       
       
       By Senator Bennett
       
       
       
       
       21-00604-10                                            2010740__
    1                        A bill to be entitled                      
    2         An act relating to the Office of Insurance Regulation;
    3         amending s. 20.121, F.S.; requiring that the Financial
    4         Services Commission reconfirm the appointment of the
    5         Director of the Office of Insurance Regulation every 2
    6         years; providing an effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Paragraph (d) of subsection (3) of section
   11  20.121, Florida Statutes, is amended to read:
   12         20.121 Department of Financial Services.—There is created a
   13  Department of Financial Services.
   14         (3) FINANCIAL SERVICES COMMISSION.—Effective January 7,
   15  2003, there is created within the Department of Financial
   16  Services the Financial Services Commission, composed of the
   17  Governor, the Attorney General, the Chief Financial Officer, and
   18  the Commissioner of Agriculture, which shall for purposes of
   19  this section be referred to as the commission. Commission
   20  members shall serve as agency head of the Financial Services
   21  Commission. The commission shall be a separate budget entity and
   22  shall be exempt from the provisions of s. 20.052. Commission
   23  action shall be by majority vote consisting of at least three
   24  affirmative votes. The commission shall not be subject to
   25  control, supervision, or direction by the Department of
   26  Financial Services in any manner, including purchasing,
   27  transactions involving real or personal property, personnel, or
   28  budgetary matters.
   29         (d) Appointment and qualifications of directors.—The
   30  commission shall appoint or remove each director by a majority
   31  vote consisting of at least three affirmative votes, with both
   32  the Governor and the Chief Financial Officer on the prevailing
   33  side. The minimum qualifications of the directors are as
   34  follows:
   35         1. Prior To qualify for appointment as director, the
   36  Director of the Office of Insurance Regulation must have had,
   37  within the previous 10 years, at least 5 years of responsible
   38  private sector experience working full time in areas within the
   39  scope of the subject matter jurisdiction of the Office of
   40  Insurance Regulation or at least 5 years of experience as a
   41  senior examiner or other senior employee of a state or federal
   42  agency having regulatory responsibility over insurers or
   43  insurance agencies. The commission shall reconfirm the
   44  appointment of the Director of the Office of Insurance
   45  Regulation every 2 years, in accordance with s. 6(a), Art. IV of
   46  the State Constitution.
   47         2. Prior To qualify for appointment as director, the
   48  Director of the Office of Financial Regulation must have had,
   49  within the previous 10 years, at least 5 years of responsible
   50  private sector experience working full time in areas within the
   51  subject matter jurisdiction of the Office of Financial
   52  Regulation or at least 5 years of experience as a senior
   53  examiner or other senior employee of a state or federal agency
   54  having regulatory responsibility over financial institutions,
   55  finance companies, or securities companies.
   56         Section 2. This act shall take effect July 1, 2010.