Florida Senate - 2010                              CS for SB 740
       
       
       
       By the Committee on Banking and Insurance; and Senator Bennett
       
       
       
       
       597-03115-10                                           2010740c1
    1                        A bill to be entitled                      
    2         An act relating to the Financial Services Commission;
    3         amending s. 20.121, F.S.; revising the requirements
    4         for appointing or removing the directors of insurance
    5         regulation and financial regulation; requiring the
    6         commission to reconfirm the appointment of the
    7         directors every 2 years; providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Paragraph (d) of subsection (3) of section
   12  20.121, Florida Statutes, is amended to read:
   13         20.121 Department of Financial Services.—There is created a
   14  Department of Financial Services.
   15         (3) FINANCIAL SERVICES COMMISSION.—Effective January 7,
   16  2003, there is created within the Department of Financial
   17  Services the Financial Services Commission, composed of the
   18  Governor, the Attorney General, the Chief Financial Officer, and
   19  the Commissioner of Agriculture, which shall for purposes of
   20  this section be referred to as the commission. Commission
   21  members shall serve as agency head of the Financial Services
   22  Commission. The commission shall be a separate budget entity and
   23  shall be exempt from the provisions of s. 20.052. Commission
   24  action shall be by majority vote consisting of at least three
   25  affirmative votes. The commission shall not be subject to
   26  control, supervision, or direction by the Department of
   27  Financial Services in any manner, including purchasing,
   28  transactions involving real or personal property, personnel, or
   29  budgetary matters.
   30         (d) Appointment and qualifications of directors.—The
   31  commission shall appoint or remove each director by a majority
   32  vote consisting of at least three affirmative votes, with both
   33  the Governor and the Chief Financial Officer on the prevailing
   34  side. The minimum qualifications of the directors are as
   35  follows:
   36         1. Prior To qualify for appointment as director, the
   37  Director of the Office of Insurance Regulation must have had,
   38  within the previous 10 years, at least 5 years of responsible
   39  private sector experience working full time in areas within the
   40  scope of the subject matter jurisdiction of the Office of
   41  Insurance Regulation or at least 5 years of experience as a
   42  senior examiner or other senior employee of a state or federal
   43  agency having regulatory responsibility over insurers or
   44  insurance agencies. The commission shall reconfirm the
   45  appointment of the Director of the Office of Insurance
   46  Regulation every 2 years, in accordance with s. 6(a), Art. IV of
   47  the State Constitution.
   48         2. Prior To qualify for appointment as director, the
   49  Director of the Office of Financial Regulation must have had,
   50  within the previous 10 years, at least 5 years of responsible
   51  private sector experience working full time in areas within the
   52  subject matter jurisdiction of the Office of Financial
   53  Regulation or at least 5 years of experience as a senior
   54  examiner or other senior employee of a state or federal agency
   55  having regulatory responsibility over financial institutions,
   56  finance companies, or securities companies. The commission shall
   57  reconfirm the appointment of the Director of the Office of
   58  Financial Regulation every 2 years, in accordance with s. 6(a),
   59  Art. IV of the State Constitution.
   60         Section 2. This act shall take effect July 1, 2010.