Florida Senate - 2015 COMMITTEE AMENDMENT Bill No. PCS (570694) for CS for SB 1222 Ì442200VÎ442200 LEGISLATIVE ACTION Senate . House Comm: RCS . 04/15/2015 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Fiscal Policy (Hays) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 430 - 440 4 and insert: 5 Section 9. Subsection (3) of section 626.7354, Florida 6 Statutes, is amended to read: 7 626.7354 Customer representative’s powers; agent’s or 8 agency’s responsibility.— 9 (3) A customer representative shall be a salaried employee 10 of the agent or agency. His or her compensationshallnot11include commissions andshall not be primarily based on 12 commissions or the production of applications, insurance, or 13 premiums. 14 Section 10. Section 626.748, Florida Statutes, is amended 15 to read: 16 626.748 Agent’s records.—Every agent transacting any 17 insurance policy must maintain in his or her office, or have 18 readily accessible by electronic or photographic means, for a 19 period of at last 5 years after policy expiration, such records 20 of policies transacted by him or her as to enable the 21 policyholders and department to obtain all necessary 22 information, including daily reports, applications, change 23 endorsements, or documents signed or initialed by the insured 24 concerning such policies. 25 Section 11. Subsection (1) of section 626.753, Florida 26 Statutes, is amended to read: 27 626.753 Sharing commissions; penalty.— 28 (1)(a) An agent may divide or share in commissions only 29 with other agents appointed and licensed to write the same kind 30 or kinds of insurance or may divide commissions with a customer 31 representative. 32 (b) This section shall not be construed to prevent the 33 payment or receipt of renewal commissions or other deferred 34 commissions or pensions to or by any person solely because such 35 person has ceased to hold a license to act as an insurance agent 36 or customer representative, and shall not prevent the payment of 37 renewal commissions or other deferred commissions to any 38 incorporated insurance agency solely because any of its 39 stockholders has ceased to hold a license to act as an insurance 40 agent or customer representative. 41 (c) A customer representative may share in commissions with 42 an agent. 43 44 ================= T I T L E A M E N D M E N T ================ 45 And the title is amended as follows: 46 Delete line 23 47 and insert: 48 representative’s license; amending s. 626.7354, F.S; 49 revising provisions relating to customer 50 representative compensation to allow the receipt of 51 commissions by such representatives if the commissions 52 do not constitute the primary source of compensation; 53 amending s. 626.748, F.S.; requiring agents to 54 maintain certain records for a specified period of 55 time; amending s. 626.753, F.S.; conforming provisions 56 to changes made by act;