Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. PCS (149870) for CS for SB 454
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/06/2017           .                                

       The Committee on Appropriations (Brandes) recommended the
    1         Senate Amendment (with title amendment)
    3         Between lines 189 and 190
    4  insert:
    5         Section 3. Paragraph (c) of subsection (8) of section
    6  624.424, Florida Statutes, is amended to read:
    7         624.424 Annual statement and other information.—
    8         (8)
    9         (c) The board of directors of an insurer shall hire the
   10  certified public accountant that prepares the audit required by
   11  this subsection and the board shall establish an audit committee
   12  of three or more directors of the insurer or an affiliated
   13  company. The audit committee shall be responsible for discussing
   14  audit findings and interacting with the certified public
   15  accountant with regard to her or his findings. The audit
   16  committee shall be comprised solely of members who are free from
   17  any relationship that, in the opinion of its board of directors,
   18  would interfere with the exercise of independent judgment as a
   19  committee member. The audit committee shall report to the board
   20  any findings of adverse financial conditions or significant
   21  deficiencies in internal controls that have been noted by the
   22  accountant. The insurer may request the office to waive this
   23  requirement of the audit committee membership based upon unusual
   24  hardship to the insurer.
   26  ================= T I T L E  A M E N D M E N T ================
   27  And the title is amended as follows:
   28         Between lines 10 and 11
   29  insert:
   30         amending s. 624.424, F.S.; revising a requirement for
   31         audit committees established by the boards of
   32         directors of insurers, relating to relationships that
   33         would interfere with the exercise of independent
   34         judgment of committee members;