Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. PCS (149870) for CS for SB 454 Ì528356?Î528356 LEGISLATIVE ACTION Senate . House Comm: RCS . 04/06/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Appropriations (Brandes) recommended the following: 1 Senate Amendment (with title amendment) 2 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 comprisedsolelyof 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. 25 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;