Bill Text: FL S0740 | 2010 | Regular Session | Comm Sub

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Bill Title: Financial Services Commission [CPSC]

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2010-04-30 - Died in Committee on Governmental Oversight and Accountability [S0740 Detail]

Download: Florida-2010-S0740-Comm_Sub.html

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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.