Bill Text: FL H1011 | 2010 | Regular Session | Introduced

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Bill Title: Department of Financial Services

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2010-04-30 - Died in Committee on Insurance, Business, & Financial Affairs Policy (GGPC) [H1011 Detail]

Download: Florida-2010-H1011-Introduced.html

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HB 1011

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

CODING: Words stricken are deletions; words underlined are additions.