Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 264
Barcode 231136
CHAMBER ACTION
Senate House
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11 The Committee on Governmental Operations (Wilson) recommended
12 the following amendment:
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14 Senate Amendment (with title amendment)
15 Delete everything after the enacting clause
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17 and insert:
18 Section 1. Paragraph (d) of subsection (3) of section
19 20.121, Florida Statutes, is amended to read:
20 20.121 Department of Financial Services.--There is
21 created a Department of Financial Services.
22 (3) FINANCIAL SERVICES COMMISSION.--Effective January
23 7, 2003, there is created within the Department of Financial
24 Services the Financial Services Commission, composed of the
25 Governor, the Attorney General, the Chief Financial Officer,
26 and the Commissioner of Agriculture, which shall for purposes
27 of this section be referred to as the commission. Commission
28 members shall serve as agency head of the Financial Services
29 Commission. The commission shall be a separate budget entity
30 and shall be exempt from the provisions of s. 20.052.
31 Commission action shall be by majority vote consisting of at
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Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 264
Barcode 231136
1 least three affirmative votes. The commission shall not be
2 subject to control, supervision, or direction by the
3 Department of Financial Services in any manner, including
4 purchasing, transactions involving real or personal property,
5 personnel, or budgetary matters.
6 (d) Appointment and qualifications of directors.--
7 1. The directors of the Office of Insurance Regulation
8 and the Office of Financial Regulation must be nominated by
9 the Chief Financial Officer, who shall forward the nominations
10 to the other members of the commission. The commission shall
11 act on each nomination by majority vote; however, in the event
12 of a tie vote of the commission, the side on which the Chief
13 Financial Officer voted prevails. The commission shall appoint
14 or remove each director by a majority vote consisting of at
15 least three affirmative votes, with both the Governor and the
16 Chief Financial Officer on the prevailing side. The minimum
17 qualifications of the directors are as follows:
18 a.1. Prior to appointment as director, the Director of
19 the Office of Insurance Regulation must have had, within the
20 previous 10 years, at least 5 years of responsible private
21 sector experience working full time in areas within the scope
22 of the subject matter jurisdiction of the Office of Insurance
23 Regulation or at least 5 years of experience as a senior
24 examiner or other senior employee of a state or federal agency
25 having regulatory responsibility over insurers or insurance
26 agencies.
27 b.2. Prior to appointment as director, the Director of
28 the Office of Financial Regulation must have had, within the
29 previous 10 years, at least 5 years of responsible private
30 sector experience working full time in areas within the
31 subject matter jurisdiction of the Office of Financial
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8:53 AM 04/12/07 s0264c1d-go33-r2w
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. CS for SB 264
Barcode 231136
1 Regulation or at least 5 years of experience as a senior
2 examiner or other senior employee of a state or federal agency
3 having regulatory responsibility over financial institutions,
4 finance companies, or securities companies.
5 2. The following governs removal of the director of
6 the Office of Insurance Regulation or of the Office of
7 Financial Regulation from office. The Governor or the Chief
8 Financial Officer shall petition the commission for removal of
9 the director. The commission shall act on the petition by
10 majority vote; however, in the event of a tie vote of the
11 commission, the side on which the Chief Financial Officer
12 voted prevails.
13 Section 2. The act shall take effect July 1, 2007.
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17 And the title is amended as follows:
18 Delete everything before the enacting clause
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20 and insert:
21 A bill to be entitled
22 An act relating to the Department of Financial
23 Services; amending s. 20.121, F.S.; revising
24 procedures for appointing and removing
25 directors to the Office of Insurance Regulation
26 and the Office of Financial Regulation within
27 the Financial Services Commission; providing an
28 effective date.
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