June 01, 2020
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_h1011__
HB 1011

1
A bill to be entitled
2An act relating to the Department of Financial Services;
3amending s. 20.121, F.S.; deleting a requirement that the
4Governor and the Chief Financial Officer be on the
5prevailing side of the vote to appoint or remove the
6Director of the Office of Insurance Regulation and the
7Director of the Office of Financial Regulation; requiring
8that the Financial Services Commission reconfirm the
9appointment of the Director of the Office of Insurance
10Regulation and the Director of the Office of Financial
11Regulation every 2 years; providing an effective date.
12
13Be It Enacted by the Legislature of the State of Florida:
14
15     Section 1.  Paragraph (d) of subsection (3) of section
1620.121, Florida Statutes, is amended to read:
17     20.121  Department of Financial Services.-There is created
18a Department of Financial Services.
19     (3)  FINANCIAL SERVICES COMMISSION.-Effective January 7,
202003, there is created within the Department of Financial
21Services the Financial Services Commission, composed of the
22Governor, the Attorney General, the Chief Financial Officer, and
23the Commissioner of Agriculture, which shall for purposes of
24this section be referred to as the commission. Commission
25members shall serve as agency head of the Financial Services
26Commission. The commission shall be a separate budget entity and
27shall be exempt from the provisions of s. 20.052. Commission
28action shall be by majority vote consisting of at least three
29affirmative votes. The commission shall not be subject to
30control, supervision, or direction by the Department of
31Financial Services in any manner, including purchasing,
32transactions involving real or personal property, personnel, or
33budgetary matters.
34     (d)  Appointment and qualifications of directors.-The
35commission shall appoint or remove each director by a majority
36vote consisting of at least three affirmative votes, with both
37the Governor and the Chief Financial Officer on the prevailing
38side. The minimum qualifications of the directors are as
39follows:
40     1.  Prior To qualify for appointment as director, the
41Director of the Office of Insurance Regulation must have had,
42within the previous 10 years, at least 5 years of responsible
43private sector experience working full time in areas within the
44scope of the subject matter jurisdiction of the Office of
45Insurance Regulation or at least 5 years of experience as a
46senior examiner or other senior employee of a state or federal
47agency having regulatory responsibility over insurers or
48insurance agencies. The commission shall reconfirm the
49appointment of the Director of the Office of Insurance
50Regulation every 2 years, in accordance with s. 6(a), Art. IV of
51the State Constitution.
52     2.  Prior To qualify for appointment as director, the
53Director of the Office of Financial Regulation must have had,
54within the previous 10 years, at least 5 years of responsible
55private sector experience working full time in areas within the
56subject matter jurisdiction of the Office of Financial
57Regulation or at least 5 years of experience as a senior
58examiner or other senior employee of a state or federal agency
59having regulatory responsibility over financial institutions,
60finance companies, or securities companies. The commission shall
61reconfirm the appointment of the Director of the Office of
62Financial Regulation every 2 years, in accordance with s. 6(a),
63Art. 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.
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