Florida Senate Committee on Banking and Insurance Meeting Report: February 7

Feb 8, 2012


The Florida Senate Committee on Banking and Insurance (“Committee”) met yesterday, February 7, 2012, during which it approved the following bills:


SB 1476 relating to Annuities by Senator Garrett Richter

SB 1476 would provide that recommendations relating to annuities made by an insurer or its agents apply to all consumers, and not just senior citizens.  The bill would delete requirements relating to information that must be collected on certain forms adopted by Rule of the Florida Department of Financial Services (“DFS”) and would revise the information relating to annuities that must be provided by the insurer or its agent to the consumer.  In addition, SB 1476 would delete certain annuity policy requirements applicable to persons 65 years of age or older.

A strike-all amendment was adopted to the bill that corrected all technical errors, reinserted a cover page, current law, eliminated new education requirements, and changed the bill’s effective date.  During debate, Senator Mike Fasano expressed concern with how SB 1476 could potentially affect senior citizens. 

Florida Insurance Consumer Advocate Robin Westcott, representatives from AARP and life insurance agents testified in support of the bill.  There was no further debate from legislators and the bill passed unanimously.


SB 1518 relating to Property and Casualty Insurance by Senator Alan Hays

SB 1518 would delete a requirement that the Florida Financial Services Commission provide an annual report to the Florida Legislature consisting of specified data and analysis related to the aggregate net probable maximum losses, financing options, and potential assessments of the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corporation.

There were no questions or debate from Committee members and the bill passed unanimously.


SB 1794 relating to Continuing Education Advisory Board by Senator Hays

SB 1794 would delete authority for the creation of the Continuing Education Advisory Board (“Board”) whose purpose is to advise the DFS in determining standards by which courses for certain persons licensed to solicit or sell insurance may be evaluated and categorized.  The bill also would delete all requirements and procedures with respect to the Board.

Committee members asked no questions and held no debate on the bill, which passed by a unanimous vote.  DFS representatives waived their speaking time in support of the bill. 


SB 1796 relating to Preferred Worker Program by Senator Hays

SB 1796 would delete a preferred worker program for permanently impaired workers who are unable to return to work.

During public testimony, Florida Chief Financial Officer Jeff Atwater waived his speaking time in support of the bill.  There were no questions or debate from Committee members, who unanimously passed the bill.


SB 1586 relating to Money Services Businesses by Senator John Thrasher

SB 1586 would revise the frequency and notice requirements for examinations and investigations by the Florida Office of Financial Regulation (“OFR”) of money services business licensees.  The bill would prohibit money services businesses, authorized vendors and affiliated parties from possessing certain paraphernalia used or intended or designed for use in misrepresenting a customer’s identity, for which penalties would apply.  In addition, money services business licensees would be required to submit to the OFR certain transaction information related to the payment instruments cashed.  SB 1586 also would authorize the Florida Financial Services Commission to prescribe the time, format and manner for licensees to submit their transaction information.

A strike-all amendment clarifying language regarding corporate checks and cashing checks was adopted.  No Committee members raised questions regarding the amendment or the bill.  Those on hand to testify in support of the bill, including CFO Atwater, all waived their respective speaking time in support of the bill.  There was no debate, and SB 1586 passed unanimously.


SB 1584 relating to Public Records/Money Services Businesses/Office of Financial Regulation by Senator Thrasher

SB 1584 would provide an exemption from public records requirements for information contained in the database of payment instrument transactions within the OFR into which payment instrument transaction information submitted by money services business licensees is maintained.  The bill also would provide for specified access to such information.  In addition, SB 1584 would provide for future review and repeal of the exemption.  The bill also provides a statement of public necessity.

There were no questions or debate by any Committee members, and the bill passed by a unanimous vote.


To view the meeting packet, click here.


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