No. SB 84
Filed under Insurance.
Insurance Solutions Advisory Council; Creating the advisory council within the Office of Insurance Regulation of the Financial Services Commission for specified purposes; requiring the office to provide the advisory council with staffing and administrative assistance; providing for expiration of the advisory council, etc.
Plain English Summary
AI-GENERATEDThis bill creates a 13-member Insurance Solutions Advisory Council inside the Office of Insurance Regulation to compile and analyze data on Florida's property and motor vehicle insurance markets and advise the office and Legislature.
Six of the thirteen seats go directly to insurance-industry representatives -- insurers, a surplus lines company, and agents -- appointed by the House Speaker, Senate President, and Chief Financial Officer.
The Governor appoints three members barred from working for an insurance company, including at least one consumer advocate, and names one of the three as the council's chair.
Members serve without pay beyond expense reimbursement, at the pleasure of whoever appointed them, and the council must report annually to state leaders before it automatically expires on October 2, 2029.
AIEstablishes the Insurance Solutions Advisory Council inside the Office of Insurance Regulation to compile and analyze data on the state's property and motor vehicle insurance markets, serving in an advisory capacity only.
AIThe Speaker, Senate President, and Chief Financial Officer each appoint members who directly represent insurers, a surplus lines company, or insurance agents, guaranteeing industry seats on the council.
AIThe Governor's three appointees cannot be employed by or professionally affiliated with an insurance company or its subsidiary, and the Governor names one of them as the council's chair.
AIAdvisory council members hold their seats only for as long as the officer who appointed them allows, and can be replaced at that officer's discretion at any time.
AIStarting October 1, 2026, the council must submit an annual report on its market analysis and recommendations to the Governor, Senate President, and House Speaker.
AIThe entire section, and the council it creates, is repealed on October 2, 2029, unless the Legislature reviews it and reenacts it before then.
AIThe Office of Insurance Regulation must provide the advisory council with staffing and administrative assistance so it can carry out its duties.