To assist the Trustees and staff with their responsibilities, the Trustees appoint volunteers to several oversight entities who have specific knowledge and expertise.
Investment Advisory Council (IAC)
The IAC provides independent oversight of SBA’s funds and major investment responsibilities, meets at least quarterly to discuss general policies, and broadly covers topics related to the general economic outlook. The Board of Trustees appoints nine members to serve on the IAC. Members are appointed for four-year terms pursuant to Section 215.444(2), Florida Statutes.
Audit Committee (AC)
The AC exists to assist the Trustees in fulfilling their oversight responsibilities. The primary duties and responsibilities of the AC are to serve as an independent and objective party to monitor the SBA’s processes for financial reporting, internal controls and risks assessment and compliance, and to review and appraise the audit efforts of the SBA’s independent auditors and Office of Internal Audit. The Trustees appoint three members who serve a four-year term at the will of their Trustee.
Participant Local Government Advisory Council (PLGAC)
The PLGAC was statutorily created as an additional measure to ensure that Florida PRIME is operated and managed in the best interest of investors in the fund. The Trustees appoint six members to serve four-year terms, subject to confirmation by the Florida Senate. Members must possess special knowledge, experience, and familiarity obtained through active, longstanding, and material participation in the dealings of the fund.
Florida Hurricane Catastrophe Fund Advisory Council
The Council was created to provide the Trustees with information and advice with its duties related to the Florida Hurricane Catastrophe Fund (FHCF). The Trustees appoint a nine-member advisory council that consists of an actuary, a meteorologist, an engineer, a representative of insurers, a representative of insurance agents, a representative of reinsurers, and three consumers.
Florida Commission on Hurricane Loss Projection Methodology
The Commission was statutorily created as a panel of experts to provide actuarially sophisticated guidelines and standards for the projection of hurricane losses. The Commission is administratively housed within the SBA and consists of 12 appointed members.