Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69B - Division of Insurance Agent and Agency Services
Chapter 69B-151 - REQUIREMENTS FOR REPLACEMENT OF LIFE AND HEALTH COVERAGE
Section 69B-151.201 - Purpose and Scope

Universal Citation: FL Admin Code R 69B-151.201

Current through Reg. 50, No. 187; September 24, 2024

(1) The purpose of rules 69B-151.201 and 69B-151.202, F.A.C., is to implement the provisions of section 626.9541(1)(aa), F.S., with respect to churning rules 69B-151.201 and 69B-151.202, F.A.C., apply to all types of policies and annuity contracts which include a policy value feature, irrespective of the marketing method by which such policies or annuity contracts are sold.

(2) Rules 69B-151.201 and 69B-151.202, F.A.C., shall not apply to:

(a) Conversions of group or individual term policies; or

(b) Group permanent life, group variable life, group fixed annuities and group variable annuities wherein the group master policyholder retains ownership of the contract.

(3) When exercising the following policy provisions, for a purpose other than as a funding source for the purchase of additional insurance contract(s), paragraph 69B-151.202(2)(a), F.A.C., shall not apply to:

(a) Reduced paid-up or extended term insurance options in group life, group variable life, individual life or variable life policies;

(b) Early annuity options of group fixed, group variable, individual fixed or individual variable annuity products; or

(c) A living benefit settlement option of a group permanent life, group variable life, individual life or individual variable life insurance policy.

Rulemaking Authority 624.308(1) FS. Law Implemented 626.016(3), 626.9541(1)(aa) FS.

New 2-19-96, Formerly 4-151.201, Amended 6-4-18.

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