Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-151 - REQUIREMENTS FOR REPLACEMENT OF LIFE AND HEALTH COVERAGE
Section 69O-151.201 - Purpose and Scope

Universal Citation: FL Admin Code R 69O-151.201

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

(1) Rules 69O-151.201, and 69O-151.202, F.A.C., apply to any and all types of policies which include a policy value feature, irrespective of the marketing method by which such policies or contracts are sold.

(2) Rules 69O-151.201, and 69O-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 69O-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), 626.9641(1)(aa)2. FS., Chapter 95-219, Laws of Florida. Law Implemented 624.307(1), 626.9541(1)(aa) FS.,

New 2-19-96, Formerly 4-151.201, Amended 1-4-24.

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