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Florida Administrative Code (Last Updated: October 28, 2024) |
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69. Department of Financial Services |
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69B. Division of Insurance Agent and Agency Services |
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69B-151. Requirements For Replacement Of Life And Health Coverage |
1(1) “Existing Insurer” means the insurance company whose policy is or will be changed or terminated in such a manner as described within the definition of “replacement.”
28(2) “Existing Life Insurance” means any life insurance in force including life insurance under a binding or conditional receipt or a life insurance policy that is within an unconditional refund period, but excluding life insurance obtained through the exercise of a dividend option.
71(3) “Replacing Insurer” means the insurance company that issues a new policy which is a replacement of existing life insurance.
91(4) ‘Sales Proposal” means individualized, written sales aids of all kinds, which are used by an insurer or agent in comparing existing life insurance to proposed life insurance in order to recommend the replacement or conservation of existing life insurance. Sales aids of a generally descriptive nature, which are maintained in the insurer’s advertising compliance file, shall not be considered a Sales Proposal within the meaning of this definition.
160(5) “Life Insurance” shall include annuities, tax sheltered annuities or life insurance policies which qualify under the definition of tax sheltered annuities.
182Rulemaking Authority 184624.308, 185626.9611, 186626.9641 FS. 188Law Implemented 190624.307(1), 191626.9521, 192626.9541, 193626.9641 FS. 195History–New 7-9-81, Amended 2-2-83, Formerly 4-24.12, 4-24.012, 4-150.003, Amended 12-31-15.
