69O-151.007. Duties of Replacing Insurers

Each replacing insurer shall:

(1) Inform its field representatives of the requirements of these rules.

(2) Require with or as part of each completed application for life insurance:

(a) A statement signed by the applicant as to whether or not such insurance will replace existing life insurance; and,

(b) A statement signed by the agent as to whether or not he or she knows replacement is or may be involved in the transaction.

(3) Where a replacement is involved:

(a) Require from the agent with the application for life insurance a completed copy of the Form OIR-B2-312 rev. 07/23, as adopted in Rule 69B-151.010, F.A.C., and a copy of all Sales Proposals used for presentation to the applicant.

(b) Send to the applicant when requested in the, a Form OIR-B2-313, rev. 07/23 as adopted in Rule 69B-151.010, F.A.C., containing complete information required by the Form regarding the proposed insurance. This must be done within five (5) working days of the date the application and the Form OIR-B2-312, rev. 07/23, as adopted in Rule 69B-151.010, F.A.C., are received at its Home or Regional Office, or the date its policy is issued, whichever is sooner. Exemptions from compliance with the provisions of this paragraph are set forth in Rule 69O-151.004, F.A.C.

(c) Send to the existing insurer a copy of the Form OIR-B2-312, rev. 07/23, as adopted in Rule 69B-151.010, F.A.C., immediately upon receipt at its Home or Regional Office. The mailing address to be used for the existing insurer is the address under which that insurer is registered with the Office of Insurance Regulation.

(d) Provide to each prospective purchaser a buyer’s guide and a policy summary prior to accepting any applicant’s initial premium or premium deposit, unless the policy for which application is made contains a provision for an unconditional refund for a period of at least 10 days, or unless the policy summary contains an offer of such an unconditional refund, in which event the buyer’s guide and policy summary must be delivered with the policy or prior to delivery of the policy.

(e) Maintain copies of the Form OIR-B2-312 rev. 07/23, and Form OIR-B2-313 rev. 07/23, as adopted in Rule 69B-151.010, F.A.C., if requested by the applicant, and all Sales Proposals used, and a replacement register, cross indexed, by replacing agent and existing insurer to be replaced, for at least three (3) years or until the conclusion of the next succeeding regular examination by the Insurance Department of its state of domicile, whichever is later.

Rulemaking Authority 624.308, 626.9611, 626.9641 FS. Law Implemented 624.307(1), 626.9521, 626.9541, 626.9641, 626.99 FS. History–New 7-9-81, Formerly 4-24.05, Amended 2-2-83, Formerly 4-24.16, 4-24.016, 4-151.007, Amended 1-4-24.