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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-151. Requirements For Replacement Of Life And Health Coverage |
1(1) Rules 369O-151.201, 4and 569O-151.202, 6F.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.
34(2) Rules 3669O-151.201, 37and 3869O-151.202, 39F.A.C., shall not apply to:
44(a) Conversions of group or individual term policies; or
53(b) Group permanent life, group variable life, group fixed annuities and group variable annuities wherein the group master policyholder retains ownership of the contract.
77(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 10169O-151.202(2)(a), 102F.A.C, shall not apply to:
107(a) Reduced paid-up or extended term insurance options in group life, group variable life, individual life or variable life policies;
127(b) Early annuity options of group fixed, group variable, individual fixed or individual variable annuity products; or
144(c) A living benefit settlement option of a group permanent life, group variable life, individual life or individual variable life insurance policy.
166Rulemaking 167Authority 168624.308(1), 169626.9641(1)(aa)2. FS., 171Chapter 95-219, Laws of Florida. Law Implemented 178624.307(1), 179626.9541(1)(aa) FS., 181History–New 2-19-96, Formerly 4-151.201, Amended 1-4-24.
