Purpose and Scope, Definitions, Forms Incorporated By Reference, Prohibited Practices, Anti-Fraud  

  • Notice of Change/Withdrawal


    OIR – Insurance Regulation

    69O-204.010: Purpose and Scope
    69O-204.020: Definitions
    69O-204.030: Forms Incorporated By Reference
    69O-204.040: Prohibited Practices
    69O-204.070: Anti-Fraud


    Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 33, No. 50, December 14, 2007 issue of the Florida Administrative Weekly.


    69O-204.010 Purpose and Scope.

    The purpose of this Rule Chapter is to implement the provisions of Chapter 626, Part X, Florida Statutes.

    Specific Authority 626.9925 FS. Law Implemented 626.991 FS.  History–New_________.


    69O-204.020 Definitions.

    In addition to the definitions in Section 626.9911, Florida Statutes, the following definitions apply to this regulation:

    (1) “Control” or “effective control” as used in the Viatical Settlement Act and this rule chapter means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person.

    (2) “Secondary market” means the assignment, transfer, sale, devise, or bequest of the death benefit or ownership of all or a portion of a viaticated life insurance policy or viaticated certificate of insurance.

    Specific Authority  626.9925 FS. Law Implemented 626.9911(2), 626.9912(4), 626.9913(2), 626.9922(2), 626.9924, 626.9913(2) FS.  History–New________.


    69O-204.030 Forms Incorporated By Reference.

    (1) The following forms are incorporated by reference to implement the provisions of Chapter 626, Part X, Florida Statutes.

    (a) Form OIR-A3-1288, Viatical Settlement Provider Annual Report (REV 3/08 ).

    (b) Form OIR-C1-1294, Notice of Intent to Use a Related Provider Trust (REV 10/05).

    (2) All of the above referenced forms are available from the Office’s website, http://www.floir.com, by clicking on “search” and entering the form number.

    (3) All applications, annual report filings, forms submitted by licensees for approval and associated documentation shall be submitted electronically to http://iportal.fldfs.com.

    Specific Authority  626.9925 FS. Law Implemented 626.9912(2), 626.9912(3), 626.9913(2), 626.9921(3), 626.9921(4), 626.9928 FS.  History–New________.


    69O-204.040 Prohibited Practices.

    A viatical settlement provider shall not act also as a viatical settlement broker, whether entitled to collect a fee directly or indirectly, in the same viatical settlement.

    Specific Authority  626.9925 FS. Law Implemented 626.9911(9), 626.9916(1), 626.9916(5) FS. History–New________.


    69O-204.070 Anti-Fraud.

    Every licensed viatical settlement provider shall establish and maintain in accordance with the provisions of Section 626.9922, F.S.:

    (1) Documentation of compliance with its anti-fraud plan and procedures filed in accordance with Section 626.99278, F.S.

    (2) All documentation pertaining to resolved and unresolved material inconsistencies between medical records and insurance applications.

    (3) Documentation pertaining to the mandatory reporting of possible fraudulent acts and prohibited practices set forth in Section 626.99275, F.S., to the Division of Insurance Fraud of the department.

    Specific Authority 626.9925 FS. Law Implemented 626.99278, 626.9922, 626.99275 FS. History–New________.