 |
Florida Administrative Code (Last Updated: April 18, 2024) |
 |
69. Department of Financial Services |
|
69B. Division of Insurance Agent and Agency Services |
|
69B-151. Requirements For Replacement Of Life And Health Coverage |
1(1) The purpose of rules 669B-151.201 7and 869B-151.202, 9F.A.C., is to implement the provisions of section 17626.9541(1)(aa), F.S., 19with respect to churning rules 2469B-151.201 25and 2669B-151.202, 27F.A.C., apply to all types of policies and annuity contracts which include a policy value feature, irrespective of the marketing method by which such policies or annuity contracts are sold.
57(2) Rules 5969B-151.201 60and 6169B-151.202, 62F.A.C., shall not apply to:
67(a) Conversions of group or individual term policies; or
76(b) Group permanent life, group variable life, group fixed annuities and group variable annuities wherein the group master policyholder retains ownership of the contract.
100(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 12469B-151.202(2)(a), 125F.A.C., shall not apply to:
130(a) Reduced paid-up or extended term insurance options in group life, group variable life, individual life or variable life policies;
150(b) Early annuity options of group fixed, group variable, individual fixed or individual variable annuity products; or
167(c) A living benefit settlement option of a group permanent life, group variable life, individual life or individual variable life insurance policy.
189Rulemaking Authority 191624.308(1) FS. 193Law Implemented 195626.016(3), 196626.9541(1)(aa) FS. 198History–New 2-19-96, Formerly 4-151.201, Amended 6-4-18.
