69O-151.202. Requirements

(1) Each insurer shall adopt written procedures to reasonably avoid and discourage the practice of churning, as defined in Section 626.9541(1)(aa), F.S.

(2)(a) Form OIR-D0-1180, “Policy Disclosure Form and Instructions,” rev. 07/23, hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-16292, shall be completed by the insurer or its licensed and appointed agent and provided to the applicant prior to or contemporaneous with the time the applicant signs any application for the purchase of an additional life insurance policy or annuity contract to be funded through the use of values accessed in an existing and in-force policy with that same insurer. Form OIR-D0-1180, rev. 07/23 shall be completed for each existing and in-force policy to be utilized as a funding source for the purchase of additional insurance contract(s). Any required replacement and sales forms must also be completed. One copy of Form OIR-D0-1180, rev. 07/23 is to be delivered to the policyowner and one copy must be maintained by the insurer.

(b) If there is a material change in the information originally disclosed to the policyowner on Form OIR-D0-1180 as a result of the underwriting and policy issuance process, an insurer may cause an amended Form OIR-D0-1180, rev. 07/23 to be reissued, delivered and executed by the agent or corporate officer and the policyowner, and such amended Form OIR-D0-1180, rev. 07/23 shall constitute the required disclosure under this rule. An insurer must maintain any and all amended versions of Form OIR-D0-1180, rev. 07/23 in accordance with this rule.

(3) Insurers may reprint Form OIR-D0-1180, rev. 07/23 in its adopted format; however, reprints shall not be in a typesize smaller than the format adopted by the Office.

(4) Insurers may affix their name, address and company logo or insignia on the form in a manner not prohibited by Chapter 69B-150, F.A.C, or other applicable laws and rules.

(5) In accordance with Sections 624.316 and 624.3161, F.S., insurers shall maintain executed forms in active policy files for examination purposes. Accordingly, insurers shall maintain executed forms for at least five (5) years or from examination to examination, whichever is longer. In lieu of retaining original, executed forms, Form OIR-D0-1180, rev. 07/23 may be maintained in a manner retrievable for compliance examination and investigation review purposes.

(6) Policy loan request forms, surrender value request forms, dividend withdrawal request forms or any other applicable service forms that are necessary to access the funds to be used as a funding source for the payment of premiums for the additional insurance policy shall be completed and executed in their entirety at the time of new policy application and after presentation of the completed Form OIR-D0-1180, rev. 07/23.

(7) Form OIR-DO-1180, rev. 07/23 form may be obtained from https://www.floir.com.

Rulemaking Authority 624.308(1), 626.9541(1)(aa)2. FS., Chapter 95-219, Laws of Florida. Law Implemented 624.307(1), 624.316, 624.3161, 626.9541(1)(aa), 627.4554 FS., Chapter 95-219, Laws of Florida. History–New 2-19-96, Formerly 4-151.202, Amended 1-4-24.