Bill Amendment: FL S1386 | 2016 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Insurance Agents

Status: 2016-04-08 - Chapter No. 2016-202 [S1386 Detail]

Download: Florida-2016-S1386-Senate_Committee_Amendment_709918.html

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       Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 1386
       
       
       
       
       
       
                                Ì709918PÎ709918                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (d) of subsection (1) and subsection
    6  (3) of section 626.785, Florida Statutes, are amended to read:
    7         626.785 Qualifications for license.—
    8         (1) The department shall not grant or issue a license as
    9  life agent to any individual found by it to be untrustworthy or
   10  incompetent, or who does not meet the following qualifications:
   11         (d) Must not be a funeral director or direct disposer, or
   12  an employee or representative thereof, or have an office in, or
   13  in connection with, a funeral establishment, except that a
   14  funeral establishment may contract with a life insurance agent
   15  to sell a preneed contract as defined in s. 497.005.
   16  Notwithstanding other provisions of this chapter, such insurance
   17  agent may sell limited policies of insurance covering the
   18  expense of final disposition or burial of an insured in the
   19  amount of $21,000 $12,500, plus an annual percentage increase
   20  based on the Annual Consumer Price Index compiled by the United
   21  States Department of Labor, beginning with the Annual Consumer
   22  Price Index announced by the United States Department of Labor
   23  for the year 2016 2003.
   24         (3) Notwithstanding any other provisions of this chapter, a
   25  funeral director, a direct disposer, or an employee of a funeral
   26  establishment that holds a certificate of authority pursuant to
   27  s. 497.452 may obtain an agent’s license to sell only policies
   28  of life insurance covering the expense of a prearrangement for
   29  funeral services or merchandise so as to provide funds at the
   30  time the services and merchandise are needed. The face amount of
   31  insurance covered by any such policy shall not exceed $21,000
   32  $12,500, plus an annual percentage increase based on the Annual
   33  Consumer Price Index compiled by the United States Department of
   34  Labor, beginning with the Annual Consumer Price Index announced
   35  by the United States Department of Labor for 2016 2003.
   36         Section 2. This act shall take effect upon becoming a law.
   37  
   38  ================= T I T L E  A M E N D M E N T ================
   39  And the title is amended as follows:
   40         Delete everything before the enacting clause
   41  and insert:
   42                        A bill to be entitled                      
   43         An act relating to life insurers; amending s. 626.785,
   44         F.S.; revising amounts of coverage of certain life
   45         insurance policies that may be sold by specified
   46         persons; revising the version of the Annual Consumer
   47         Price Index used as a basis for calculating certain
   48         annual percentage increases in specified policies;
   49         providing an effective date.