Bill Amendment: FL S7040 | 2013 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Appropriations

Status: 2013-04-04 - Submit as committee bill by Appropriations (SB 1500) [S7040 Detail]

Download: Florida-2013-S7040-Appropriations_Committee_Amendment_995006.html

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995006                                                     
Florida Senate - 2013                                Committee       Amendment
SB7040                                                  AGG              48


The Committee on Appropriations (Hays) recommended the following 
amendment:

Section: 06              EXPLANATION:

On Page: 293             Requires the Office for Insurance Regulation to 
                         investigate and report on unfair and deceptive 
Spec App:                business practices for the secondary life insurance 
                         market.

NET IMPACT ON:            Total Funds       General Revenue          Trust Funds
    Recurring -                    0                     0                    0 
Non-Recurring -                    0                     0                    0 
______________________________________________________________________________________

                                               Positions & Amount   Positions & Amount
                                                     DELETE         INSERT

        FINANCIAL SERVICES, DEPARTMENT OF
        Program: Financial Services Commission
        Office Of Insurance Regulation
        Compliance And Enforcement - Insurance  43900110

        In Section 06  On Page 293

At the end of existing proviso language, INSERT:

The Office of Insurance Regulation shall investigate unfair and 
deceptive business practices in the secondary life insurance market, 
including but not limited to: the failure to advise policy owners that a 
policy has an insurance interest; denied benefits on life insurance 
policies after the two year contestability period; illegal increases in 
the insurance rate; and refusing to return premiums to life insurance 
policy owners after a policy is rescinded or determined to be invalid.  
The Office of Insurance Regulation shall issue a report on the findings 
by September 30, 2013.









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