Bill Text: FL H0885 | 2010 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Life Insurance [CPSC]
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2010-05-11 - Approved by Governor; Chapter No. 2010-61; companion bill(s) passed, see CS/CS/SB 2176 (Ch. 2010-175) [H0885 Detail]
Download: Florida-2010-H0885-Introduced.html
Bill Title: Life Insurance [CPSC]
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2010-05-11 - Approved by Governor; Chapter No. 2010-61; companion bill(s) passed, see CS/CS/SB 2176 (Ch. 2010-175) [H0885 Detail]
Download: Florida-2010-H0885-Introduced.html
HB 885 |
1 | |
2 | An act relating to life insurance; creating s. 627.4605, |
3 | F.S.; specifying nonapplication of a required notice to a |
4 | current insurer of a policy replacement under certain |
5 | circumstances; amending s. 627.5575, F.S.; revising the |
6 | limitation on the amount of insurance for spouses of |
7 | dependent children of employees of members under a group |
8 | life insurance policy; providing an effective date. |
9 | |
10 | Be It Enacted by the Legislature of the State of Florida: |
11 | |
12 | Section 1. Section 627.4605, Florida Statutes, is created |
13 | to read: |
14 | 627.4605 Replacement notice.-A notice to a current insurer |
15 | of a replacement of a current life insurance policy is not |
16 | required in a transaction involving: |
17 | (1) An application to the current insurer that issued the |
18 | current policy or contract when a contractual change or |
19 | conversion privilege is being exercised; |
20 | (2) A current policy or contract is being replaced by the |
21 | same insurer pursuant to a program filed with and approved by |
22 | the office; or |
23 | (3) A term conversion privilege is being exercised among |
24 | corporate affiliates. |
25 | Section 2. Subsection (3) of section 627.5575, Florida |
26 | Statutes, is amended to read: |
27 | 627.5575 Group life insurance for dependents.-Except for a |
28 | policy issued under s. 627.553, a group life insurance policy |
29 | may be extended to insure the employees or members against loss |
30 | due to the deaths of their spouses and dependent children or any |
31 | class or classes thereof, subject to the following: |
32 | (3) The amounts of insurance for any covered spouse or |
33 | dependent child under the policy may not exceed |
34 | the amount of insurance for which the employee or member is |
35 | insured. |
36 | Section 3. This act shall take effect upon becoming a law. |
CODING: Words |