Bill Text: FL S1364 | 2010 | Regular Session | Introduced

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Bill Title: Life Insurance [CPSC]

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2010-04-21 - Placed on Special Order Calendar; Read 2nd time -SJ 00672; Amendment(s) adopted (731608) -SJ 00672; Substituted CS/CS/HB 885 -SJ 00672; Laid on Table, companion bill(s) passed, see CS/CS/HB 885 (Ch. 2010-61) -SJ 00672 [S1364 Detail]

Download: Florida-2010-S1364-Introduced.html

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       Florida Senate - 2010                                    SB 1364 
        
       By Senator Thrasher 
       8-01117-10                                            20101364__ 
    1                        A bill to be entitled                       
    2         An act relating to life insurance; creating s. 
    3         627.4605, F.S.; specifying types of transactions for 
    4         which a notice to the existing insurer of the 
    5         replacement of a life insurance policy is not 
    6         required; amending s. 627.5575, F.S.; revising a 
    7         limitation on the amount of life insurance available 
    8         for a covered spouse or dependent child under certain 
    9         group life insurance policies; providing an effective 
   10         date. 
   11   
   12  Be It Enacted by the Legislature of the State of Florida: 
   13   
   14         Section 1. Section 627.4605, Florida Statutes, is created 
   15  to read: 
   16         627.4605 Notice of replacement not required.—A notice to 
   17  the existing insurer of the replacement of a life insurance 
   18  policy is not required in a transaction involving: 
   19         (1) An application to the existing insurer issuing the 
   20  existing policy or contract when a contractual change or 
   21  conversion privilege is exercised; 
   22         (2) Replacement of an existing policy or contract by the 
   23  same insurer pursuant to a program filed with and approved by 
   24  the Office of Insurance Regulation; or 
   25         (3) A term conversion privilege exercised among corporate 
   26  affiliates. 
   27         Section 2. Subsection (3) of section 627.5575, Florida 
   28  Statutes, is amended to read: 
   29         627.5575 Group life insurance for dependents.—Except for a 
   30  policy issued under s. 627.553, a group life insurance policy 
   31  may be extended to insure the employees or members against loss 
   32  due to the deaths of their spouses and dependent children or any 
   33  class or classes thereof, subject to the following: 
   34         (3) The amounts of insurance for any covered spouse or 
   35  dependent child under the policy may not exceed 50 percent of 
   36  the amount of insurance for which the employee or member is 
   37  insured. 
   38         Section 3. This act shall take effect upon becoming a law.