Bill Text: FL S1386 | 2016 | Regular Session | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Insurance Agents

Spectrum: Slight Partisan Bill (? 2-1)

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

Download: Florida-2016-S1386-Comm_Sub.html

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       Florida Senate - 2016                             CS for SB 1386
       
       
        
       By the Committee on Banking and Insurance; and Senator Richter
       
       597-02616-16                                          20161386c1
    1                        A bill to be entitled                      
    2         An act relating to life insurers; amending s. 626.785,
    3         F.S.; revising amounts of coverage of certain life
    4         insurance policies that may be sold by specified
    5         persons; revising the version of the Annual Consumer
    6         Price Index used as a basis for calculating certain
    7         annual percentage increases in specified policies;
    8         providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Paragraph (d) of subsection (1) and subsection
   13  (3) of section 626.785, Florida Statutes, are amended to read:
   14         626.785 Qualifications for license.—
   15         (1) The department shall not grant or issue a license as
   16  life agent to any individual found by it to be untrustworthy or
   17  incompetent, or who does not meet the following qualifications:
   18         (d) Must not be a funeral director or direct disposer, or
   19  an employee or representative thereof, or have an office in, or
   20  in connection with, a funeral establishment, except that a
   21  funeral establishment may contract with a life insurance agent
   22  to sell a preneed contract as defined in s. 497.005.
   23  Notwithstanding other provisions of this chapter, such insurance
   24  agent may sell limited policies of insurance covering the
   25  expense of final disposition or burial of an insured in the
   26  amount of $21,000 $12,500, plus an annual percentage increase
   27  based on the Annual Consumer Price Index compiled by the United
   28  States Department of Labor, beginning with the Annual Consumer
   29  Price Index announced by the United States Department of Labor
   30  for the year 2016 2003.
   31         (3) Notwithstanding any other provisions of this chapter, a
   32  funeral director, a direct disposer, or an employee of a funeral
   33  establishment that holds a certificate of authority pursuant to
   34  s. 497.452 may obtain an agent’s license to sell only policies
   35  of life insurance covering the expense of a prearrangement for
   36  funeral services or merchandise so as to provide funds at the
   37  time the services and merchandise are needed. The face amount of
   38  insurance covered by any such policy shall not exceed $21,000
   39  $12,500, plus an annual percentage increase based on the Annual
   40  Consumer Price Index compiled by the United States Department of
   41  Labor, beginning with the Annual Consumer Price Index announced
   42  by the United States Department of Labor for 2016 2003.
   43         Section 2. This act shall take effect upon becoming a law.