11990672, 69O-148.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11990672

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

FUNDING OF PRENEED CONTRACTS WITH LIFE INSURANCE OR ANNUITIES

Overview

RULE:

69O-148.001

Funding of Preneed Contracts With Life Insurance or Annuities

PURPOSE:

This rule is unnecessary due to changes to the authorizing statute. The current statute clearly addresses issues that are contained in the rule. Therefore it is appropriate to repeal this rule.

SUMMARY:

Rule 69O-148.001 addresses the sale of life and annuity products by agents to fund preneed funeral contracts. The rule currently limits the amount of insurance that may be written at $7,500, which conflicts with section 626.785, Florida Statutes that permits coverage up to $12,500, and therefore the rule should be repealed. The remainder of the rule has essentially the same substantive content as the statute and is unnecessary.

RULEMAKING AUTHORITY:

624.308(1), FS.

LAW:

624.307(1), 626.785, 626.9541(1)(a),(t), 627.410, FS.

PRINT PUBLISH DATE:

9/14/2012 Vol. 38/37

COMMENTS:

From 9/14/2012 To 10/5/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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