14575528, 69B-162.011 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 14575528

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

ANNUITY CONTRACTS

Overview

RULE:

69B-162.011

Suitability and Disclosure in Annuity Investments - Forms Required

PURPOSE:

The proposed rule is amended to conform with revisions to s. 627.4554, F.S., as enacted by SB 166 (Chapter 2013-163, Laws of Florida). SB 166 substantially revised Florida consumer protection laws relating to the sales of annuities by incorporating the 2010 National Association of Insurance Commissioners (“NAIC”) Suitability in Annuity Transactions Model Regulation. The proposed rule extends protections previously afforded only to senior consumers involved in annuity transactions, to consumers of any age. Forms DFS-H1-1980 and DFS-H1-1981 are revised to reflect the standards, procedures and guidelines of the 2010 NAIC Annuity Suitability Model Regulation, and s. 627.4554, F.S.

SUMMARY:

Pursuant to s. 627.4554, F.S., the proposed rule is revised to substantially adopt the standards relating to the sale of annuities as established in the 2010 NAIC Suitability in Annuity Transactions Model Regulation; incorporated forms, accordingly, are also revised. The proposed rule’s title is revised to better reflect its scope of regulation; the proposed rule’s website address is also revised.

RULEMAKING AUTHORITY:

624.308(1), 627.4554(9), F.S.

LAW:

627.4554, F.S.

PRINT PUBLISH DATE:

5/21/2014 Vol. 40/99

COMMENTS:

From 5/21/2014 To 6/11/2014 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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