15018139, 69B-215.090 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15018139

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

AGENTS

Overview

RULE:

69B-215.090

Information to be Provided When Recommending the Surrender of an Annuity or Life Insurance Policy with a Cash Value

PURPOSE:

Section 627.4553, F.S., was created by Chapter 2014-123, Laws of Florida, and took effect on July 1, 2014. It requires an insurance agent or insurance company to provide certain information to the consumer prior to surrender of an annuity or life insurance policy. The Department is also directed to adopt by rule key pieces of information an agent or insurance company must provide on a form to the consumer before execution of the surrender check.

SUBJECT:

Information to be provided when recommending the surrender of an annuity or life insurance policy and not recommending the proceeds from the surrender be used to fund or purchase another annuity or life insurance policy.

RULEMAKING AUTHORITY:

624.308, 627.4553 FS

LAW:

627.4553 FS

PRINT PUBLISH DATE:

9/4/2014 Vol. 40/172

RELATED STATUTES
AND LAWS:

624.308, 627.4553 FS, 627.4553 FS

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=69B-215.090&PDate=9/4/2014&Section=1

REFERENCE MATERIALS:

No reference(s).

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