15472196, 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: 15472196

Notice of Proposed Rule

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 the 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 to the consumer before the surrender check is negotiated or cashed.

SUMMARY:

The proposed rule will require the recommending insurance agent or insurance company to provide the specified information to the consumer before the surrender check is negotiated or cashed.

RULEMAKING AUTHORITY:

624.308, 627.4553, FS

LAW:

627.4553, FS

PRINT PUBLISH DATE:

12/29/2014 Vol. 40/249

COMMENTS:

From 12/29/2014 To 1/19/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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