3871675, 69O-149.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 3871675

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

FILING OF FORMS AND RATES FOR LIFE/HEALTH INSURANCE

Overview

RULE:

69O-149.002

Scope and Applicability

PURPOSE:

Rule 69O-149.002 is being amended to adopt the recent National Association of Insurance Commissioners (NAIC) interstate compact standard for defining incidental for accelerated death benefits.

SUMMARY:

If the cost of an accelerated death benefit is incidental, less than 10% of the cost of the contract as a whole, the accelerated rider would not be subject to the health standards. These include such riders as accelerated long-term care and accelerated death benefits due to heart or other critical conditions. The standard provides for the formula to be used to meet the test.

RULEMAKING AUTHORITY:

624.308(1), 627.410(6)(b) FS.

LAW:

624.307(1), 627.402, 627.410(1), (2), (6), (7), 627.411(1)(e), (2), 627.6515(2)(a), 627.6699 FS.

PRINT PUBLISH DATE:

3/16/2007 Vol. 33/11

COMMENTS:

From 3/16/2007 To 4/6/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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