5732620, 69O-164.040 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 5732620

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

VALUATION AND NONFORFEITURE

Overview

RULE:

69O-164.040

Determining Reserve Liabilities for Preneed Life Insurance

PURPOSE:

The purpose of this rule is to recognize the inadequacy of the 2001 Commissioners Standard Ordinary Life Valuation Mortality Table for use in determining the minimum standard of valuation and the minimum standard nonforfeiture value, and to require the continued use of the 1980 Commissioners Standard Ordinary Life Valuation Mortality Table for use in determining the minimum standard of valuation and the minimum standard nonforfeiture value.

SUBJECT:

This rule applies to preneed life insurance policies and certificates as defined in Section Four (4) of this rule, and similar policies and certificates.

RULEMAKING AUTHORITY:

625.121(5)(a), (3), 627.476(9)(h), (5) FS.

LAW:

625.121(5)(a), (3), 627.476(5), (9)(h) FS.

PRINT PUBLISH DATE:

6/13/2008 Vol. 34/24

RELATED STATUTES
AND LAWS:

625.121(5)(a), (3), 627.476(9)(h), (5) FS., 625.121(5)(a), (3), 627.476(5), (9)(h) 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=69O-164.040&PDate=6/13/2008&Section=1

REFERENCE MATERIALS:

No reference(s).

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