6187162, 69O-204.010 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6187162

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

Viatical Settlement Providers

Overview

RULE:

69O-204.010	Purpose and Scope
69O-204.020	Definitions
69O-204.030	Forms Incorporated By Reference
69O-204.040	Prohibited Practices
69O-204.050	Anti-fraud

PURPOSE:

Pursuant to the Viatical Settlement Act, Part X of Chapter 626, F.S., the Office regulates viatical settlement providers, companies that purchase life insurance policies from the owners (the viators). The policies are purchased at a discount off the face value for the purposes of investment. The viatical settlement providers in turn sell the viaticated policies to institutional investors. When the insured dies the investors receive the full face amount, less costs, thereby recouping their initial purchase price, plus interest.

SUMMARY:

Section 626.9925, F.S., gives the Financial Service Commission the authority to adopt rules to administer the Viatical Settlement Act.

RULEMAKING AUTHORITY:

624.308(1), 626.9925 FS.

LAW:

624.307(1), 626.9911, 626.9912, 626.9913, 626.9914, 626.9916, 626.9928 FS.

PRINT PUBLISH DATE:

9/26/2008 Vol. 34/39

COMMENTS:

From 9/26/2008 To 10/17/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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