9376813, 69B-162.011 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 9376813

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

ANNUITY CONTRACTS

Overview

RULE:

69B-162.011

Suitability and Disclosure in Annuity Investments - Forms Required

PURPOSE:

The purpose of the proposed rule amendment is to revise the existing rule to reflect certain provisions of Senate Bill 2176, a general insurance bill passed by the 2010 Legislature. The relevant statute, Section 626.99(4)(c), F.S., has been amended to require cover pages for fixed and variable annuity contracts. The effect of the proposed rule is to provide clear and concise information to consumers regarding their rights to cancel annuity contracts and to receive unconditional refunds. In addition to the mandatory formatting requirements, the proposed rule amendment requires that annuity cover pages contain specific cautionary language to inform consumers of the risks, policy features and contact sources for those seeking additional information or to report complaints.

SUBJECT:

Annuity Policy Cover Pages.

RULEMAKING AUTHORITY:

624.308(1), 626.016, 627.4554(10) FS.

LAW:

624.307(1), 626.308, 626.99(4)(c), 627.4131, 627.4554 FS.

PRINT PUBLISH DATE:

11/19/2010 Vol. 36/46

RELATED STATUTES
AND LAWS:

624.308(1), 626.016, 627.4554(10) FS., 624.307(1), 626.308, 626.99(4)(c), 627.4131, 627.4554 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-162.011&PDate=11/19/2010&Section=1

REFERENCE MATERIALS:

No reference(s).

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