RULE NO.: RULE TITLE:
69B-162.011: Suitability and Disclosure in Annuity Contracts-Forms Required.
Also, in compliance with the requirements of Chapter 2011-255, Laws of Florida, the Summary of Statement of Estimated Regulatory Costs is changed to read as follows: The Department has determined that the proposed rule will directly or indirectly increase regulatory costs, including transactional costs, in excess of $1 million in the aggregate within 5 years after the implementation of the rule. Accordingly, the Department has determined that the proposed rule will require legislative ratification.
69B-162.011 Suitability and Disclosure in Annuity Contracts – Forms Required.
(1) No change.
(2) Annuity Cover Pages.
(a) Any annuity policy must contain a cover page that is a part of and attached to the annuity policy. The cover page of an annuity policy is a page separate from and prior to the first page of the policy. Information required by the Florida Insurance Code or rules promulgated pursuant thereto to appear on the first page of an annuity policy shall not appear on the cover page of the annuity policy unless expressly required by statute or rule to also appear on the cover page of the annuity policy.
(b) through (c) No change.
(d) With the exception of a company logo, the remainder of the type-face on the cover page shall include only the following information as applicable in a minimum of 12-point type:
1. Information for the purchaser on the unconditional refund period as follows:
a. For purchasers age 64 and under, as well as for “accredited investors” of any age: you may return your contract for up to 14 days after you receive it. The term “accredited investor” is defined in Section 627.4554(3)(b), F.S.
b. For purchasers age 65 and over, except for “accredited investors”: you may return your contract for up to 21 days after you receive it. “Accredited investors,” as defined in Section 627.4554(3)(b), F.S., are limited to a 14 day unconditional refund period.
c. through g. No change.
h. On the cover page of any variable annuity policy, include a statement that, “A prospectus, which may include a policy summary, must be given to you.“
2. through 4. No change
(3)(2) No change.
(4)(3) Duties of Insurers and Insurance Agents.
(a) through (g) No change.
(5) Any insurer or agent that sells or markets an annuity policy affected by this rule shall have up to 120 days from the effective date of this rule, as amended, to bring documents related to new sales into compliance with the provisions of this rule.
Rulemaking Authority 624.308(1), 626.016, 627.4554(10)(9) FS. Law Implemented 624.307(1), 624.308, 626.99(4), 627.4554 FS. History– New 12-25-09, Amended_________.