19B-8.001: Qualified Individuals
PURPOSE AND EFFECT: Revises the requirements for changing the beneficiary of a Prepaid Plan to include authorization by the co-purchaser in addition by the authorization of the purchaser. Conforms this rule to changes to Rule 19B-5.004, F.A.C.
SUBJECT AREA TO BE ADDRESSED: The requirements to change the beneficiary of an advance payment contract.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
TIME AND DATE: September 29, 2008, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone (850)488-8514
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
19B-8.001 Qualified Individuals.
Except when an advance payment contract is established by a person purchaser functioning in a custodial capacity, a purchaser may change the qualified beneficiary may be changed to any member of the family of the then-current qualified beneficiary, at any time, by submitting a written, notarized request signed by the person or persons required by Rule 19B-5.004, F.A.C., purchaser directing the Board to change the qualified beneficiary for the contract. “Member of the family” means the same as that term is defined in s. 529 of the Internal Revenue Code. The substitute beneficiary must meet the residency requirement of a qualified beneficiary at the time of substitution. The contract purchaser will be required to sign and notarize any request to substitute beneficiaries on an advance payment contract.
Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98(4) FS. History–New 3-29-89, Formerly 4G-8.001, Amended 12-5-93, 6-20-96, 8-18-97, 12-16-97, 3-24-99, 2-8-00, 10-9-01, 12-28-03, 3-15-06,________.