Bill Amendment: FL S1222 | 2015 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Division of Insurance Agent and Agency Services

Status: 2015-04-23 - Laid on Table, companion bill(s) passed, see CS/CS/HB 1133 (Ch. 2015-180) [S1222 Detail]

Download: Florida-2015-S1222-Senate_Committee_Amendment_350260.html

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       Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1222
       
       
       
       
       
       
                                Ì350260oÎ350260                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       Appropriations Subcommittee on General Government (Simpson)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 682 - 700
    4  and insert:
    5         627.4553 Recommendations to surrender.—
    6         (1) If an insurance agent recommends the surrender of an
    7  annuity contract or life insurance policy containing a cash
    8  value and does not recommend that the proceeds from the
    9  surrender be used to fund or purchase another annuity contract
   10  or life insurance policy, before execution of the surrender, the
   11  insurance agent, or insurance company if no agent is involved,
   12  shall provide written , on a form that satisfies the
   13  requirements of the rule adopted by the department, information
   14  relating to the contract annuity or policy to be surrendered.
   15  Such information must shall include, but is not limited to, the
   16  amount of any estimated surrender charge, the loss of any
   17  minimum interest rate guarantees, the possibility amount of any
   18  tax consequences resulting from the transaction, the estimated
   19  amount of any forfeited death benefit, and a description of the
   20  value of any other investment performance guarantees being
   21  forfeited as a result of the transaction. The agent shall
   22  maintain a copy of the information and the date that the
   23  information was provided to the owner. This section also applies
   24  to a person performing insurance agent activities pursuant to an
   25  exemption from licensure under this part.
   26         (2) For purposes of this section, the term “surrender”
   27  means the voluntary surrender at the request of the owner of the
   28  annuity contract or life insurance policy before its maturity
   29  date in exchange for the contract’s or policy’s current cash
   30  surrender value which results in the surrender or termination of
   31  the contract or policy. The term excludes any involuntary
   32  termination that is otherwise required by the terms of the
   33  contract or policy and all transactions other than a surrender,
   34  such as the maturity of the contract or policy, a contract or
   35  policy loan, a lapse for nonpayment of premium, a withdrawal of
   36  the contract or policy values, an annuitization, or the exercise
   37  of reduced paid-up or extended-term nonforfeiture options.
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40  And the title is amended as follows:
   41         Delete lines 34 - 35
   42  and insert:
   43         certain information upon surrender of an annuity
   44         contract or life insurance policy under certain
   45         circumstances; defining the term “surrender”;