Bill Text: FL H1429 | 2010 | Regular Session | Introduced

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Bill Title: Annuity Contracts

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2010-04-30 - Died in Committee on Insurance, Business, & Financial Affairs Policy (GGPC) [H1429 Detail]

Download: Florida-2010-H1429-Introduced.html

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HB 1429

1	A bill to be entitled
2	An act relating to annuity contracts; creating s.
3	627.45545, F.S.; requiring certain insurance companies to
4	include a provision in annuity contracts entered into with
5	senior consumers authorizing senior consumers to terminate
6	or liquidate the contract without penalty under certain
7	circumstances; providing an effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1. Section 627.45545, Florida Statutes, is created
12	to read:
13	627.45545 Annuity contracts with senior consumers.-The
14	definitions in s. 627.4554 apply to this section. Any insurance
15	company that enters into any annuity contract with a senior
16	consumer shall include in the contract a provision that allows
17	the contract to be terminated or liquidated by the senior
18	consumer without any penalty if the senior consumer is admitted
19	as a resident in a long-term care facility that imposes a
20	placement duration requirement.
21	Section 2. This act shall take effect July 1, 2010.

CODING: Words stricken are deletions; words underlined are additions.