Bill Text: FL S0614 | 2019 | Regular Session | Introduced
Bill Title: Interstate Insurance Product Regulation Compact
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2019-05-03 - Died in Banking and Insurance [S0614 Detail]
Download: Florida-2019-S0614-Introduced.html
Florida Senate - 2019 SB 614
By Senator Broxson
1-01138-19 2019614__
1 A bill to be entitled
2 An act relating to the Interstate Insurance Product
3 Regulation Compact; amending s. 626.9933, F.S.;
4 providing that this state prospectively opts out of
5 all uniform standards adopted by the Interstate
6 Insurance Product Regulation Commission involving
7 annuity and disability income insurance products;
8 amending s. 626.9934, F.S.; revising the compact
9 standards adopted by this state; revising standards
10 and amendments to standards that the state
11 prospectively opts out of; deleting a provision
12 construing certain opt-out authority under the
13 compact; deleting a provision specifying uniform
14 standards opted out of by this state; deleting a
15 provision relating to applicability and construction
16 of a certain exclusivity provision in the compact;
17 providing an effective date.
18
19 Be It Enacted by the Legislature of the State of Florida:
20
21 Section 1. Section 626.9933, Florida Statutes, is amended
22 to read:
23 626.9933 Opt out from annuity, disability income, and long
24 term care products standards.—Pursuant to Article VII of the
25 Interstate Insurance Product Regulation Compact, adopted by s.
26 626.9932 this act, this state prospectively opts out of all
27 uniform standards adopted by the Interstate Insurance Product
28 Regulation Commission involving annuity, disability income, and
29 long-term care insurance products, and such opt out may not be
30 treated as a material variance in the offer or acceptance of
31 this state to participate in the compact.
32 Section 2. Section 626.9934, Florida Statutes, is amended
33 to read:
34 626.9934 Effective date of compact standards; opt out of
35 certain amendments opt out procedures; state law exemptions;
36 legislative notice.—
37 (1) Except as provided in s. 626.9933 and this section, all
38 uniform standards adopted by the Interstate Insurance Product
39 Regulation Commission as of March 9, 2019 March 1, 2013, are
40 adopted by this state.
41 (2) Notwithstanding subsections (3), (4), (5), and (6) of
42 Article VII of the Interstate Insurance Product Regulation
43 Compact as adopted by this act, This state prospectively opts
44 out of any new uniform standard, or amendments to existing
45 uniform standards, adopted by the Interstate Insurance Product
46 Regulation Commission after March 9, 2019 March 1, 2013, if such
47 amendments substantially alter or add to existing uniform
48 standards adopted by this state pursuant to subsection (1),
49 until such time as this state enacts legislation to adopt new
50 uniform standards or amendments to existing standards adopted by
51 the commission after March 9, 2019 March 1, 2013.
52 (3) The authority under Article VII of the Interstate
53 Insurance Product Regulation Compact to opt out of a uniform
54 standard includes an order issued under chapter 120, the
55 Administrative Procedure Act.
56 (4) In addition to the uniform standards and amendments to
57 uniform standards that the state opts out of pursuant to
58 subsection (2), pursuant to subsections (4) and (5) of Article
59 VII of the Interstate Insurance Product Regulation Compact, this
60 state opts out of the following uniform standards adopted by the
61 Interstate Insurance Product Regulation Commission:
62 (a) The 10-day period for the unconditional refund of
63 premiums, plus any fees or charges under s. 626.99.
64 (b) Underwriting criteria limiting the amount, extent, or
65 kind of life insurance based on past or future travel in a
66 manner that is inconsistent with s. 626.9541(1)(dd) as
67 implemented by the Office of Insurance Regulation.
68 (c) Any other uniform standard that conflicts with statutes
69 or rules of this state providing consumer protections for
70 products covered by the compact.
71 (5) The exclusivity provision of paragraph (2)(b) of
72 Article XVI of the Interstate Insurance Product Regulation
73 Compact applies only to those uniform standards adopted by the
74 Interstate Insurance Product Regulation Commission in accordance
75 with the terms of the compact and does not apply to those
76 standards that this state has opted out of pursuant to this act
77 or the compact. In addition, the exclusivity provision does not
78 limit or render inapplicable standards adopted by this state in
79 the absence of a standard adopted by the commission.
80 Notwithstanding paragraph (2)(b) of Article XVI of the compact,
81 standards adopted by this state continue to apply to the
82 content, approval, and certification of products in this state,
83 including, but not limited to:
84 (a) The prohibition against a surrender or deferred sales
85 charge of more than 10 percent pursuant to s. 627.4554.
86 (b) Notification to an applicant of the right to designate
87 a secondary addressee at the time of application under s.
88 627.4555.
89 (c) Notification of secondary addressees at least 21 days
90 before the impending lapse of a policy under s. 627.4555.
91 (d) The inclusion of a clear statement pursuant to s.
92 627.803 that the benefits, values, or premiums under a variable
93 annuity are indeterminate and may vary.
94 (e) Interest on surrender proceeds pursuant to s. 627.482.
95 (3)(6) After enactment of this section, if the Interstate
96 Insurance Product Regulation Commission adopts any new uniform
97 standard or amendment to the existing uniform standard as
98 specified in subsection (2), the Office of Insurance Regulation
99 shall immediately notify the Legislature of such new standard or
100 amendment.
101 Section 3. This act shall take effect upon becoming a law.
