Florida Senate - 2012 SENATOR AMENDMENT Bill No. CS for HB 941 Barcode 742128 LEGISLATIVE ACTION Senate . House . . . Floor: WD . 03/09/2012 11:41 AM . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— Senator Smith moved the following: 1 Senate Amendment (with title amendment) 2 3 Between lines 29 and 30 4 insert: 5 Section 2. Present subsections (5), (6), and (7) of s. 6 627.404, Florida Statutes, are renumbered as subsections (6), 7 (7), and (8), respectively, and a new subsection (5) is added to 8 that section, to read: 9 627.404 Insurable interest; personal insurance.— 10 (5)(a) With respect to life insurance, in any instance in 11 which an insurance contract is rescinded, voided, or otherwise 12 terminated or extinguished in accordance with law because the 13 insurance contract was procured by a person not having an 14 insurable interest as defined in this section, the insurer shall 15 pay to the owner of the insurance contract at the time the 16 contract is voided or otherwise terminated or extinguished an 17 amount equal to the total premiums paid, with interest, at the 18 rate of interest specified in s. 625.121(6)(e). 19 (b) This subsection does not apply to the owner of a life 20 insurance policy who directly engaged in a violation of this 21 section. 22 (c) This subsection applies to all life insurance policies 23 in effect prior to or issued after the effective date of this 24 law. 25 26 ================= T I T L E A M E N D M E N T ================ 27 And the title is amended as follows: 28 Delete line 7 29 and insert: 30 application; amending s. 627.404, F.S.; requiring the 31 insurer to pay a specified amount to the owner of a 32 life insurance contract in certain instances in which 33 the contract is rescinded, voided, or otherwise 34 terminated or extinguished; providing an effective 35 date.