House Bill 3891

    Florida House of Representatives - 1998                HB 3891

        By Representative Lawson






  1                      A bill to be entitled

  2         An act relating to insurance; creating s.

  3         627.5015, F.S.; prohibiting delivery or

  4         issuance of industrial life insurance policies

  5         after a certain date; providing application;

  6         requiring disclosure of certain information to

  7         policyholders or premium payors; providing an

  8         effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Section 627.5015, Florida Statutes, is

13  created to read:

14         627.5015  Industrial life insurance prohibited;

15  application; disclosure.--

16         (1)  No policy of industrial life insurance shall be

17  delivered or issued in this state on or after October 1, 1998.

18         (2)  Each policy of industrial life insurance that has

19  been issued or delivered in this state prior to October 1,

20  1998, shall be subject to all applicable provisions of the

21  Florida Insurance Code and rules adopted under the code.

22         (3)  Each insurer which has in force in this state a

23  policy of industrial life insurance shall annually disclose to

24  the policyholder or premium payor the total amount of premiums

25  paid, the cash value, and the amount of the death benefits

26  payable under such policy.

27         Section 2.  This act shall take effect October 1 of the

28  year in which enacted.

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






    Florida House of Representatives - 1998                HB 3891

    113-271-98






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  2                          HOUSE SUMMARY

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      Prohibits delivery or issuance of industrial life
  4    insurance policies in this state after October 1, 1998.
      Requires disclosure to policyholders or premium payors of
  5    premiums paid, cash value, and amount of death benefits
      payable under existing industrial life insurance
  6    policies. See bill for details.

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