Senate Bill 0252e1

    SB 252                                         First Engrossed



  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)  A policy of industrial life insurance may not be

17  delivered or issued in this state on or after October 1, 2000.

18         (2)  Each policy of industrial life insurance in effect

19  before October 1, 2000, is subject to all applicable

20  provisions of the Florida Insurance Code and rules adopted

21  under the code.

22         (3)  Each insurer that collects premiums in this state

23  for a policy of industrial life insurance must annually

24  disclose to the policyholder or premium payor the total amount

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

26  benefits payable under the policy.

27         Section 2.  This act shall take effect October 1, 2000.

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