Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 1372
       
       
       
       
       
       
                                Barcode 912092                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Bennett) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 203 - 234
    4  and insert:
    5         Section 7. Subsection (4) of section 626.99, Florida
    6  Statutes, is amended to read:
    7         626.99 Life insurance solicitation.—
    8         (4) DISCLOSURE REQUIREMENTS.—
    9         (a) The insurer shall provide to each prospective purchaser
   10  a buyer’s guide and a policy summary prior to accepting the
   11  applicant’s initial premium or premium deposit, unless the
   12  policy for which application is made provides an unconditional
   13  refund for a period of at least 14 days, or unless the policy
   14  summary contains an offer of such an unconditional refund., In
   15  these instances, which event the buyer’s guide and policy
   16  summary must be delivered with the policy or prior to delivery
   17  of the policy.
   18         (b) With respect to annuities, the insurer shall provide to
   19  each prospective purchaser a buyer’s guide to annuities
   20  developed by the department and a contract summary before
   21  accepting any payment for the contract. as provided in the
   22  National Association of Insurance Commissioners (NAIC) Model
   23  Annuity and Deposit Fund Regulation and The policy must provide
   24  an unconditional refund for a period of at least 14 days. If the
   25  prospective purchaser of an annuity is 65 years of age or older,
   26  the unconditional refund period must be at least 60 days.
   27         (c) The insurer shall attach a cover page to any annuity
   28  policy informing the purchaser of the unconditional refund
   29  period prescribed in paragraph (b). The cover page must also
   30  provide contact information for the issuing company, the
   31  department’s toll-free help line, and any other information
   32  required by the department by rule. The cover page is part of
   33  the contract and is subject to review by the office pursuant to
   34  s. 627.410.
   35         (d)(b) The insurer shall provide a buyer’s guide and a
   36  policy summary to any prospective purchaser upon request.