Florida Senate - 2010                                    SB 1364
       
       
       
       By Senator Thrasher
       
       
       
       
       8-01117-10                                            20101364__
    1                        A bill to be entitled                      
    2         An act relating to life insurance; creating s.
    3         627.4605, F.S.; specifying types of transactions for
    4         which a notice to the existing insurer of the
    5         replacement of a life insurance policy is not
    6         required; amending s. 627.5575, F.S.; revising a
    7         limitation on the amount of life insurance available
    8         for a covered spouse or dependent child under certain
    9         group life insurance policies; providing an effective
   10         date.
   11  
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Section 627.4605, Florida Statutes, is created
   15  to read:
   16         627.4605 Notice of replacement not required.—A notice to
   17  the existing insurer of the replacement of a life insurance
   18  policy is not required in a transaction involving:
   19         (1) An application to the existing insurer issuing the
   20  existing policy or contract when a contractual change or
   21  conversion privilege is exercised;
   22         (2) Replacement of an existing policy or contract by the
   23  same insurer pursuant to a program filed with and approved by
   24  the Office of Insurance Regulation; or
   25         (3) A term conversion privilege exercised among corporate
   26  affiliates.
   27         Section 2. Subsection (3) of section 627.5575, Florida
   28  Statutes, is amended to read:
   29         627.5575 Group life insurance for dependents.—Except for a
   30  policy issued under s. 627.553, a group life insurance policy
   31  may be extended to insure the employees or members against loss
   32  due to the deaths of their spouses and dependent children or any
   33  class or classes thereof, subject to the following:
   34         (3) The amounts of insurance for any covered spouse or
   35  dependent child under the policy may not exceed 50 percent of
   36  the amount of insurance for which the employee or member is
   37  insured.
   38         Section 3. This act shall take effect upon becoming a law.