HB 885

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

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