Florida Senate - 2012                          SENATOR AMENDMENT
       Bill No. CS/CS/HB 1101, 2nd Eng.
       
       
       
       
       
       
                                Barcode 174324                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                  Floor: WD            .                                
             03/08/2012 04:18 PM       .                                
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       Senator Garcia moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 2838 and 2839
    4  insert:
    5         Section 38. Refund of premium upon termination of policy.—
    6         (1) If a life insurance policy, as defined in s. 624.602,
    7  Florida Statutes, is deemed to be void, void ab initio, or
    8  otherwise terminated or extinguished in accordance with law for
    9  any reason, including the lack of an insurable interest as
   10  defined in s. 627.404(2), Florida Statutes, except for the
   11  nonpayment of premium, the owner of the policy or the owner’s
   12  designated representative has the right to recover from the
   13  insurer all premiums paid on the policy plus any interest on
   14  those payments at the rate set in s. 625.121(6)(e), Florida
   15  Statutes.
   16         (2) This section does not apply to the owner of a life
   17  insurance policy who engaged in fraud in connection with the
   18  issuance of the policy.
   19         (3) This section clarifies existing law and applies to all
   20  life insurance policies in effect before or issued on or after
   21  July 1, 2012.
   22  
   23  ================= T I T L E  A M E N D M E N T ================
   24         And the title is amended as follows:
   25         Delete line 182
   26  and insert:
   27         interest on allowed claims; providing for the refund
   28         of premiums paid upon the termination of a life
   29         insurance policy under specified circumstances;
   30         providing that if this act