Florida Senate - 2012                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 1428
       
       
       
       
       
       
                                Barcode 501370                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                  Floor: WD            .                                
             03/09/2012 11:39 AM       .                                
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       Senator Smith moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 30 and 31
    4  insert:
    5         Section 2. Present subsections (5), (6), and (7) of s.
    6  627.404, Florida Statutes, are renumbered as subsections (6),
    7  (7), and (8), respectively, and a new subsection (5) is added to
    8  that section, to read:
    9         627.404 Insurable interest; personal insurance.—
   10         (5)(a) With respect to life insurance, in any instance in
   11  which an insurance contract is rescinded, voided, or otherwise
   12  terminated or extinguished in accordance with law because the
   13  insurance contract was procured by a person not having an
   14  insurable interest as defined in this section, the insurer shall
   15  pay to the owner of the insurance contract at the time the
   16  contract is voided or otherwise terminated or extinguished an
   17  amount equal to the total premiums paid, with interest, at the
   18  rate of interest specified in s. 625.121(6)(e).
   19         (b) This subsection does not apply to the owner of a life
   20  insurance policy who directly engaged in a violation of this
   21  section.
   22         (c) This subsection applies to all life insurance policies
   23  in effect prior to or issued after the effective date of this
   24  law.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27         And the title is amended as follows:
   28         Delete line 5
   29  and insert:
   30         its employees; amending s. 627.404, F.S.; requiring
   31         the insurer to pay a specified amount to the owner of
   32         a life insurance contract in certain instances in
   33         which the contract is rescinded, voided, or otherwise
   34         terminated or extinguished; amending s. 627.4133,
   35         F.S.; providing