Florida Senate - 2012                          SENATOR AMENDMENT
       Bill No. HB 307
       
       
       
       
       
       
                                Barcode 838730                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       Senator Smith moved the following:
       
    1         Senate Amendment to House Amendment (766547) to Senate
    2  Amendment (with title amendment)
    3  
    4         Between lines 387 and 388
    5  insert:
    6         Section 8. Present subsections (5), (6), and (7) of s.
    7  627.404, Florida Statutes, are renumbered as subsections (6),
    8  (7), and (8), respectively, and a new subsection (5) is added to
    9  that section, to read:
   10         627.404 Insurable interest; personal insurance.—
   11         (5)(a) With respect to life insurance, in any instance in
   12  which an insurance contract is rescinded, voided, or otherwise
   13  terminated or extinguished in accordance with law because the
   14  insurance contract was procured by a person not having an
   15  insurable interest as defined in this section, the insurer shall
   16  pay to the owner of the insurance contract at the time the
   17  contract is voided or otherwise terminated or extinguished an
   18  amount equal to the total premiums paid, with interest, at the
   19  rate of interest specified in s. 625.121(6)(e).
   20         (b) This subsection does not apply to the owner of a life
   21  insurance policy who directly engaged in a violation of this
   22  section.
   23         (c) This subsection applies to all life insurance policies
   24  in effect prior to or issued after the effective date of this
   25  law.
   26  
   27  ================= T I T L E  A M E N D M E N T ================
   28         And the title is amended as follows:
   29         Delete line 394
   30  and insert:
   31         conforming a cross-reference; amending s. 627.404,
   32         F.S.; requiring the insurer to pay a specified amount
   33         to the owner of a life insurance contract in certain
   34         instances in which the contract is rescinded, voided,
   35         or otherwise terminated or extinguished;