Florida Senate - 2013 SENATOR AMENDMENT Bill No. CS for CS for HB 383 Barcode 760430 LEGISLATIVE ACTION Senate . House . . . Floor: 1/AD/2R . Floor: SENA1/CA 04/29/2013 03:30 PM . 05/02/2013 10:16 AM ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— Senator Hukill moved the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 1053 - 1133 4 and insert: 5 Section 3. Opt out from long-term care products standards. 6 Pursuant to Article VII of the Interstate Insurance Product 7 Regulation Compact, adopted by this act, this state 8 prospectively opts out of all uniform standards adopted by the 9 Interstate Insurance Product Regulation Commission involving 10 long-term care insurance products, and such opt out may not be 11 treated as a material variance in the offer or acceptance of 12 this state to participate in the compact. 13 Section 4. Effective date of compact standards; opt out 14 procedures; state law exemptions; legislative notice.— 15 (1) Except as provided in section 3 of this act and this 16 section, all uniform standards adopted by the Interstate 17 Insurance Product Regulation Commission as of March 1, 2013, are 18 adopted by this state. 19 (2) Notwithstanding subsections (3), (4), (5), and (6) of 20 Article VII of the Interstate Insurance Product Regulation 21 Compact as adopted by this act, it is the policy of this state 22 as a participant in the compact: 23 (a) To opt out, and for the Office of Insurance Regulation 24 to opt out, of any new uniform standard, or amendments to 25 existing uniform standards, adopted by the Interstate Insurance 26 Product Regulation Commission after March 1, 2013, if such 27 amendments substantially alter or add to existing uniform 28 standards adopted by this state pursuant to subsection (1) until 29 such time as this state enacts legislation to adopt or opt out 30 of, adopts rules to adopt or opt out of, or executes an order to 31 adopt or opt out of new uniform standards or amendments to 32 existing standards adopted by the commission after March 1, 33 2013. 34 (b) That, notwithstanding the adoption of the Interstate 35 Product Regulation Compact pursuant to this act, participation 36 in the compact is contingent upon a determination by the 37 Commissioner of Insurance Regulation that the uniform standards 38 of the compact provide consumer protections equivalent to those 39 under state law and, if the commissioner determines otherwise, 40 an order issued by the Office of Insurance Regulation 41 constitutes the action required by the commission to not join 42 the compact, to opt out of, or to stay the effect of, any 43 uniform standard not otherwise opted out of pursuant to this 44 act. 45 (c) That the authority under the compact to opt out of a 46 uniform standard includes an order issued under chapter 120, 47 Florida Statutes, of the Administrative Procedure Act. 48 (3) In addition to any other uniform standards the state 49 may opt out of pursuant to subsection (2), effective July 1, 50 2014, this subsection constitutes the legislation required to be 51 enacted pursuant to subsections (4) and (5) of Article VII of 52 the Interstate Insurance Product Regulation Compact by which 53 this state opts out of the following uniform standards adopted 54 by the Interstate Insurance Product Regulation Commission: 55 a. The 10-day period for the unconditional refund of 56 premiums, plus any fees or charges under s. 626.99, Florida 57 Statutes. 58 b. Underwriting criteria limiting the amount, extent, or 59 kind of life insurance based on past or future travel in a 60 manner that is inconsistent with s. 626.9541(1)(dd), Florida 61 Statutes, as implemented by the Office of Insurance Regulation. 62 (4) It is the policy of this state that the exclusivity 63 provision of paragraph (2)(b) of Article XVI of the Interstate 64 Insurance Product Regulation Compact applies only to those 65 uniform standards adopted by the Interstate Insurance Product 66 Regulation Commission in accordance with the terms of the 67 compact and does not apply to those standards that this state 68 has opted out of pursuant to this act or the compact. In 69 addition, it is the policy of this state that under the 70 exclusivity provision, standards adopted by this state are not 71 limited or rendered inapplicable by the absence of a standard 72 adopted by the commission. Notwithstanding paragraph (2)(b) of 73 Article XVI of the compact, standards adopted by this state 74 continue to apply to the content, approval, and certification of 75 products in this state, including, but not limited to, the 76 following: 77 a. Prohibition of a surrender or deferred sales charge of 78 more than 10 percent pursuant to s. 627.4554, Florida Statutes. 79 b. Notification to an applicant of the right to designate a 80 secondary addressee at the time of application under s. 81 627.4555, Florida Statutes. 82 c. Notification of secondary addressees at least 21 days 83 before the impending lapse of a policy under s. 627.4555, 84 Florida Statutes. 85 d. Inclusion of a clear statement pursuant to s. 627.803, 86 Florida Statutes, that the benefits, values, or premiums under a 87 variable annuity are indeterminate and may vary. 88 e. Interest on surrender proceeds pursuant to s. 627.482, 89 Florida Statutes. 90 (5) After enactment of this section, if the Interstate 91 Insurance Product Regulation Commission adopts any new uniform 92 standard or amendment to the existing uniform standard as 93 specified in subsection (2), the Office of Insurance Regulation 94 shall immediately notify the Legislature of such new standard or 95 amendment. If the office or the court finds that the procedure 96 specified in subsection (2) has not been followed, notice shall 97 be given to the Legislature. 98 Section 5. Notwithstanding subsection (4) of Article XII of 99 the Interstate Insurance Product Regulation Compact, the 100 Interstate Insurance Product Regulation Commission is subject 101 to: 102 (1) State unemployment or reemployment taxes imposed 103 pursuant to chapter 443, Florida Statutes, in compliance with 104 the Federal Unemployment Tax Act, for any persons employed by 105 the commission who perform services for it within this state. 106 (2) Taxation on any commission business or activity 107 conducted or performed in this state. 108 Section 6. Access to records.— 109 (1) Notwithstanding subsections (1) and (2) of Article 110 VIII, subsection (2) of Article X, and subsection (6) of Article 111 XII of the Interstate Insurance Product Regulation Compact, a 112 request by a resident of this state for public inspection and 113 copying of information, data, or official records that include: 114 (a) An insurer’s trade secrets shall be referred to the 115 Commissioner of Insurance Regulation who shall respond to the 116 request, with the cooperation and assistance of the Financial 117 Services Commission, in accordance with s. 624.4213, Florida 118 Statutes; or 119 (b) Matters of privacy of individuals shall be referred to 120 the Commissioner of Insurance Regulation who shall respond to 121 the request, with the cooperation and assistance of the 122 Financial Services Commission, in accordance with s. 119.07(1), 123 Florida Statutes. 124 (2) This act does not abrogate the right of a person to 125 access information consistent with the State Constitution and 126 laws of this state. 127 Section 7. The Financial Services Commission may adopt 128 rules to administer this act. 129 Section 8. If any part of section 3 or section 4 of this 130 act is invalidated by the courts, such ruling renders the entire 131 act invalid. 132 Section 9. This act shall take effect July 1, 2014. 133 134 ================= T I T L E A M E N D M E N T ================ 135 And the title is amended as follows: 136 Delete lines 60 - 73 137 and insert: 138 opting out of and adopting new uniform standards or 139 amendments to existing standards; providing for the 140 preemption of certain state laws; requiring the office 141 to notify the Legislature of any new uniform standards 142 or amendments to existing standards; providing that 143 the commission is subject to certain state tax 144 requirements; providing for public access to records; 145 authorizing the Financial Services Commission to adopt 146 rules to implement this act; providing that if any 147 part of this act is invalidated, the entire act is 148 invalid; providing an