Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 1308
       
       
       
       
       
       
                                Ì919650,Î919650                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/11/2014           .                                
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       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 523 - 554
    4  and insert:
    5         1. For policies issued before prior to the operative date
    6  of s. 627.476(9), the commissioners’ 1958 Commissioners Standard
    7  Ordinary (CSO) Mortality Table; except that, for any category of
    8  such policies issued on female risks, modified net premiums and
    9  present values, referred to in subsection (7), may be calculated
   10  according to an age up to not more than 6 years younger than the
   11  actual age of the insured.
   12         2. For policies issued on or after the operative date of s.
   13  627.476(9), the commissioners’ 1980 Commissioners Standard
   14  Ordinary Mortality Table or, at the election of the insurer for
   15  any one or more specified plans of life insurance, the
   16  commissioners’ 1980 Commissioners Standard Ordinary Mortality
   17  Table with Ten-Year Select Mortality Factors.
   18         3. For policies issued on or after July 1, 2004, ordinary
   19  mortality tables, adopted after 1980 by the NAIC National
   20  Association of Insurance Commissioners, adopted by rule by the
   21  commission for use in determining the minimum standard of
   22  valuation for such policies.
   23         (b) For all industrial life insurance policies issued on
   24  the standard basis, excluding any disability and accidental
   25  death benefits in such policies:
   26         1. For policies issued before prior to the first date to
   27  which the commissioners’ 1961 Commissioners Standard Industrial
   28  Mortality Table is applicable according to s. 627.476, the 1941
   29  Standard Industrial Mortality Table; and
   30         2. For such policies issued on or after that date, the
   31  commissioners’ 1961 Commissioners Standard Industrial Mortality
   32  Table; and
   33         3. For policies issued on or after October 1, 2014, a
   34  Commissioners Standard Industrial Mortality Table adopted by the
   35  NAIC after 1980 which is adopted by rule of the commission for
   36  use in determining the minimum standard of valuation for such
   37  policies.