Florida Senate - 2016                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 1248
                              LEGISLATIVE ACTION                        
                    Senate             .             House              

       Senator Diaz de la Portilla moved the following:
    1         Senate Amendment (with title amendment)
    3         Before line 30
    4  insert:
    5         Section 1. Section 627.422, Florida Statutes, is amended to
    6  read:
    7         627.422 Assignment of policies.—A policy may be assignable,
    8  or not assignable, as provided by its terms. Subject to its
    9  terms relating to assignability, any life or health insurance
   10  policy under the terms of which the beneficiary may be changed
   11  upon the sole request of the policyowner may be assigned either
   12  by pledge or transfer of title, by an assignment executed by the
   13  policyowner alone and delivered to the insurer, whether or not
   14  the pledgee or assignee is the insurer. Any such assignment
   15  shall entitle the insurer to deal with the assignee as the owner
   16  or pledgee of the policy in accordance with the terms of the
   17  assignment, until the insurer has received at its home office
   18  written notice of termination of the assignment or pledge or
   19  written notice by or on behalf of some other person claiming
   20  some interest in the policy in conflict with the assignment.
   21  Absent extenuating circumstances, an insurer must be notified
   22  within 5 business days after the execution of an assignment of
   23  benefits. An insurer must provide a dedicated facsimile number
   24  and e-mail address to receive these notices and confirm receipt
   25  thereof.
   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 2
   30  and insert:
   31         An act relating to insurance practices; amending s.
   32         627.422, F.S.; providing that an insurer must be
   33         notified within a specified time after an assignment
   34         of benefits; requiring an insurer to provide specified
   35         means for receiving and confirming receipt of such
   36         notices;