Florida Regulations 69O-149.023: Review
Current as of: 2024 | Check for updates
|
Other versions
(1) Filings will be reviewed for compliance with applicable statutes and rules as stated on the forms adopted in Fl. Admin. Code R. 69O-149.022, and will be disapproved for failure to comply. Filings will be disapproved for inconsistencies or ambiguities which are misleading.
(2) The policy may not reserve the right to change contractual provisions without the written consent of the policyholder unless the nature and parameters of such changes are clearly expressed in the contract.
(3) A group life or annuity policy may not reserve the right to change contractual provisions which will adversely affect the annuitization benefit for a certificateholder which is attributable to premiums or contributions already made to the contract.
(4) The insurer shall submit a description of distribution systems (e.g. direct marketing, marketing through agents, marketing through financial or other institutions, etc.), and the intended target population for all product filings.
Rulemaking Authority 624.308, 627.805, 626.9611 FS. Law Implemented 624.307, 625.121, 626.9541, 626.9641, 626.99, 627.410, 627.411, 627.474, 627.476 FS. History-New 5-15-96, Formerly 4-149.023, Amended 5-18-04.
Terms Used In Florida Regulations 69O-149.023
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
(3) A group life or annuity policy may not reserve the right to change contractual provisions which will adversely affect the annuitization benefit for a certificateholder which is attributable to premiums or contributions already made to the contract.
(4) The insurer shall submit a description of distribution systems (e.g. direct marketing, marketing through agents, marketing through financial or other institutions, etc.), and the intended target population for all product filings.
Rulemaking Authority 624.308, 627.805, 626.9611 FS. Law Implemented 624.307, 625.121, 626.9541, 626.9641, 626.99, 627.410, 627.411, 627.474, 627.476 FS. History-New 5-15-96, Formerly 4-149.023, Amended 5-18-04.