Florida Regulations 69O-151.201: Purpose and Scope
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(1) Rules 69O-151.201, and 69O-151.202, F.A.C., apply to any and all types of policies which include a policy value feature, irrespective of the marketing method by which such policies or contracts are sold.
(2) Rules 69O-151.201, and 69O-151.202, F.A.C., shall not apply to:
(a) Conversions of group or individual term policies; or
(b) Group permanent life, group variable life, group fixed annuities and group variable annuities wherein the group master policyholder retains ownership of the contract.
(3) When exercising the following policy provisions, for a purpose other than as a funding source for the purchase of additional insurance contract(s), Fl. Admin. Code R. 69O-151.202(2)(a) shall not apply to:
(a) Reduced paid-up or extended term insurance options in group life, group variable life, individual life or variable life policies;
(b) Early annuity options of group fixed, group variable, individual fixed or individual variable annuity products; or
(c) A living benefit settlement option of a group permanent life, group variable life, individual life or individual variable life insurance policy.
Rulemaking Authority 624.308(1), 626.9641(1)(aa)2. FS., Chapter 95-219, Laws of Florida. Law Implemented 624.307(1), 626.9541(1)(aa) FS., History-New 2-19-96, Formerly 4-151.201, Amended 1-4-24.
Terms Used In Florida Regulations 69O-151.201
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) Conversions of group or individual term policies; or
(b) Group permanent life, group variable life, group fixed annuities and group variable annuities wherein the group master policyholder retains ownership of the contract.
(3) When exercising the following policy provisions, for a purpose other than as a funding source for the purchase of additional insurance contract(s), Fl. Admin. Code R. 69O-151.202(2)(a) shall not apply to:
(a) Reduced paid-up or extended term insurance options in group life, group variable life, individual life or variable life policies;
(b) Early annuity options of group fixed, group variable, individual fixed or individual variable annuity products; or
(c) A living benefit settlement option of a group permanent life, group variable life, individual life or individual variable life insurance policy.
Rulemaking Authority 624.308(1), 626.9641(1)(aa)2. FS., Chapter 95-219, Laws of Florida. Law Implemented 624.307(1), 626.9541(1)(aa) FS., History-New 2-19-96, Formerly 4-151.201, Amended 1-4-24.