Florida Regulations 69O-162.002: Policy Form and Application; Prior Approval; Disapproval or Withdrawal of Filing
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No variable annuity contract shall be delivered or issued for delivery in this state by any insurance company until a copy of the form thereof (and, in the case of a contract on a group basis, the form of any certificates evidencing variable benefits issued pursuant thereto) and any form of application for such variable annuity contract shall have been filed with the Director. No such form shall be issued or used until the Director shall give his prior written approval of such form. The Director shall disapprove or withdraw approval of any such contract form, application or certificate if:
(1) Such variable annuity contract or application or certificate contains provisions which are ambiguous, misleading or deceptive or likely to mislead or deceive the policyholder, certificate holder, or applicant; or if sales of such contracts are being solicited by any means of advertising, communication or dissemination of information which involves misleading or inadequate description of the provisions of the contract,
(2) The Director, in such event, shall, by written order, promptly notify the company, specifying the particulars of his disapproval. It shall be unlawful for such company thereafter to issue any contract or certificate thereunder or use any application in the form so disapproved.
Specific Authority 624.308(1), 627.805 FS. Law Implemented 624.307(1), 627.803, 627.410, 627.411 FS. History-Repromulgated 12-24-74, Formerly 4-10.02, 4-10.002, Amended 4-9-97, Formerly 4-162.002.
Terms Used In Florida Regulations 69O-162.002
- 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.
(2) The Director, in such event, shall, by written order, promptly notify the company, specifying the particulars of his disapproval. It shall be unlawful for such company thereafter to issue any contract or certificate thereunder or use any application in the form so disapproved.
Specific Authority 624.308(1), 627.805 FS. Law Implemented 624.307(1), 627.803, 627.410, 627.411 FS. History-Repromulgated 12-24-74, Formerly 4-10.02, 4-10.002, Amended 4-9-97, Formerly 4-162.002.