Florida Statutes 626.99275 – Prohibited practices; penalties
Current as of: 2023 | Check for updates
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(1) It is unlawful for a person to:
For details, see Fla. Stat. § 775.082(3)(b), Fla. Stat. § 775.082(3)(d) and Fla. Stat. § 775.082(3)(e)
(a) Knowingly enter into, broker, or otherwise deal in a viatical settlement contract the subject of which is a life insurance policy, knowing that the policy was obtained by presenting materially false information concerning any fact material to the policy or by concealing, for the purpose of misleading another, information concerning any fact material to the policy, where the viator or the viator’s agent intended to defraud the policy’s issuer.
Attorney's Note
Under the Florida Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Felony of the first degree | up to 30 years | up to $10,000 |
| Felony of the second degree | up to 15 years | up to $10,000 |
| Felony of the third degree | up to 5 years | up to $5,000 |
Terms Used In Florida Statutes 626.99275
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Contract: A legal written agreement that becomes binding when signed.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- 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.
(b) Knowingly or with the intent to defraud, for the purpose of depriving another of property or for pecuniary gain, issue or use a pattern of false, misleading, or deceptive life expectancies.
(c) Knowingly engage in any transaction, practice, or course of business intending thereby to avoid the notice requirements of s. 626.9924(7).
(d) Knowingly or intentionally facilitate the change of state of residency of a viator to avoid the provisions of this chapter.
(e) Knowingly enter into a viatical settlement contract before the application for or issuance of a life insurance policy that is the subject of a viatical settlement contract or during an applicable period specified in s. 626.99287(1) or (2), unless the viator provides a sworn affidavit and accompanying independent evidentiary documentation in accordance with s. 626.99287.
(f) Engage in a fraudulent viatical settlement act, as defined in s. 626.9911.
(g) Knowingly issue, solicit, market, or otherwise promote the purchase of a life insurance policy for the purpose of or with an emphasis on selling the policy to a third party.
(h) Engage in a stranger-originated life insurance practice, as defined in s. 626.9911.
(2) A person who violates any provision of this section commits:
(a) A felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084, if the insurance policy involved is valued at any amount less than $20,000.