Florida Office of Insurance Regulation Rule Development Workshop
Sep 30, 2008
>
Florida Office of Insurance Regulation Rule Development Workshop
The Florida Department of Financial Services, Office of Insurance Regulation has issued a Notice of Development of Rulemaking regarding the following Rules:
- 69O-163.0075: Term and Evidence of Insurance
- 69O-163.009: Determination of Reasonableness of Benefits in Relation to Premium Charge
- 69O-163.011: Credit Disability Insurance Rates
The Chapter applicable to the above Rules, Credit Life and Credit Disability Insurance, is being amended pursuant to House Bill 343, which became law on May 28, 2008. The bill removes the $50,000 limit for credit life, but does not remove the 10-year limit still contained in the law. Similarly, the bill removes the 10-year limit for credit disability, but does not remove the $50,000 legal limit.
The stipulation that a term of insurance shall not exceed 10 years (subject to certain restrictions under the term and evidence of credit life insurance) is now gone.
The revised Rules uniformly effect a 10-year cap for credit life insurance uniformly from the date of issue.
Also, the proposed Rules eliminate the previous loan repayment requirements.
Date: September 30, 2008
Time: 1:30 p.m.
Place: Room 142 of the Larson Building, 200 East Gaines Street, Tallahassee, Florida