House Amends HB 1003–Annuity Products

On April 15, 2008, the House Jobs and Entrepreneurship Council passed House Bill 1003 by Representative Clay Ford (R- Pensacola) relating to Annuity Products, a strike-everything amendment and two amendments to the strike-everything amendment.

The bill provides that any person who purchases an annuity product in the State of Florida and is 75 years of age or older at time of purchase may rescind his or her purchase without penalty during the contract period for sale of such an annuity product for any reason at any time within a period of one year after the date on which such product is purchased.

Further, the bill requires the person rescinding such a contract to notify the insurer or insurer’s agent of rescission in writing and requires the person rescinding such a contract or agreement to receive from the insurer the full refund of costs paid to the insurer or insurer’s agent for the annuity product or related services upon receipt by the insurer or insurer’s agent of written notice of rescission.

The bill requires an insurer licensed to provide annuity products in Florida to include specified provisions in his or her contract for such a product.

The amendment proposed by Representative Ford relating to property insurance would allow companies to continue offering multi-line discounts on policies they have non-renewed and placed with Citizens Property Insurance Corporation, as long as the agent “services” the policy.

 

• Amendment 200000 by Representative Clay Ford can be viewed by clicking here.
• Amendment 300000 by Representative Ron Reagan can be viewed by clicking here.
• Amendment 400000 by Representative Ron Reagan can be viewed by clicking here.

 

Should you have any questions, please feel free to contact this office.

 

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