No Comments or Testimony Given at Florida Department of Financial Services Rule Hearing on Annuity Contract Regulations
Aug 16, 2011
Today, August 16, 2011, the Florida Department of Financial Services (“DFS”) held a hearing on proposed Rule 69B-162.011, F.A.C., which would reflect certain provisions of SB 2176, a bill that was enacted into law in 2010. The applicable statute, Section 626.99(4)(c), F.S., requires cover pages for fixed and variable annuity contracts.
The intent of proposed Rule 69B-162.011 would be to provide clear and concise information to consumers about the circumstances under which an annuity contract may be canceled for an unconditional refund. In addition to mandatory formatting requirements, the proposed Rule would require annuity cover pages to contain specific cautionary language informing consumers of annuity risks and policy features, as well as contact sources for those seeking additional information or complaint reporting avenues.
Neither public testimony, nor comments from presiding DFS officials was given.
The record will remain open for 10 days, or until the close of business on August 26, 2011.
To access the meeting notice and proposed Rule text, click here.
About SB 2176
SB 2176 became law with the signature of Florida Governor Charlie Crist on June 1, 2010. The bill amended Florida’s insurance rating law to allow specified types of commercial lines insurance to be exempt from the rate filing and review requirements, and also addressed annuity fraud, as well as workers’ compensation claims for law enforcement officers, Medicare supplement insurers, motor vehicle service agreements and specialty insurers.
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