OIR Releases Annual Report on Freedom to Travel Law

The Florida Office of Insurance Regulation (“OIR”) released the annual Freedom to Travel Report today, March 2, 2008. The Report details the OIR’s efforts to implement the “Freedom to Travel Act,” which was passed in 2006 and places strict limitations on insurance companies’ ability to deny or increase premiums for life insurance-based on foreign travel.

The report also names 105 insurance companies that ask travel-related questions on at least one of their life insurance applications. Those companies are listed subsequent to the OIR’s press release reprinted below, as well as available through the hyperlink listed therein.

 

Should you have any questions or comments, please do not hesitate to contact this office.

 

Florida Office of Insurance Regulation Submits Annual Report on Freedom to Travel Law

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today submitted the 2008 Freedom to Travel Report to legislative leaders detailing the Office of Insurance Regulation’s (Office) efforts to implement the “Freedom to Travel Act,” which was passed in 2006, and codified into law at Section 626.9541(1)(dd), Florida Statutes. The legislation placed strict limitations on insurance companies’ ability to deny or increase premiums for life insurance based on foreign travel.

The report to the President of the Florida Senate and to the Speaker of the House of Representatives is the Office’s second report. Not only does it document a decline in the number of instances and companies that have denied or limited coverage based on foreign travel, but it also outlines the Office’s enforcement efforts. Since the 2007 Freedom to Travel Report to the legislature, the Office has fined seven companies a total of $108,000 for noncompliance with this statute.

“We continue to see progress on this very important issue,” remarked Commissioner McCarty. “The Florida Legislature’s action and the Office’s enforcement efforts have helped preserve Americans’ rights of unrestrained, lawful travel outside the United States.”

The law states that an insurer may not refuse to issue life insurance to; refuse to continue the life insurance of; or limit the amount, extent, or kind of life insurance coverage available to an individual based solely on the individual’s past lawful foreign travel experiences or future travel plans.

The report also names 105 insurance companies that ask travel-related questions on at least one of their life insurance applications. The data call, sent to 524 insurance entities authorized to write life insurance or annuities in Florida, allowed the Office to survey 1,325,365 life insurance applications.

 

The following companies ask travel-related questions as of March 1, 2008:

• 5 Star Life Ins Co
• Acacia Life Ins Co
• AGL Life Assurance Co
• AIG Life Ins Co
• Allianz Life Ins Co Of North America
• Allstate Life Ins Co
• American United Life Ins Co
• Ameritas Life Ins Corp
• Ameritas Variable Life Ins Co
• Annuity & Life Reassurance America Inc
• Aviva Life Ins Co
• AXA Equitable Life Ins Co
• Balboa Life Ins Co
• Banner Life Ins Co
• Berkshire Life Ins Co of America
• Best Meridian Ins Co
• Boston Mutual Life Ins Co
• Chesapeake Life Ins Co
• CM Life Ins Co
• Colonial Life & Accident Ins Co
• Columbian Life Ins Co
• Columbian Mutual Life Ins Co
• Combined Ins Co Of America
• Commonwealth Ann & Life Ins Co
• Conseco Ins Co
• Cotton States Life Ins Co
• Cuna Mutual Ins Society
• Farmers & Traders Life Ins Co
• Federated Life Ins Co
• Fidelity Investments Life Ins Co
• First Allmerica Fin Life Ins Co
• First Metlife Investors Ins Co
• Freedom Life Ins Co Of America
• Garden State Life Ins Co
• General American Life Ins Co
• Government Personnel Mutual Life Ins Co
• Guardian Ins & Annuity Co Inc
• Harleysville Life Ins Co
• Hartford Life & Accident Ins Co
• Hartford Life & Annuity Ins Co
• Hartford Life Ins Co
• Jackson National Life Ins Co
• Kansas City Life Ins Co
• Liberty Life Assurance Co Of Boston
• Liberty Life Ins Co
• Liberty National Life Ins Co
• Life Investors Ins Co Of America
• Lincoln Benefit Life Co
• Lincoln National Life Ins Co
• Mega Life & Health Ins Co The
• MetLIfe Investors Ins Co
• MetLife Investors USA Ins Co
• Metlife Life & Annuity Co of CT
• Metropolitan Life Ins Co
• Metropolitan Tower Life Ins Co
• Mid West National Life Ins Co Of TN
• Midland National Life Ins Co
• Monumental Life Ins Co
• Mony Life Ins Co Of America
• Mutual Of America Life Ins Co
• National Life Ins Co
• National Western Life Ins Co
• Nationwide Life & Ann Co of America
• Nationwide Life And Annuity Ins Co
• Nationwide Life Ins Co
• Nationwide Life Ins Co of America
• New England Life Ins Co
• New York Life Ins & Annuity Corp
• New York Life Ins Co
• North American Co Life & Health Ins
• Northwestern Mutual Life Ins Co
• NY Life Ins Co Of AZ
• Old Republic Life Ins Co
• Ozark National Life Ins Co
• Pacific Life & Annuity Co
• Pacific Life Ins Co
• PHL Variable Ins Co
• Phoenix Life & Annuity Co
• Phoenix Life Ins Co
• Physicians Mutual Life Ins Co
• Pioneer Mutual Life Ins Co
• Presidential Life Ins Co
• Pruco Life Ins Co
• Prudential Ins Co Of America
• Reassure America Life Ins Co
• Reliastar Life Ins Company
• RiverSource Life Ins Co
• S USA Life Ins Co Inc
• Sagicor Life Ins Co
• Security Life Of Denver Ins Co
• Sentry Life Ins Co
• Sentry Life Ins Co Of NY
• Stonebridge Life Ins Co
• Sunset Life Ins Co Of America
• Surety Life Ins Co
• Texas Life Ins Co
• Trans World Assurance Co
• Union Central Life Ins Co
• United Investors Life Ins Co
• United Of Omaha Life Ins Co
• United States Life Ins Co In NYC
• Universal Underwriters Life Ins Co
• US Financial Life Ins Co
• Valley Forge Life Ins Co
• Western Reserve Life Assurance Co of OH

 

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