OIR Rule Development: Life and Credit Disability Insurance

The Florida Department of Financial Services, Office of Insurance Regulation (“OIR”) 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

Credit Life and Credit Disability Insurance, the Florida Administrative Code Chapter applicable to the above Rules, is being amended pursuant to House Bill 343, which became law on May 28, 2008. The bill removed the $50,000 limit for credit life, but did not remove the 10-year limit still contained in Section 627.681. Similarly, the bill removed the 10-year limit for credit disability, but did not remove the $50,000 legal limit still contained in Section 627.679.

If requested in writing and not deemed unnecessary by the agency head, a Rule Development Workshop will be held at the date, time and place below:

Date: September 30, 2008

Time: 1:30 p.m.

Place: Room 142 of the Larson Building, 200 East Gaines Street, Tallahassee, Florida

Should you have any questions or comments, please do not hesitate to contact Colodny Fass.

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