10121773, 69B-162.011 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 10121773

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Insurance Agent and Agency Services

Chapter:

ANNUITY CONTRACTS

Overview

RULE:

69B-162.011

Suitability and Disclosure in Annuity Investments - Forms Required

PURPOSE:

The purpose of the proposed rule amendment is to revise the existing rule to reflect certain provisions of Senate Bill 2176, a general insurance bill passed by the 2010 Legislature. The relevant statute, Section 626.99(4)(c), F.S., has been amended to require cover pages for fixed and variable annuity contracts. The effect of the proposed rule is to provide clear and concise information to consumers regarding the circumstances under which an annuity contract may be cancelled for an unconditional refund. In addition to mandatory formatting requirements, the proposed rule amendment requires annuity cover pages to contain specific cautionary language that informs consumers of the risks, policy features and contact sources for those seeking additional information or to report complaints.

SUMMARY:

The proposed rule amendment sets forth the requirements for the design and content for annuity cover pages.

RULEMAKING AUTHORITY:

624.308(1), 626.016, 627.4554(10) FS.

LAW:

624.307(1), 624.308, 626.99(4)(c), 627.4131, 627.4554 FS.

PRINT PUBLISH DATE:

7/22/2011 Vol. 37/29

COMMENTS:

From 7/22/2011 To 8/12/2011 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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