6010913, 69O-163.0075 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6010913

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

CREDIT LIFE AND CREDIT DISABILITY INSURANCE

Overview

RULE:

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

PURPOSE:

Credit Life and Credit Disability Insurance is being amended to address the statutory changes contained in House Bill 343, which the Governor approved on May 28, 2008. The bill removes the fifty thousand dollars ($50,000) for credit life, but did not remove the ten (10) year limit that is still contained in Section 627.681, Florida Statutes. Similarly, the bill removed the ten (10) year limit for credit disability, but did not remove the fifty thousand dollar limit ($50,000) that is still contained in Section 627.679, Florida Statutes.

SUBJECT:

The stipulation that a term of insurance shall not exceed ten years subject to certain restrictions under the term and evidence of credit life insurance is now gone. The revised rule effectuates a ten year cap for credit life insurance uniformly from the date of issue.
Also, the rule extinguishes the requirement of providing the lesser of 60 monthly payments or the number of monthly payments for the full term of the loan.

RULEMAKING AUTHORITY:

627.678, 627.6785 FS.

LAW:

627.681, 627.682 FS.

PRINT PUBLISH DATE:

8/22/2008 Vol. 34/34

RELATED STATUTES
AND LAWS:

627.678, 627.6785 FS., 627.681, 627.682 FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=69O-163.0075&PDate=8/22/2008&Section=1

REFERENCE MATERIALS:

No reference(s).

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