September 29, 2020
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HB 885

A bill to be entitled
2An act relating to life insurance; creating s. 627.4605,
3F.S.; specifying nonapplication of a required notice to a
4current insurer of a policy replacement under certain
5circumstances; amending s. 627.5575, F.S.; revising the
6limitation on the amount of insurance for spouses of
7dependent children of employees of members under a group
8life insurance policy; providing an effective date.
10Be It Enacted by the Legislature of the State of Florida:
12     Section 1.  Section 627.4605, Florida Statutes, is created
13to read:
14     627.4605  Replacement notice.-A notice to a current insurer
15of a replacement of a current life insurance policy is not
16required in a transaction involving:
17     (1)  An application to the current insurer that issued the
18current policy or contract when a contractual change or
19conversion privilege is being exercised;
20     (2)  A current policy or contract is being replaced by the
21same insurer pursuant to a program filed with and approved by
22the office; or
23     (3)  A term conversion privilege is being exercised among
24corporate affiliates.
25     Section 2.  Subsection (3) of section 627.5575, Florida
26Statutes, is amended to read:
27     627.5575  Group life insurance for dependents.-Except for a
28policy issued under s. 627.553, a group life insurance policy
29may be extended to insure the employees or members against loss
30due to the deaths of their spouses and dependent children or any
31class or classes thereof, subject to the following:
32     (3)  The amounts of insurance for any covered spouse or
33dependent child under the policy may not exceed 50 percent of
34the amount of insurance for which the employee or member is
36     Section 3.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.
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