November 17, 2019
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_h0885c2
CS/CS/HB 885

1
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. 627.464, F.S.; providing a
6limitation on the resale of certain annuities to third
7parties; amending s. 627.552, F.S.; prohibiting the
8creating or permitting of certain classes of employees for
9group health insurance policy purposes; preserving an
10employer's authority to require certain plan participation
11as a condition of employment; amending s. 627.5575, F.S.;
12revising the limitation on the amount of insurance for
13spouses of dependent children of employees of members
14under a group life insurance policy; providing an
15effective date.
16
17Be It Enacted by the Legislature of the State of Florida:
18
19     Section 1.  Section 627.4605, Florida Statutes, is created
20to read:
21     627.4605  Replacement notice.-A notice to a current insurer
22of a replacement of a current life insurance policy is not
23required in a transaction involving:
24     (1)  An application to the current insurer that issued the
25current policy or contract when a contractual change or
26conversion privilege is being exercised;
27     (2)  A current policy or contract is being replaced by the
28same insurer pursuant to a program filed with and approved by
29the office; or
30     (3)  A term conversion privilege is being exercised among
31corporate affiliates.
32     Section 2.  Subsection (2) of section 627.464, Florida
33Statutes, is renumbered as subsection (3), and a new subsection
34(2) is added to that section to read:
35     627.464  Annuity contracts, pure endowment contracts;
36standard provisions.-
37     (2)  An annuity purchased, dedicated, or otherwise allocated
38as part of a settlement to satisfy the requirements of 42 U.S.C. s.
391395y(b)(2) may not be sold to, or commuted by or for, a third
40party unconnected to the settlement.
41     Section 3.  Paragraph (a) of subsection (1) of section
42627.552, Florida Statutes, is amended to read:
43     627.552  Employee groups.-Subject to all of the
44requirements of this section, the lives of a group of individual
45employees of an employer may be insured, for the benefit of
46persons other than the employer, under a policy issued to the
47employer or to the trustees of a fund established by an
48employer, which employer or board of trustees is deemed to be
49the policyholder.
50     (1)(a)  The employees eligible for insurance under the
51policy shall be all of the employees of the employer, or all of
52any class or classes of employees determined by conditions
53pertaining to their employment; however, a class of employees
54may not be created or permitted that consists solely of
55employees covered under the employer's group health plan. This
56section does not prohibit an employer from requiring
57participation in its group health plan as a condition of
58employment.
59
60This section does not affect the provisions of ss. 112.08-
61112.14.
62     Section 4.  Subsection (3) of section 627.5575, Florida
63Statutes, is amended to read:
64     627.5575  Group life insurance for dependents.-Except for a
65policy issued under s. 627.553, a group life insurance policy
66may be extended to insure the employees or members against loss
67due to the deaths of their spouses and dependent children or any
68class or classes thereof, subject to the following:
69     (3)  The amounts of insurance for any covered spouse or
70dependent child under the policy may not exceed 50 percent of
71the amount of insurance for which the employee or member is
72insured.
73     Section 5.  This act shall take effect upon becoming a law.


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