September 23, 2020
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CS/CS/HB 885

A bill to be entitled
2An act relating to life insurance; amending s. 626.2815,
3F.S.; exempting certain life insurance agents from certain
4continuing education requirements under certain
5circumstances; providing an attestation requirement;
6creating s. 627.4605, F.S.; specifying nonapplication of a
7required notice to a current insurer of a policy
8replacement under certain circumstances; amending s.
9627.464, F.S.; providing a limitation on the resale of
10certain annuities to third parties; amending s. 627.552,
11F.S.; prohibiting the creating or permitting of certain
12classes of employees for group health insurance policy
13purposes; preserving an employer's authority to require
14certain plan participation as a condition of employment;
15amending s. 627.5575, F.S.; revising the limitation on the
16amount of insurance for spouses of dependent children of
17employees of members under a group life insurance policy;
18providing an effective date.
20Be It Enacted by the Legislature of the State of Florida:
22     Section 1.  Paragraph (k) of subsection (3) of section
23626.2815, Florida Statutes, is amended to read:
24     626.2815  Continuing education required; application;
25exceptions; requirements; penalties.-
26     (3)
27     (k)1.  Any person who holds a license to solicit or sell
28life insurance in this state must complete a minimum of 3 hours
29in continuing education, approved by the department, on the
30subject of suitability in annuity and life insurance
31transactions. A licensee may use the hours obtained under this
32subparagraph paragraph to satisfy the requirement for continuing
33education in ethics under paragraph (a).
34     2.  An agent who has not sold individual life insurance
35policies or annuity contracts during the continuing education
36compliance cycle in question and does not have any active
37individual life insurance policies or annuity contracts is
38exempt from the requirements of subparagraph 1. In order to
39apply the exemption, the department may require the filing of a
40certification attesting that the agent has not sold individual
41life insurance policies or annuity contracts during the
42continuing education compliance cycle in question and does not
43have any active individual life insurance policies or annuity
45     Section 2.  Section 627.4605, Florida Statutes, is created
46to read:
47     627.4605  Replacement notice.-A notice to a current insurer
48of a replacement of a current life insurance policy is not
49required in a transaction involving:
50     (1)  An application to the current insurer that issued the
51current policy or contract when a contractual change or
52conversion privilege is being exercised;
53     (2)  A current policy or contract is being replaced by the
54same insurer pursuant to a program filed with and approved by
55the office; or
56     (3)  A term conversion privilege is being exercised among
57corporate affiliates.
58     Section 3.  Subsection (2) of section 627.464, Florida
59Statutes, is renumbered as subsection (3), and a new subsection
60(2) is added to that section to read:
61     627.464  Annuity contracts, pure endowment contracts;
62standard provisions.-
63     (2)  An annuity purchased, dedicated, or otherwise allocated
64as part of a settlement to satisfy the requirements of 42 U.S.C. s.
651395y(b)(2) may not be sold to, or commuted by or for, a third
66party unconnected to the settlement.
67     Section 4.  Paragraph (a) of subsection (1) of section
68627.552, Florida Statutes, is amended to read:
69     627.552  Employee groups.-Subject to all of the
70requirements of this section, the lives of a group of individual
71employees of an employer may be insured, for the benefit of
72persons other than the employer, under a policy issued to the
73employer or to the trustees of a fund established by an
74employer, which employer or board of trustees is deemed to be
75the policyholder.
76     (1)(a)  The employees eligible for insurance under the
77policy shall be all of the employees of the employer, or all of
78any class or classes of employees determined by conditions
79pertaining to their employment; however, a class of employees
80may not be created or permitted that consists solely of
81employees covered under the employer's group health plan. This
82section does not prohibit an employer from requiring
83participation in its group health plan as a condition of
86This section does not affect the provisions of ss. 112.08-
88     Section 5.  Subsection (3) of section 627.5575, Florida
89Statutes, is amended to read:
90     627.5575  Group life insurance for dependents.-Except for a
91policy issued under s. 627.553, a group life insurance policy
92may be extended to insure the employees or members against loss
93due to the deaths of their spouses and dependent children or any
94class or classes thereof, subject to the following:
95     (3)  The amounts of insurance for any covered spouse or
96dependent child under the policy may not exceed 50 percent of
97the amount of insurance for which the employee or member is
99     Section 6.  This act shall take effect upon becoming a law.

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