January 24, 2020
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Amendment
Bill No. 2994
Amendment No. 934079
CHAMBER ACTION
Senate House
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1Representative Stargel offered the following:
2
3     Amendment (with title amendment)
4     On page 209, between lines 5 and 6, insert:
5     Section 167.  Paragraph (h) of subsection (9) of section
6627.476, Florida Statutes, is amended to read:
7     627.476  Standard Nonforfeiture Law for Life Insurance.--
8     (9)  CALCULATION OF ADJUSTED PREMIUMS AND PRESENT VALUES
9FOR POLICIES ISSUED AFTER OPERATIVE DATE OF THIS SUBSECTION.--
10     (h)  All adjusted premiums and present values referred to
11in this section shall for all policies of ordinary insurance be
12calculated on the basis of the Commissioners' 1980 Standard
13Ordinary Mortality Table or, at the election of the insurer for
14any one or more specified plans of life insurance, the
15Commissioners' 1980 Standard Ordinary Mortality Table with Ten-
16Year Select Mortality Factors; shall for all policies of
17industrial insurance be calculated on the basis of the
18Commissioners' 1961 Standard Industrial Mortality Table; and
19shall for all policies issued in a particular calendar year be
20calculated on the basis of a rate of interest not exceeding the
21nonforfeiture interest rate as defined in this subsection for
22policies issued in that calendar year. However:
23     1.  At the option of the insurer, calculations for all
24policies issued in a particular calendar year may be made on the
25basis of a rate of interest not exceeding the nonforfeiture
26interest rate, as defined in this subsection, for policies
27issued in the immediately preceding calendar year.
28     2.  Under any paid-up nonforfeiture benefit, including any
29paid-up dividend additions, any cash surrender value available,
30whether or not required by subsection (2), shall be calculated
31on the basis of the mortality table and rate of interest used in
32determining the amount of such paid-up nonforfeiture benefit and
33paid-up dividend additions, if any.
34     3.  An insurer may calculate the amount of any guaranteed
35paid-up nonforfeiture benefit, including any paid-up additions
36under the policy, on the basis of an interest rate no lower than
37that specified in the policy for calculating cash surrender
38values.
39     4.  In calculating the present value of any paid-up term
40insurance with accompanying pure endowment, if any, offered as a
41nonforfeiture benefit, the rates of mortality assumed may be not
42more than those shown in the Commissioners' 1980 Extended Term
43Insurance Table for policies of ordinary insurance and not more
44than the Commissioners' 1961 Industrial Extended Term Insurance
45Table for policies of industrial insurance.
46     5.  In lieu of the mortality tables specified in this
47section, at the option of the insurance company and subject to
48rules adopted by the commission, the insurance company may
49substitute:
50     a.  The 1958 CSO or CET Smoker and Nonsmoker Mortality
51Tables, whichever is applicable, for policies issued on or after
52the operative date of this subsection and before January 1,
531989;
54     b.  The 1980 CSO or CET Smoker and Nonsmoker Mortality
55Tables, whichever is applicable, for policies issued on or after
56the operative date of this subsection;
57     c.  A mortality table that is a blend of the sex-distinct
581980 CSO or CET mortality table standard, whichever is
59applicable, or a mortality table that is a blend of the sex-
60distinct 1980 CSO or CET smoker and nonsmoker mortality table
61standards, whichever is applicable, for policies that are
62subject to the United States Supreme Court decision in Arizona
63Governing Committee v. Norris to prevent unfair discrimination
64in employment situations.
65     6.  Ordinary mortality tables, adopted after 1980 by the
66National Association of Insurance Commissioners, adopted by rule
67by the commission for use in determining the minimum
68nonforfeiture standard may be substituted for the Commissioners'
691980 Standard Ordinary Mortality Table with or without Ten-Year
70Select Mortality Factors or for the Commissioners' 1980 Extended
71Term Insurance Table.
72     7.6.  For insurance issued on a substandard basis, the
73calculation of any such adjusted premiums and present values may
74be based on appropriate modifications of the aforementioned
75tables.
76
77================= T I T L E  A M E N D M E N T =================
78     On page ?????, line(s) ?????,
79remove:  ?????
80
81and insert:  ?????
82amending s. 627.476, F.S.; providing an additional criterion for
83adjusting certain premiums and present values for certain
84policies;
85
86     Section 2.  Paragraph (h) of subsection (9) of section
87627.476, Florida Statutes, is amended to read:
88     627.476  Standard Nonforfeiture Law for Life Insurance.--
89     (9)  CALCULATION OF ADJUSTED PREMIUMS AND PRESENT VALUES
90FOR POLICIES ISSUED AFTER OPERATIVE DATE OF THIS SUBSECTION.--
91     (h)  All adjusted premiums and present values referred to
92in this section shall for all policies of ordinary insurance be
93calculated on the basis of the Commissioners' 1980 Standard
94Ordinary Mortality Table or, at the election of the insurer for
95any one or more specified plans of life insurance, the
96Commissioners' 1980 Standard Ordinary Mortality Table with Ten-
97Year Select Mortality Factors; shall for all policies of
98industrial insurance be calculated on the basis of the
99Commissioners' 1961 Standard Industrial Mortality Table; and
100shall for all policies issued in a particular calendar year be
101calculated on the basis of a rate of interest not exceeding the
102nonforfeiture interest rate as defined in this subsection for
103policies issued in that calendar year. However:
104     1.  At the option of the insurer, calculations for all
105policies issued in a particular calendar year may be made on the
106basis of a rate of interest not exceeding the nonforfeiture
107interest rate, as defined in this subsection, for policies
108issued in the immediately preceding calendar year.
109     2.  Under any paid-up nonforfeiture benefit, including any
110paid-up dividend additions, any cash surrender value available,
111whether or not required by subsection (2), shall be calculated
112on the basis of the mortality table and rate of interest used in
113determining the amount of such paid-up nonforfeiture benefit and
114paid-up dividend additions, if any.
115     3.  An insurer may calculate the amount of any guaranteed
116paid-up nonforfeiture benefit, including any paid-up additions
117under the policy, on the basis of an interest rate no lower than
118that specified in the policy for calculating cash surrender
119values.
120     4.  In calculating the present value of any paid-up term
121insurance with accompanying pure endowment, if any, offered as a
122nonforfeiture benefit, the rates of mortality assumed may be not
123more than those shown in the Commissioners' 1980 Extended Term
124Insurance Table for policies of ordinary insurance and not more
125than the Commissioners' 1961 Industrial Extended Term Insurance
126Table for policies of industrial insurance.
127     5.  In lieu of the mortality tables specified in this
128section, at the option of the insurance company and subject to
129rules adopted by the commission, the insurance company may
130substitute:
131     a.  The 1958 CSO or CET Smoker and Nonsmoker Mortality
132Tables, whichever is applicable, for policies issued on or after
133the operative date of this subsection and before January 1,
1341989;
135     b.  The 1980 CSO or CET Smoker and Nonsmoker Mortality
136Tables, whichever is applicable, for policies issued on or after
137the operative date of this subsection;
138     c.  A mortality table that is a blend of the sex-distinct
1391980 CSO or CET mortality table standard, whichever is
140applicable, or a mortality table that is a blend of the sex-
141distinct 1980 CSO or CET smoker and nonsmoker mortality table
142standards, whichever is applicable, for policies that are
143subject to the United States Supreme Court decision in Arizona
144Governing Committee v. Norris to prevent unfair discrimination
145in employment situations.
146     6.  Ordinary mortality tables, adopted after 1980 by the
147National Association of Insurance Commissioners, adopted by rule
148by the commission for use in determining the minimum
149nonforfeiture standard may be substituted for the Commissioners'
1501980 Standard Ordinary Mortality Table with or without Ten-Year
151Select Mortality Factors or for the Commissioners' 1980 Extended
152Term Insurance Table.
153     7.6.  For insurance issued on a substandard basis, the
154calculation of any such adjusted premiums and present values may
155be based on appropriate modifications of the aforementioned
156tables.
157
158================= T I T L E  A M E N D M E N T =================
159     On page 16, line 1, after the semicolon, insert:
160amending s. 627.476, F.S.; providing an additional criterion for
161adjusting certain premiums and present values for certain
162policies;


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