reglab/statecodes huggingface dataset:
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.011 - Investments

Current through Reg. 50, No. 138; July 16, 2024
Every domestic life insurance company which issues variable
				  annuity contracts shall be permitted to invest and reinvest amounts received in
				  connection with such variable contracts in common stocks, subject to the
				  following limitations:
(1) All such
				common stock investments shall be in stock which is listed or admitted to
				trading on a securities exchange located in the United States of America, or
				which is publicly held and has been traded in the "over the counter market" for
				not less than one year preceding the date of purchase of such stock and as to
				which stock market quotations have been readily available for such one year
				period.
(2) No domestic life
				insurance company which issues variable annuity contracts shall invest more
				than five percent of all of the amounts received in connection with such
				contracts in the securities of any one corporation or issuer.
(3) No domestic life insurance company which
				issues variable annuity contracts shall as a result of investing any or all of
				the amounts received in connection with such contracts, beneficially own or
				hold, together with the investments permitted under Section
				625.305(2)(a),
				Florida Statutes, more than fifteen percent of the outstanding securities of
				any one corporation or issuer. Any foreign life insurance company which issues
				variable annuity contracts in this state and which invests the amounts received
				in connection with such contracts in accordance with the laws of its state of
				domicile, shall be held to be in compliance with this section.
(4) No domestic life insurance company shall
				invest in the common stock of any corporation if such investment shall create a
				conflict of interest between officers and directors of the investing company
				and those of the corporation whose stock is purchased.
Specific Authority 627.805 FS. Law Implemented 625.302,
					 625.305, 627.804 FS.
Repromulgated 12-24-74, Formerly 4-10.11, 4-10.011,
					 4-162.011.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.012 - Valuation of Account Assets; Reserve Liability

Current through Reg. 50, No. 138; July 16, 2024
(1) The valuation of variable annuity
				contract account assets for all purposes, including annual reports of the
				company to the Office of Insurance Regulation, shall be determined in
				accordance with the market value of such assets, notwithstanding the
				application of other valuation methods to assets of the company other than the
				assets of the variable annuity contract account. Such valuation may be made as
				of such valuation date as the company shall establish from time to time, except
				as otherwise required for the annual reports to the Office of Insurance
				Regulation.
(2) The reserve
				liability for variable annuity contracts shall be established by the Office
				pursuant to the requirements of annuity mortality tables for use in determining
				reserve liabilities listed in Rule
				69O-162.108, F.A.C., for
				policies issued prior to December 31, 2016 and for use in determining reserve
				liabilities in accordance with the NAIC Valuation Manual as adopted by Section
				625.1212, F.S., for policies
				issued on or after January 1, 2017 and in accordance with actuarial procedures
				that recognize the variable nature of the benefits
				provided.
Rulemaking Authority 627.805 FS. Law Implemented 625.121,
					 627.802, 627.804 FS.
New 12-24-74, Formerly 4-10.12, 4-10.012, 4-162.012,
					 Amended 11-21-17.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.013 - Annual Statement; Record of Accumulation Required

Current through Reg. 50, No. 138; July 16, 2024
(1) Every company authorized to issue and
				deliver in this state annuity contracts on a variable basis shall, on or before
				the first of March in each and every year, file with the Director the statement
				required by Section 624.424(1),
				Florida Statutes. Such statement shall contain, in addition to the information
				specifically mentioned in said statutory provision, separate information
				concerning the sale of the variable annuity contracts, amounts of money
				received and expended, number of contracts in force, and investments. In
				addition, every such company shall supply, in a form prescribed by the
				Director, such other information as he may deem necessary to enable him to
				determine the amount of the reserves, assets, liabilities, expenses and values
				of the units.
(2) For each variable
				annuity contract a domestic life insurance company shall maintain a history
				record card or ledger sheet showing, in addition to the usual premium or
				contract consideration information, each net annuity consideration applied and
				accumulated balance on either a unit or a dollar value
				basis.
Specific Authority 624.308(1), 627.805 FS. Law Implemented
					 624.307(1), 624.424 FS.
Repromulgated 12-24-74, Formerly 4-10.13, 4-10.013,
					 4-162.013.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.014 - Company Qualifications

Current through Reg. 50, No. 138; July 16, 2024
No domestic or foreign life insurance company shall undertake
				  the issuance of any variable annuity contract in this state until said domestic
				  company has shown to the satisfaction of the Director that it has successfully
				  engaged in the business of transacting life insurance for a period of two years
				  (foreign insurers three years), or is the wholly owned subsidiary of such a
				  company and that its condition and methods of operation in connection with the
				  issuance of such variable annuity contracts will not be such as to render its
				  operation hazardous to the public or its policyholders in this state. In
				  determining the qualifications of a company requesting authority to issue or
				  deliver variable annuity contracts within this state, the Director shall
				  consider among other things the history and financial condition of the company;
				  the character, responsibility, and general fitness of the officers and
				  directors of the company; and in the case of a foreign or alien company,
				  whether the regulation provided by the laws of its domicile provides a degree
				  of protection to policyholders and the public substantially equal to that
				  provided by the laws of this state.
Specific Authority 627.805, 624.308(1) FS. Law Implemented
					 624.307(1), 624.404 FS.
Repromulgated 12-24-74, Formerly 4-10.14, 4-10.014,
					 4-162.014.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.015 - Separate Accounts Required; Transactions Between Accounts Prohibited

Current through Reg. 50, No. 138; July 16, 2024
Assets and liabilities of the separate account established in
				  connection with variable annuity contracts shall be distinguishable from other
				  accounts of the same domestic insurance company. There shall be no sales or
				  transfers between accounts of the same domestic insurance company, or between
				  the insurance company and any other company having a common management with the
				  insurance company; provided, however, that the insurance company may buy or
				  sell securities listed on a recognized securities exchange or any recognized
				  "over the counter market" in the United States through an investment dealer or
				  brokerage firm under common management with the insurance company if the
				  investment dealer or brokerage firm receives only such commissions as
				  prescribed by such exchange for the execution of such orders. In the case of
				  "over the counter" transactions, commissions may not exceed those prescribed by
				  the New York Stock Exchange on a similar transaction. The dealer or broker
				  cannot act as principal.
Specific Authority 627.805 FS. Law Implemented 627.802,
					 627.804 FS.
Repromulgated 12-24-74, Formerly 4-10.15, 4-10.015,
					 4-162.015.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.016 - Stockholders' Interest; Schedule of Commissions

Current through Reg. 50, No. 138; July 16, 2024
(1) No person while serving as an elected or
				appointed officer, director or trustee of any domestic life insurance company
				shall receive directly or indirectly any commission on the variable annuity
				business transactions of the company.
(2) The deductions that may be made from the
				premium to cover expense factors such as administrative costs and premium taxes
				of the variable annuity business shall be reasonable and shall be filed with
				the Director for his approval.
(3)
				Schedules of commissions to agents on variable annuities shall be filed with
				the Director.
(4) No authority to
				issue or deliver in this state variable annuity contracts will be granted to
				any company whose stockholders benefit, to an extent considered unreasonable by
				the Director, from its variable annuity business.
Specific Authority 624.308(1), 627.805 FS. Law Implemented
					 624.307(1), 626.794, 627.805(2) FS.
Repromulgated 12-24-74, Formerly 4-10.16, 4-10.016,
					 4-162.016.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.101 - Scope

Current through Reg. 50, No. 138; July 16, 2024
The following rules shall govern annuity mortality tables for
				  use in reserves as set forth in Section 625.121, Florida
				  Statutes.
Specific Authority 624.308, 625.121(5)(i) FS. Law
					 Implemented 624.307(1), 625.121 FS.
New 12-23-98, Formerly
					 4-162.101.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.102 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this rule is to recognize the following
				  mortality tables for use in determining the minimum standard of valuation for
				  annuity and pure endowment contracts: the Annuity 2000 Mortality Table, the
				  1994 Group Annuity Reserving (1994 GAR) Table, and the 2012 IAR Mortality
				  Table.
Rulemaking Authority 624.308, 625.121(5)(k) FS. Law
					 Implemented 624.307(1), 625.121 FS.
New 12-23-98, Formerly 4-162.102, Amended
					 7-28-15.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.103 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
As used in this rule chapter, the following terms have the
				  following meaning:
(1) "1994 GAR
				Table" - means that mortality table developed by the Society of Actuaries Group
				Annuity Valuation Table Task Force.
(2) "Annuity 2000 Mortality Table" means that
				mortality table developed by the Society of Actuaries Committee on Life
				Insurance Research.
(3) "Period
				table" means a table of mortality rates applicable to a given calendar year
				(the Period).
(4) "Generational
				mortality table" means a mortality table containing a set of mortality rates
				that decrease for a given age from one year to the next based on a combination
				of a Period table and a projection scale containing rates of mortality
				improvement.
(5) "2012 IAR Table"
				or "2012 IAR Mortality Table" means that Generational mortality table developed
				by the Society of Actuaries Committee on Life Insurance Research and containing
				rates, qx2012+n, derived from
				a combination of the 2012 IAM Period Table and Projection Scale G2, using the
				methodology stated in subsection
				69O-162.106(2),
				F.A.C.
(6) "2012 Individual Annuity
				Mortality Life (2012 IAM Period) Table" means the Period table containing
				loaded mortality rates for calendar year 2012. This table contains rates,
				qx2012, developed by the
				Society of Actuaries Committee on Life Insurance Research.
(6) "Projection Scale G2 (Scale G2)" is a
				table of annual rates, G2x, of mortality improvement by
				age for projecting future mortality rates beyond calendar year 2012. This table
				was developed by the Society of Actuaries Committee on Life Insurance
				Research.
Rulemaking Authority 624.308, 625.121(5)(k) FS. Law
					 Implemented 624.307(1), 625.121 FS.
New 12-23-98, Formerly 4-162.103,
					 7-28-15.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.104 - Individual Annuity or Pure Endowment Contracts

Current through Reg. 50, No. 138; July 16, 2024
(1) The Annuity 2000 Mortality Table shall be
				used for determining the minimum standard of valuation for any individual
				annuity or pure endowment contract issued on or after July 1, 1998 and on or
				before December 31, 2014.
(2) The
				2012 IAR Table shall be used for determining the minimum standard of valuation
				for any individual annuity or pure endowment contract issued on or after
				January 1, 2015, for valuation dates on or after September 30, 2015.
(3) The 1983 Table "a" without projection is
				to be used for determining the minimum standard of valuation for an individual
				annuity or pure endowment contract issued on or after July 1, 1998, solely when
				the contract is based on life contingencies and is issued to fund periodic
				benefits arising from:
(a) Settlements of
				various forms of claims pertaining to court settlements or out of court
				settlements for tort actions;
(b)
				Settlements involving similar actions such as workers compensation claims; or
I Settlements of long term disability claims where a
				  temporary or life annuity has been used in lieu of continuing disability
				  payments.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.105 - Group Annuity or Pure Endowment Contracts

Current through Reg. 50, No. 138; July 16, 2024
The 1994 GAR Table shall be used for determining the minimum
				  standard of valuation for any annuity or pure endowment purchased on or after
				  July 1, 1998 under a group annuity or pure endowment contract.
(1) For valuation dates on or after the
				effective date of this rule and on or before December 31, 1998, a company may,
				at its option, value its reserves using the mortality table in effect prior to
				the adoption of this rule if it estimates and holds an additional
				reserve.
(2) The additional reserve
				for (1) would be based on ratios of reserve factors using the 1994 GAR table
				and the table in effect prior to the adoption of this rule, which is the 1983
				group annuity mortality table.
(3)
				The reserve based on the 1983 Group Mortality table will be allocated to
				segments which correspond to the ratios calculated in (2).
(4) The additional reserve will equal the
				larger of zero and the sum of the products obtained by multiplying the factors
				from (2) by the corresponding segment in (3).
Specific Authority 624.308, 625.121(5)(i) FS. Law
					 Implemented 624.307(1), 625.121 FS.
New 12-23-98, Formerly
					 4-162.105.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.106 - Application of 1994 GAR Table and the 2012 IAR Mortality Table

Current through Reg. 50, No. 138; July 16, 2024
(1) In using the 1994 GAR Table, the
				mortality rate for a person age x in year (1994 + n) is calculated as follows:
q
x-
1994 +
					 n = qx1994(1 -
				  AAx)n
where the
				  q
x-
1994s and
				  AAxs are as specified in the 1994 GAR
				  Table.
(2) In using the 2012
				IAR Mortality Table, the mortality rate for a person age x in year (2012 + n)
				is calculated as follows:
q
x
2012 +
					 n = qx2012(1 -
				  G2x)n
(a) The resulting qx
										2012+n shall be rounded to three decimal
				places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall occur
				according to the formula above, starting at the 2012 period table
				rate.
(b) For example, for a male
				age 30, qx2012 = 0.741.
1. qx
											2013 = 0.741 * (1 - 0.010) ^ 1 =
				0.73359, which is rounded to 0.734.
2. qx
											2014 = 0.741 * (1 - 0.010) ^ 2 =
				0.7262541, which is rounded to 0.726.
(c) A method leading to incorrect rounding
				would be to calculate qx
										2014 as qx
										2013 * (1 - 0.010), or 0.734 * 0.99 =
				0.727. It is incorrect to use the already rounded qx
										2013 to calculate
				qx
										2014.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.108 - Tables

Current through Reg. 50, No. 138; July 16, 2024
(1) The following tables are hereby adopted
				and incorporated by reference:
(a) The Annuity
				2000 Mortality Table;
(b) The 1994
				GAR Table;
(c) The 1983 Table
				"a";
(d) The 2012 IAR Mortality
				Table which is titled 2012 IAM Period Table in Appendices I and II (01/13) and
				The Projection Scale G2 (Scale G2) in Appendices III and IV
				(01/13).
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.201 - Adoption of 2001 Commissioners Standard Ordinary (CSO) Mortality Tables

Current through Reg. 50, No. 138; July 16, 2024
(1) Scope. This rule shall govern mortality
				tables for use in reserves as set forth in Section
				625.121, F.S.
(2) Purpose. The purpose of this rule is to
				recognize, permit, and prescribe the use of the 2001 Commissioners Standard
				Ordinary (CSO) Mortality Table in accordance with Sections 625.121(5)(a)3. and
				627.476(9)(h)6., F.S., and paragraphs
				69O-164.020(5)(a) and
				(b), F.A.C.
(3) Definitions.
(a) "2001 CSO Mortality Table" means the
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				Proceedings of the NAIC (2nd Quarter 2002), which is adopted herein and
				incorporated by reference. Unless the context indicates otherwise, the "2001
				CSO Mortality Table" includes both the ultimate form of that table and the
				select and ultimate form of that table and includes both the smoker and
				nonsmoker mortality tables and the composite mortality tables. It also includes
				both the age-nearest-birthday and age-last-birthday bases of the mortality
				tables.
(b) "2001 CSO Mortality
				Table (F)" means the mortality table consisting of the rates of mortality for
				female lives from the 2001 CSO Mortality Table.
(c) "2001 CSO Mortality Table (M)" means the
				mortality table consisting of the rates of mortality for male lives from the
				2001 CSO Mortality Table.
(d)
				"Composite mortality tables" means mortality tables with rates of mortality
				that do not distinguish between smokers and nonsmokers.
(e) "Smoker and nonsmoker mortality tables"
				means mortality tables with separate rates of mortality for smokers and
				nonsmokers.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.202 - Adoption of 2001 Commissioners Standard Ordinary (CSO) Ultimate Mortality Tables for Determining Reserve Liabilities for Credit Life Insurance

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule is adopted to implement Section
				625.121(13),
				F.S.
(2) This rule applies to
				credit life insurance policies and certificates, and those similar policies and
				certificates where there is no identifiable charge made to the
				debtor.
(3) The purpose of this
				rule is to:
(a) Recognize the 2001 CSO Male
				Composite Ultimate Mortality Table for use in determining the minimum standard
				of valuation.
(b) Specify the
				interest rate and method to be used in determining the minimum standard of
				valuation.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-162 - ANNUITY CONTRACTS › Section 69O-162.203 - Adoption of 2001 Commissioners Standard Ordinary (CSO) Preferred Mortality Tables for Determining Reserve Liabilities for Ordinary Life Insurance

Current through Reg. 50, No. 138; July 16, 2024
(1) Scope. This rule shall govern mortality
				tables for use in reserves as set forth in Section
				625.121, F.S.
(2) Purpose. The purpose of this rule is to
				recognize, permit and prescribe the use of mortality tables that reflect
				differences in mortality between Preferred and Standard lives in determining
				minimum reserve liabilities in accordance with Section 625.121(5)(a)3., F.S.,
				and subsection 69O-164.020(5),
				F.A.C.
(3) Definitions.
(a) "2001 CSO Mortality Table" means that
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				Proceedings of the NAIC (2nd Quarter 2002) and supplemented by the 2001 CSO
				Preferred Class Structure Mortality Table defined below in paragraph (b).
				Unless the context indicates otherwise, the "2001 CSO Mortality Table" includes
				both the ultimate form of that table and the select and ultimate form of that
				table and includes both the smoker and nonsmoker mortality tables and the
				composite mortality tables. It also includes both the age-nearest-birthday and
				age-last-birthday bases of the mortality tables. Mortality tables in the 2001
				CSO Mortality Table include the following:
1.
				"2001 CSO Mortality Table (F)" means that mortality table consisting of the
				rates of mortality for female lives from the 2001 CSO Mortality
				Table.
2. "2001 CSO Mortality Table
				(M)" means that mortality table consisting of the rates of mortality for male
				lives from the 2001 CSO Mortality Table.
3. "Composite mortality tables" means
				mortality tables with rates of mortality that do not distinguish between
				smokers and nonsmokers.
4. "Smoker
				and nonsmoker mortality tables" means mortality tables with separate rates of
				mortality for smokers and nonsmokers.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.0015 - Applicability

Current through Reg. 50, No. 138; July 16, 2024
(1) Section
				627.677, F.S., and this rule
				chapter apply to credit life insurance and credit disability insurance sold in
				conjunction with a credit transaction.
(2) A policy or certificate is deemed to be
				credit life insurance or credit disability insurance if it:
(a) References the creditor or credit
				transaction within the form;
(b)
				Conditions the coverage upon the existence, term or coverage of a credit
				transaction.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.0017 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
As used in this rule chapter, the following terms have the
				  following meaning:
(1) Accelerated
				Death Benefit. Benefit which is paid in advance of the death of the insured.
				The benefit may be adjusted to consider the time value of money. The
				requirements shall not be more than a life expectancy of less than 12 months.
				Definitions that are more or less restrictive shall cause an adjustment of the
				rate charged based on actuarial justification.
(2) Actual Net Debt. The amount necessary to
				liquidate the remaining debt in a single lump-sum payment, excluding all
				unearned interest and other unearned finance charges.
(3) Actuarial Assumptions. The value of a
				parameter, or other choice, having an impact on an estimate of a future cost or
				other actuarial item under evaluation.
(4) Actuarial Present Value. The value of an
				amount or series of amounts payable or receivable at various times, determined
				as of a given date with each value based on consistent actuarial
				assumptions.
(5) Actuarially
				Equivalent. Producing equal actuarial present value, determined as of a given
				date with each value based on consistent actuarial assumptions.
(6) Credibility. The statistical extent to
				which the past experience of a case can be expected to recur in the
				future.
(7) Decreasing Gross
				Coverages. Coverage where the amount of insurance is decreased by the amount of
				the payment as the debtor makes each scheduled monthly payment. This results in
				the amount of insurance being equal to the sum of the remaining payments during
				the policy term-principal and unearned interest included.
(8) Experience. Earned premium, incurred
				claims, incurred claims count or number of life years insured, and average
				amount of insurance during the experience period.
(9) Joint Credit Life or Credit Disability.
				Insurance on the life of the debtor and the spouse of the debtor, partners, or
				any other legal cosigner.
(10)
				Prima Facie Rate. Maximum allowable rate, without experience or justification,
				pursuant to Section 627.6785(2),
				F.S.; shall be those contained in Rules
				69O-163.010 and
				69O-163.011,
				F.A.C.
Rulemaking Authority 624.308(1), 627.678 FS. Law
					 Implemented 624.307(1), 627.575, 627.677, 627.6785
					 FS.
New 2-11-03, Formerly
					 4-163.0017.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.002 - Premium Rates

Current through Reg. 50, No. 138; July 16, 2024
(1) Premium rates
				for Credit Life and Credit Disability Insurance shall be filed with the Office,
				and
(2) The creditor (person, firm
				or corporation) shall not add any additional charge to the premium set by the
				insurance company and on file with the Office.
Rulemaking Authority 624.308(1), 627.678 FS. Law
					 Implemented 627.307(1), 627.6785 FS.
Repromulgated 12-24-74, Formerly 4-7.02, 4-7.002, Amended
					 2-11-03, Formerly 4-163.002.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.003 - Cancellation and Refund Requirements

Current through Reg. 50, No. 138; July 16, 2024
Cancellation and refunds shall be required in accordance with
				  the following provisions applicable to each classification, in order to best
				  protect the borrower from loss of funds by short-rate cancellation or
				  termination of insurance, and to further avoid duplication or overlapping of
				  insurance coverage when the loan is prepaid, refinanced or renewed.
(1) At the time the indebtedness is
				discharged, any remaining insurance coverage must be promptly terminated unless
				the insured requests in writing that the coverage be continued, if such
				continuance is provided for in the policy.
(2) Upon termination of the insurance
				coverage, the company shall promptly return the unearned premium to the person
				entitled thereto.
(3) In addition
				to the above, a refund of 100% of any payment for insurance made in advance of
				a scheduled payment date subsequent to the date of termination shall be
				returned to the person entitled thereto.
(4) The formula to be used in computing
				return premiums (or unearned premiums) shall be filed with and approved by the
				Director. The minimum basis adopted by any company shall not be less than the
				Rule of 78 for declining balance only and the actuarial method, which allocates
				premium in proportion to the remaining insurance risk, for all other types of
				coverages. If the refund or credit is less than $1.00, no refund or credit is
				required.
Rulemaking Authority 624.308(1), 627.678 FS. Law
					 Implemented 624.307(1), 627.553, 627.569, 627.678(2), 627.681
					 FS.
Repromulgated 12-24-74, Formerly 4-7.03, 4-7.003, Amended
					 2-11-03, Formerly 4-163.003.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.0045 - Filing Requirements

Current through Reg. 50, No. 138; July 16, 2024
(1)
(a) All forms of Credit Life and Credit
				Disability policies, certificates of insurance, statements of insurance,
				applications for insurance, enrollment forms, binders, endorsements and riders
				delivered or issued for delivery in this state and the schedules of premium
				rates pertaining thereto, shall be filed for approval in accordance with
				Sections 627.6785 and
				627.682, F.S.
(b) Filings shall be submitted electronically
				to http://www.floir.com/iportal.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.0055 - Limits of Coverage; Credit Life

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				amount of Credit Life insurance for decreasing gross coverage shall be within
				the limits in Section
				627.679, F.S.
(2) If Credit Life Insurance coverage is
				written on the actual net debt, the amount of credit life insurance shall not
				exceed the amount of the loan, and the amount payable at the time of loss shall
				not be less than the actual net debt, less any payments more than 2 months
				overdue.
(3)
(a) If a premium is assessed to the debtor on
				a monthly basis and is based on the actual net debt, then the amount of
				insurance payable at the time of loss shall be the actual net debt.
(b) When the premium for Credit Life
				insurance is computed on the basis of a balance which does not include accrued
				past due interest, then the amount payable at the time of loss shall not be
				less than the actual net debt less any accrued interest more than 2 months past
				due.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.0075 - Term and Evidence of Insurance

Current through Reg. 50, No. 138; July 16, 2024
Credit life insurance shall not exceed ten years from the
				  date of issue and provide coverage for at least 5 years or the term of the loan
				  if the loan is for less than 5 years.
Rulemaking Authority 624.308(1), 627.678 FS. Law
					 Implemented 624.307(1), 627.681, 627.6785(3), 627.681(3)
					 FS.
New 2-11-03, Formerly 4-163.0075, Amended
					 9-30-09.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.0076 - Provisions Required in Group Contracts

Current through Reg. 50, No. 138; July 16, 2024
All Group Credit Disability contracts shall conform to
				  Section 627.558, F.S., and shall contain
				  the substance of the following statutory provisions (as appropriate):
(1) 627.559 - Grace period.
(2) 627.560 - Incontestability.
(3) 627.561 - Application: statements deemed
				representations.
(4) 627.562 -
				Insurability.
(5) 627.563 -
				Misstatement of age.
Rulemaking Authority 624.308(1), 627.678 FS. Law
					 Implemented 624.307(1), 627.558(1) FS.
New 2-11-03, Formerly
					 4-163.0076.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.008 - Rights and Treatment of Debtors

Current through Reg. 50, No. 138; July 16, 2024
(1) In the
				event of termination, an insurer may, at its option:
(a) Refund unearned premium on a daily pro
				rata basis, or
(b) Make no charge
				for credit insurance for the first 15 days of a loan month and charge for a
				full month for 16 days or more of a loan month.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.009 - Determination of Reasonableness of Benefits in Relation to Premium Charge

Current through Reg. 50, No. 138; July 16, 2024
(1) Section
				627.682, F.S., requires that
				benefits provided by credit insurance policies must be reasonable in relation
				to the premium charged. This requirement is satisfied if the premium rate
				charged develops or may be reasonably expected to develop a loss ratio of
				claims incurred to premiums earned of not less than:
(a) 55% for credit life insurance,
				and
(b) 50% for credit disability
				insurance.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.010 - Credit Life Insurance Rates

Current through Reg. 50, No. 138; July 16, 2024
(1) Rates
				for decreasing gross coverage shall not be greater than as set forth in
				paragraphs (a) and (b) below. Paragraph (c) refers to premium rates for other
				types of coverage, either alone or in combination with the type of coverages
				applicable to paragraphs (a) and (b).
(a) If
				premiums are payable on a monthly outstanding balance basis, $0.69 for single
				life coverage; $1.21 for joint life coverage per month per $1,000 of
				outstanding insured indebtedness.
(b) If premiums are payable on a single
				premium basis:
Single Premium Rate Per $100 Per Year of Initial
							 Insured
Coverage Type
Indebtedness
Single Decreasing Life
$0.44
Joint Decreasing Life
$0.77
(c)
				If premiums are payable on a single premium basis when the benefit provided is
				level term:
Single Premium Rate Per $100 Per Year of Initial
							 Insured
Coverage Type
Indebtedness
Single Level Life
$0.82
Joint Level Life
$1.43
(d)
				Premiums charged for dismemberment insurance in the amount of life insurance in
				force shall not exceed 10% of the amounts specified above.
(e) If the coverages provided are other than
				those described in subsection (1) above, rates for such coverages shall be
				actuarially equivalent with the rates provided in subsection (1).
(f) The prima facie rate for accelerated
				death benefit coverage is:
1. For single
				premium, decreasing term coverage $.03/$100/year,
2. For single premium, level term coverage
				$.05/$100/year,
3. For single
				premium, decreasing term joint life coverage $.06/$100/year,
4. For single premium level term joint life
				coverage $.08/$100/year.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.011 - Credit Disability Insurance Rates

Current through Reg. 50, No. 138; July 16, 2024
(1) Credit disability insurance premium rates
				for the insured portion of an indebtedness repayable in equal monthly
				installments, where the insured portion of the indebtedness decreases uniformly
				by the amount of the monthly installment paid, shall not be greater than in
				paragraphs (a) and (b). Paragraphs (c), (d) and (e) refer to premium rates for
				other types of coverages either alone or in combination with the type of
				coverages applicable to paragraphs (a) and (b).
(a) If premiums are payable on a
				single-premium basis for the duration of the coverage:
TABLE I
No. of months in which
14-Day
30-Day
7-Day
14-Day
30-Day
indebtedness is repayable
Non-Retroactive
Non-Retroactive
Retroactive
Retroactive
Retroactive
6 or less
$0.65
$0.29
$1.18
$1.04
$0.84
7-12
0.90
0.58
1.41
1.26
1.09
13-18
1.17
0.86
1.64
1.50
1.34
19-24
1.42
1.15
1.87
1.73
1.58
25-30
1.69
1.44
2.11
1.96
1.82
31-36
1.94
1.73
2.34
2.19
2.06
37-48
2.27
2.16
2.67
2.48
2.38
49-60
2.53
2.38
2.95
2.70
2.62
61-72*
2.74
2.62
3.18
2.90
2.82
73-84*
2.89
2.78
3.34
3.03
2.96
85-96*
3.01
2.91
3.47
3.14
3.07
97-108*
3.09
3.00
3.57
3.21
3.15
109-120*
3.16
3.08
3.64
3.27
3.22
Per month for terms exceeding 120 months
.0242
.0237
.0278
.0246
.0246
(b)
				If premiums are paid on the basis of a premium rate per month per thousand of
				outstanding insured indebtedness, these premiums shall be computed according to
				the formula: OPn=(20XSPn) / (n + 1) using a rate no less than the 24 month rate
				in Table I above. A company may submit a different formula for approval which
				produces rates actuarially equivalent to the single premium rates in Table I:
Where
SPn
=
Single Premium Rate per $100 of initial insured
							 indebtedness repayable in equal monthly installments (Table I).
The Single Premium Rate shall not be less than the
							 19-24 month rate for the appropriate coverage.
OPn
=
Monthly Outstanding Balance Premium Rate per
							 $1,000.
n
=
Original repayment period, in months.
(c)
				Coverage which provides a constant maximum indemnity for a given period of time
				shall use rates no greater than those rates which are actuarially equivalent to
				the rates in paragraph (a) or (b).
(d) If the coverages provided are other than
				those described in this subsection (1), rates for such coverages shall be
				actuarially equivalent to the rates provided in paragraph (a), (b) or
				(c).
(e) Joint coverage rates shall
				be no greater than 175% of the specific rate for that type of
				coverage.
(f) The monthly
				outstanding balance rate for credit disability insurance may be either a term
				specified rate or may be a single composite term rate applicable to all insured
				loans.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-163 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE › Section 69O-163.013 - Effective Date

Current through Reg. 50, No. 138; July 16, 2024
Premium rates in connection with the existing group franchise
				  and individual policies of credit life and credit disability insurance shall
				  conform to the requirements of this rule chapter, not later than July 1,
				  2003.
Rulemaking Authority 624.308(1), 627.678 FS. Law
					 Implemented 624.307(1), 627.678, 627.682
					 FS.
New 5-9-82, Amended 8-19-82, Formerly 4-7.13, 4-7.013,
					 Amended 2-11-03, Formerly 4-163.013.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-164 - VALUATION AND NONFORFEITURE › Section 69O-164.010 - Universal Life Valuation and Nonforfeiture

Current through Reg. 50, No. 138; July 16, 2024
(1) Scope. This rule encompasses all
				universal life insurance policies except variable contracts as defined under
				Section 627.8015(2),
				F.S. This rule is effective July 1, 1994, for policies issued on and after that
				date. Except for sub-subparagraph (3)(a)2.b. and subsection (4), this rule will
				also apply to policies issued prior to July 1, 1994. Any insurer which, as of
				July 1, 1994, is holding reserves on universal life policies which are less
				than those produced by the methods defined in subsection (3) shall submit a
				plan to the Office for its approval no later than September 30, 1994 outlining
				the procedure which the company will use to bring its universal life reserves
				into compliance with this rule. The transition from the reserves actually held
				to the reserves required by this rule shall begin no later than the calendar
				quarter ending on March 31, 1995 and shall be completed on or before December
				31, 1999.
(2) Definitions. As used
				in this rule:
(a) "Cash Surrender Value" means
				the Net Cash Surrender Value plus any amounts outstanding as policy
				loans.
(b) "Fixed premium universal
				life insurance policy" means a universal life insurance policy other than a
				flexible premium universal life insurance policy.
(c) "Flexible premium universal life
				insurance policy" means a universal life insurance policy which permits the
				policyowner to vary, independently of each other, the amount or timing of one
				or more premium payments or the amount of insurance.
(d) "Net Cash Surrender Value" means the
				maximum amount payable to the policyowner upon surrender.
(e) "Policy Value" means the amount to which
				separately identified interest credits and mortality, expense, or other charges
				are made under a universal life insurance policy.
(f) "Universal life insurance policy" means
				any individual life insurance policy or rider, or any group master policy or
				individual certificate, under the provisions of which separately identified
				interest credits (other than in connection with dividend accumulations, premium
				deposit funds, or other supplementary accounts) and mortality and expense
				charges are made to the policy. A universal life insurance policy may provide
				for other credits and charges, such as charges for the cost of benefits
				provided by rider.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-164 - VALUATION AND NONFORFEITURE › Section 69O-164.020 - Valuation of Life Insurance Policies

Current through Reg. 50, No. 138; July 16, 2024
(1) Purpose.
(a) The purpose of this rule is to provide:
1. Tables of select mortality factors,
				identified as Appendix to Rule
				69O-164.020, F.A.C., which is
				hereby adopted and incorporated by reference, and rules for their
				use;
2. Rules concerning a minimum
				standard for the valuation of plans with nonlevel premiums or benefits;
				and
3. Rules concerning a minimum
				standard for the valuation of plans with secondary
				guarantees.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-164 - VALUATION AND NONFORFEITURE › Section 69O-164.030 - Application of Rule 69O-164.020, F.A.C., to Various Product Designs (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 624.308(1), 625.121(5) FS. Law
					 Implemented 624.307(1), 625.121(5) FS.
New 5-4-06, Amended 1-16-08, Repealed
					 1-28-13.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-164 - VALUATION AND NONFORFEITURE › Section 69O-164.040 - Determining Reserve Liabilities for Preneed Life Insurance

Current through Reg. 50, No. 138; July 16, 2024
(1) Authority.
This rule is adopted by the commission pursuant to Sections
				  625.121(5)(a)3. and 627.476(9),
				  F.S.
(2) Scope.
This rule applies to preneed life insurance policies and
				  certificates as defined in Section Four (4) of this rule, and similar policies
				  and certificates.
(3)
				Purpose.
The purpose of this rule is to recognize the inadequacy of
				  the 2001 Commissioners Standard Ordinary Life Valuation Mortality Table for use
				  in determining the minimum standard of valuation and the minimum standard
				  nonforfeiture value, and to require the continued use of the 1980 Commissioners
				  Standard Ordinary Life Valuation Mortality Table for use in determining the
				  minimum standard of valuation and the minimum standard nonforfeiture
				  value.
(4) Definitions.
(a) The term "2001 CSO Mortality Table" means
				the 2001 Commissioners Standard Ordinary Life Valuation Mortality Table,
				consisting of separate rates of mortality for male and female lives, developed
				by the American Academy of Actuaries CSO Task Force from the Valuation Basic
				Mortality Table developed by the Society of Actuaries Individual Life Insurance
				Valuation Mortality Task Force, and adopted by the NAIC in December 2002. The
				2001 CSO Mortality Table is included in the Proceedings of the NAIC (2nd
				Quarter 2002). Unless the context indicates otherwise, the "2001 CSO Mortality
				Table" includes both the ultimate form of that table and the select and
				ultimate form of that table and includes both the smoker and nonsmoker
				mortality tables and the composite mortality tables. It also includes both the
				age-nearest-birthday and age-last-birthday bases of the mortality
				tables.
(b) The term "Ultimate 1980
				CSO" means the Commissioners' 1980 Standard Ordinary Life Valuation Mortality
				Tables (1980 CSO) without ten-year (10-year) selection factors, incorporated
				into the 1980 amendments to the NAIC Standard Valuation Law approved in
				December 1983.
(c) For the purposes
				of this rule, preneed insurance is any life insurance policy or certificate
				that is issued in combination with, in support of, with an assignment to, or as
				a guarantee for a prearrangement agreement for goods and services to be
				provided at the time of and immediately following the death of the insured.
				Goods and services may include, but are not limited to embalming, cremation,
				body preparation, viewing or visitation, coffin or urn, memorial stone, and
				transportation of the deceased. The status of the policy or contract as preneed
				insurance is determined at the time of issue in accordance with the policy form
				filing.