Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-150 - LIFE AND HEALTH ADVERTISING REQUIREMENTS › Section 69O-150.116 - Introductory, Initial, or Special Offers

Current through Reg. 50, No. 138; July 16, 2024
(1) An advertisement of an individual policy
				shall not directly or by implication represent that a contract or combination
				of contracts is an introductory, initial, or special offer, or that applicants
				will receive substantial advantages not available at a later date, or that the
				offer is available only to a specified group or individuals, unless such is the
				fact. An advertisement shall not contain phrases describing an application
				period as "special," "limited," or similar words or phrases when the insurer
				uses such application or periods as the usual method of advertising Life
				Insurance and Annuity Contracts.
(2) An application period during which a
				particular insurance product may be purchased on an individual basis shall not
				be offered within this State unless there has been a lapse of not less than six
				months between the close of the immediately preceding application period for
				the same product and the opening of the new application period. The
				advertisement shall indicate the date by which the applicant must mail the
				application, which shall be not less than ten days and not more than forty days
				from the date that such application period is advertised for the first time.
				This rule applies to all advertising media, i.e., mail, newspapers, radio,
				television, magazines, and periodicals, by any one insurer. This prohibition
				shall not be applicable to solicitations of employees or members of a
				particular group or association which otherwise would be eligible under
				specific provisions of the insurance code for group insurance. The phrase "any
				one insurer" includes all the affiliated companies of a group of insurance
				companies under common management or control.
(3) This rule does not require separation by
				6 months of application periods for the same insurance product in this State if
				the advertising material is directed by an admitted insurer to persons by
				direct mail on the basis that a common relationship exists with more than one
				entity. Examples of such would be a bank and its depositors, a department store
				to its charge account customers, or an oil company to its credit card holders,
				and more than one of such organizations is sponsoring such insurance product at
				different times if providing such insurance under such a method is not
				otherwise prohibited by law. However, the 6-month rule does apply to one
				specific sponsor to the same persons in this State on the basis of their status
				as customers of that one specific entity only.
(4) This rule prohibits any statement or
				implication to the effect that only a specific number of policies will be sold,
				or that a time is fixed for the discontinuance of the sale of the particular
				policy advertised because of special advantages available in the policy, unless
				such is the fact.
(5) The phrase "a
				particular insurance product" in subsection (2) of this section, means an
				insurance policy which provides substantially different benefits than those
				contained in any other policy. Different terms of renewability, an increase or
				decrease in the dollar amounts of benefits, or an increase or decrease in any
				elimination period or waiting period from those available during an application
				period for another policy shall not be sufficient to constitute the product
				being offered as a different product eligible for concurrent or overlapping
				application periods.
(6) Except for
				modified and step rated policies or contracts, an advertisement shall not offer
				a policy or contract which utilizes a reduced initial premium rate.
(7) Meaningless awards, such as a "safe
				drivers award" shall not be used in connection with advertisements of Life
				Insurance and Annuity Contracts.
Rulemaking Authority 624.308(1), 626.9611 FS. Law
					 Implemented 624.307(1), 626.9541(1)(a), (b), (e), (k), (l), 626.9641(1)
					 FS.
New 9-1-73, Formerly 4-35.14, Amended 6-12-88, Formerly
					 4-35.014, 4-150.116.