Section 69B-151.201 - Purpose and Scope(1) The purpose of rules 69B-151.201 and 69B-151.202, F.A.C., is to implement the provisions of section 626.9541(1)(aa), F.S., with respect to churning rules 69B-151.201 and 69B-151.202, F.A.C., apply to all types of policies and annuity contracts which include a policy value feature, irrespective of the marketing method by which such policies or annuity contracts are sold.(2) Rules 69B-151.201 and 69B-151.202, F.A.C., shall not apply to:(a) Conversions of group or individual term policies; or(b) Group permanent life, group variable life, group fixed annuities and group variable annuities wherein the group master policyholder retains ownership of the contract.(3) When exercising the following policy provisions, for a purpose other than as a funding source for the purchase of additional insurance contract(s), paragraph 69B-151.202(2)(a), F.A.C., shall not apply to:(a) Reduced paid-up or extended term insurance options in group life, group variable life, individual life or variable life policies;(b) Early annuity options of group fixed, group variable, individual fixed or individual variable annuity products; or(c) A living benefit settlement option of a group permanent life, group variable life, individual life or individual variable life insurance policy.Fla. Admin. Code Ann. R. 69B-151.201
Rulemaking Authority 624.308(1) FS. Law Implemented 626.016(3), 626.9541(1)(aa) FS.
New 2-19-96, Formerly 4-151.201, Amended by Florida Register Volume 44, Number 100, May 22, 2018 effective 6/4/2018.New 2-19-96, Formerly 4-151.201, Amended 6-4-18.