Section 69O-151.201 - Purpose and Scope(1) Rules 69O-151.201, and 69O-151.202, F.A.C., apply to any and all types of policies which include a policy value feature, irrespective of the marketing method by which such policies or contracts are sold.(2) Rules 69O-151.201, and 69O-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 69O-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. 69O-151.201
Rulemaking Authority 624.308(1), 626.9641(1)(aa)2. FS., Chapter 95-219, Laws of Florida. Law Implemented 624.307(1), 626.9541(1)(aa) FS.,
New 2-19-96, Formerly 4-151.201, Amended by Florida Register Volume 49, Number 244, December 19, 2023 effective 1/4/2024.New 2-19-96, Formerly 4-151.201, Amended 1-4-24.