Section 69O-162.016 - Stockholders' Interest; Schedule of Commissions(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.Fla. Admin. Code Ann. R. 69O-162.016
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.Repromulgated 12-24-74, Formerly 4-10.16, 4-10.016, 4-162.016.