Florida Insurance Council - Covering Florida Since 1962
By: Katrina Callaway, FIC General Counsel Only genetic information that is a medical diagnosis would be allowed to be used by life insurers under an amendment (370850) adopted to the Senate genetic testing bill in committee on February 11, 2020. Sen. Stargel (R), the bill sponsor, offered the amendment saying it narrowed the bill…
By: Katrina Callaway, FIC General Counsel SB 1366 provides more flexibility on who pays taxes on trust investments. Specifically, the bill allows an independent trustee of any grantor trust to reimburse the grantor for all or part of the income taxes paid by the grantor as a result of the trust’s income. The life…
By: Katrina Callaway, FIC General Counsel HB 1089 provides more flexibility on who pays taxes on trust investments. Specifically, the bill allows an independent trustee of any grantor trust to reimburse the grantor for all or part of the income taxes paid by the grantor as a result of the trust’s income. The life…
By: Katrina Callaway, FIC General Counsel HB 813 protects vulnerable investors from financial exploitation by allowing investment advisors or dealers to delay financial transactions if they suspect financial exploitation. Similar bills were filed in prior Sessions, but never passed. Some life insurers are interested in this bill because they employ investment advisors or dealers that…
By: Katrina Callaway, FIC General Counsel HB 1089 provides more flexibility on who pays taxes on trust investments. Specifically, the bill allows an independent trustee of any grantor trust to reimburse the grantor for all or part of the income taxes paid by the grantor as a result of the trust’s income. The life…
By: Katrina Callaway, FIC General Counsel As originally filed, SB 1544 allowed an applicant for Medicaid services to exempt the value of his or her life insurance policies if the applicant collaterally assigned the face value of the policy to the State for an amount that is not greater than the amount of Medicaid benefits…
By: Katrina Callaway, FIC General Counsel Bills protecting vulnerable investors from financial exploitation moved in the House and Senate this week. Similar bills were filed in prior Sessions, but never passed. The Senate moved SB 1672 out of its first committee without amendment. The House bill, HB 813, moved out of its second committee and…
By: Katrina Callaway, FIC General Counsel HB 1189, the House bill banning the use of genetic testing ban by life and long-term care insurers passed the House on January 29, 2020 with a vote of 117-1. Rep. Hill (R) from Pensacola was the lone “no” vote. Procedurally, the House took up the bill on special…
By: Katrina Callaway, FIC General Counsel One provision in the original version of HB 1373 required Office of Program Policy Analysis and Government Accountability (OPPAGA) to study and report on specified issues relating to Medicaid eligibility criteria for nursing facilities, specifically the feasibility of requiring Medicaid eligible persons with a whole or universal life policy…
By: Katrina Callaway, FIC General Counsel The Senate moved their life insurance genetic testing prohibition bill to the ACLI compromise during its first committee hearing on January 28, 2020 when the Senate Banking and Insurance Committee adopted a strike all amendment (208866). The Committee voted the bill out with a vote of 5-1. The…