Florida Insurance Council - Covering Florida Since 1962
By: Katrina Callaway, FIC General Counsel A bill opposed by the life insurance industry was unanimously approved by its last House committee on January 18, 2018. The bill was not amended in committee and will be heard on the floor when set by the Rules Committee. The committee spent almost an hour on the bill. …
By: Katrina Callaway, FIC General Counsel A bill that may be of concern to the life insurance industry was unanimously approved by its first House committee on January 10, 2018. The bill was not amended in committee and has one committee left. The bill, HB 855, prohibits life insurers or long-term care insurers from cancelling,…
By: Sam Miller, FIC ConsultantHB 1205 Viatical Settlement Contracts — by Stevenson896111 — by Stevenson063463 — by Stevenson The Florida House overwhelmingly approved legislation (HB 1205E1) on April 26 overruling the Florida Supreme Court’s Wells Fargo v. Pruco Life decision and giving life insurers five years, under certain circumstances, to contest STOLI policies. The companion…
By: Katrina Callaway, FIC General Counsel The Senate stranger oriented life insurance (STOLI) bill, SB 1600, cleared another committee hurdle on April 20, 2017 when the Senate Appropriations Committee unanimously approved it with four amendments described below. The bill is now its last committee, Rules. The STOLI bill is a priority of the FIC Life…
By: Katrina Callaway, FIC General Counsel A bill that is a priority of the FIC Life Insurance Committee is now ready for the House floor after being passed by its last House committee on April 6, 2017. The bill, HB 1205, deals with stranger originated life insurance contracts (STOLIs). The bill makes the following…
By: Katrina Callaway, FIC General Counsel The recent decision by the Florida Supreme Court in Wells Fargo v. Pruco Life Insurance, a STOLI case decided unfavorably to life insurers, may be overturned by a bill passed by both the House and Senate Insurance Committees on March 27, 2017. In this regard, the bill allows…
By: Katrina Callaway, FIC General Counsel All member sponsored bills have been filed for the 2017 Session. Following is a summary of bills filed as of March 12, 2017 that FIC is following related to life insurance. The summary was prepared by FIC General Counsel Katrina Callaway based on her review of the bills. …
By: Katrina Callaway, FIC General Counsel Life insurers would be assessed by the Florida Life and Health Insurance Guaranty Association (FLAHIGA) for long term care insolvencies, including the Penn Treaty insolvency, under a Senate bill filed on February 24, 2017. The bill, SB 1242 by Sen. Brandes, is a priority of the Office of Insurance…
By: Katrina Callaway, FIC General Counsel The House Insurance & Banking Subcommittee approved HB 307 on February 22, 2017 with two amendments that conform the House bill to the Senate companion. The House bill has one committee left. The Senate bill has not yet been heard in committee. As amended, the bill:• Increases the FLAHIGA…
By: Katrina Callaway, FIC General Counsel Bills for the 2017 Session are being filed daily. Following is a summary of bills related to life insurance filed as of February 17, 2017 that FIC is following. The summary was prepared by FIC General Counsel Katrina Callaway based on her review of the bills. Any changes…