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CS/HB 307 — Florida Life and Health Insurance Guaranty Association

by Insurance and Banking Subcommittee and Rep. Drake (CS/SB 814 by Appropriations Committee and Senator Broxson)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Banking and Insurance Committee (BI)

The bill revises coverage provisions relating to the Florida Life and Health Insurance Guaranty Association (association). In 1979, the Legislature created the association to protect policyholders against failure in the performance of contractual obligations under life and health insurance policies and annuity contracts due to the impairment or insolvency of the member insurer that issued the policies or contracts.

Effective January 1, 2020, the bill increases the coverage limits for basic hospital expense health insurance policies, basic medical-surgical health insurance policies, and major medical expense health insurance policies from $300,000 to $500,000 for any one person. Further, the bill expands the association’s scope of coverage to include annuities issued by an insurer pursuant to an individual retirement annuity and annuities issued by an insurer and held by a third party custodian or trustee pursuant to an individual retirement account.

If approved by the Governor, these provisions take effect July 1, 2017.

Vote: Senate 37-0; House 119-0