Florida Senate - 2013                          SENATOR AMENDMENT
       Bill No. CS for CS for HB 383
       
       
       
       
       
       
                                Barcode 760430                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .        Floor: SENA1/CA         
             04/29/2013 03:30 PM       .      05/02/2013 10:16 AM       
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       Senator Hukill moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 1053 - 1133
    4  and insert:
    5         Section 3. Opt out from long-term care products standards.
    6  Pursuant to Article VII of the Interstate Insurance Product
    7  Regulation Compact, adopted by this act, this state
    8  prospectively opts out of all uniform standards adopted by the
    9  Interstate Insurance Product Regulation Commission involving
   10  long-term care insurance products, and such opt out may not be
   11  treated as a material variance in the offer or acceptance of
   12  this state to participate in the compact.
   13         Section 4. Effective date of compact standards; opt out
   14  procedures; state law exemptions; legislative notice.—
   15         (1) Except as provided in section 3 of this act and this
   16  section, all uniform standards adopted by the Interstate
   17  Insurance Product Regulation Commission as of March 1, 2013, are
   18  adopted by this state.
   19         (2) Notwithstanding subsections (3), (4), (5), and (6) of
   20  Article VII of the Interstate Insurance Product Regulation
   21  Compact as adopted by this act, it is the policy of this state
   22  as a participant in the compact:
   23         (a) To opt out, and for the Office of Insurance Regulation
   24  to opt out, of any new uniform standard, or amendments to
   25  existing uniform standards, adopted by the Interstate Insurance
   26  Product Regulation Commission after March 1, 2013, if such
   27  amendments substantially alter or add to existing uniform
   28  standards adopted by this state pursuant to subsection (1) until
   29  such time as this state enacts legislation to adopt or opt out
   30  of, adopts rules to adopt or opt out of, or executes an order to
   31  adopt or opt out of new uniform standards or amendments to
   32  existing standards adopted by the commission after March 1,
   33  2013.
   34         (b) That, notwithstanding the adoption of the Interstate
   35  Product Regulation Compact pursuant to this act, participation
   36  in the compact is contingent upon a determination by the
   37  Commissioner of Insurance Regulation that the uniform standards
   38  of the compact provide consumer protections equivalent to those
   39  under state law and, if the commissioner determines otherwise,
   40  an order issued by the Office of Insurance Regulation
   41  constitutes the action required by the commission to not join
   42  the compact, to opt out of, or to stay the effect of, any
   43  uniform standard not otherwise opted out of pursuant to this
   44  act.
   45         (c) That the authority under the compact to opt out of a
   46  uniform standard includes an order issued under chapter 120,
   47  Florida Statutes, of the Administrative Procedure Act.
   48         (3) In addition to any other uniform standards the state
   49  may opt out of pursuant to subsection (2), effective July 1,
   50  2014, this subsection constitutes the legislation required to be
   51  enacted pursuant to subsections (4) and (5) of Article VII of
   52  the Interstate Insurance Product Regulation Compact by which
   53  this state opts out of the following uniform standards adopted
   54  by the Interstate Insurance Product Regulation Commission:
   55         a. The 10-day period for the unconditional refund of
   56  premiums, plus any fees or charges under s. 626.99, Florida
   57  Statutes.
   58         b. Underwriting criteria limiting the amount, extent, or
   59  kind of life insurance based on past or future travel in a
   60  manner that is inconsistent with s. 626.9541(1)(dd), Florida
   61  Statutes, as implemented by the Office of Insurance Regulation.
   62         (4) It is the policy of this state that the exclusivity
   63  provision of paragraph (2)(b) of Article XVI of the Interstate
   64  Insurance Product Regulation Compact applies only to those
   65  uniform standards adopted by the Interstate Insurance Product
   66  Regulation Commission in accordance with the terms of the
   67  compact and does not apply to those standards that this state
   68  has opted out of pursuant to this act or the compact. In
   69  addition, it is the policy of this state that under the
   70  exclusivity provision, standards adopted by this state are not
   71  limited or rendered inapplicable by the absence of a standard
   72  adopted by the commission. Notwithstanding paragraph (2)(b) of
   73  Article XVI of the compact, standards adopted by this state
   74  continue to apply to the content, approval, and certification of
   75  products in this state, including, but not limited to, the
   76  following:
   77         a. Prohibition of a surrender or deferred sales charge of
   78  more than 10 percent pursuant to s. 627.4554, Florida Statutes.
   79         b. Notification to an applicant of the right to designate a
   80  secondary addressee at the time of application under s.
   81  627.4555, Florida Statutes.
   82         c. Notification of secondary addressees at least 21 days
   83  before the impending lapse of a policy under s. 627.4555,
   84  Florida Statutes.
   85         d. Inclusion of a clear statement pursuant to s. 627.803,
   86  Florida Statutes, that the benefits, values, or premiums under a
   87  variable annuity are indeterminate and may vary.
   88         e. Interest on surrender proceeds pursuant to s. 627.482,
   89  Florida Statutes.
   90         (5) After enactment of this section, if the Interstate
   91  Insurance Product Regulation Commission adopts any new uniform
   92  standard or amendment to the existing uniform standard as
   93  specified in subsection (2), the Office of Insurance Regulation
   94  shall immediately notify the Legislature of such new standard or
   95  amendment. If the office or the court finds that the procedure
   96  specified in subsection (2) has not been followed, notice shall
   97  be given to the Legislature.
   98         Section 5. Notwithstanding subsection (4) of Article XII of
   99  the Interstate Insurance Product Regulation Compact, the
  100  Interstate Insurance Product Regulation Commission is subject
  101  to:
  102         (1) State unemployment or reemployment taxes imposed
  103  pursuant to chapter 443, Florida Statutes, in compliance with
  104  the Federal Unemployment Tax Act, for any persons employed by
  105  the commission who perform services for it within this state.
  106         (2) Taxation on any commission business or activity
  107  conducted or performed in this state.
  108         Section 6. Access to records.—
  109         (1) Notwithstanding subsections (1) and (2) of Article
  110  VIII, subsection (2) of Article X, and subsection (6) of Article
  111  XII of the Interstate Insurance Product Regulation Compact, a
  112  request by a resident of this state for public inspection and
  113  copying of information, data, or official records that include:
  114         (a) An insurer’s trade secrets shall be referred to the
  115  Commissioner of Insurance Regulation who shall respond to the
  116  request, with the cooperation and assistance of the Financial
  117  Services Commission, in accordance with s. 624.4213, Florida
  118  Statutes; or
  119         (b) Matters of privacy of individuals shall be referred to
  120  the Commissioner of Insurance Regulation who shall respond to
  121  the request, with the cooperation and assistance of the
  122  Financial Services Commission, in accordance with s. 119.07(1),
  123  Florida Statutes.
  124         (2) This act does not abrogate the right of a person to
  125  access information consistent with the State Constitution and
  126  laws of this state.
  127         Section 7. The Financial Services Commission may adopt
  128  rules to administer this act.
  129         Section 8. If any part of section 3 or section 4 of this
  130  act is invalidated by the courts, such ruling renders the entire
  131  act invalid.
  132         Section 9. This act shall take effect July 1, 2014.
  133  
  134  ================= T I T L E  A M E N D M E N T ================
  135         And the title is amended as follows:
  136         Delete lines 60 - 73
  137  and insert:
  138         opting out of and adopting new uniform standards or
  139         amendments to existing standards; providing for the
  140         preemption of certain state laws; requiring the office
  141         to notify the Legislature of any new uniform standards
  142         or amendments to existing standards; providing that
  143         the commission is subject to certain state tax
  144         requirements; providing for public access to records;
  145         authorizing the Financial Services Commission to adopt
  146         rules to implement this act; providing that if any
  147         part of this act is invalidated, the entire act is
  148         invalid; providing an