Florida Senate - 2017                          SENATOR AMENDMENT
       Bill No. CS for HB 307
       
       
       
       
       
       
                                Ì757906CÎ757906                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .         Floor: SENA1/C         
             05/03/2017 10:22 AM       .      05/05/2017 01:12 PM       
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       Senator Broxson moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (l) of subsection (3) of section
    6  631.713, Florida Statutes, is amended to read:
    7         631.713 Application of part.—
    8         (3) This part does not apply to:
    9         (l) Any annuity contract or group annuity contract that is
   10  not issued to and owned by an individual, except to the extent
   11  of any annuity benefits:
   12         1. Guaranteed directly and not through an intermediary to
   13  an individual by an insurer under such contract or certificate;.
   14         2. Under an annuity issued by an insurer under 26 U.S.C. s.
   15  408(b); or
   16         3. Under an annuity issued by an insurer and held by a
   17  custodian or trustee in accordance with 26 U.S.C. s. 408(a).
   18  
   19  This paragraph applies to every insolvency regardless of its
   20  date of inception, and an assessment base may not include
   21  premiums for such excluded products.
   22         Section 2. Subsection (9) of section 631.717, Florida
   23  Statutes, is amended to read:
   24         631.717 Powers and duties of the association.—
   25         (9) The association’s liability for the contractual
   26  obligations of the insolvent insurer must shall be as great as,
   27  but no greater than, the contractual obligations of the insurer
   28  in the absence of such insolvency, unless such obligations are
   29  reduced as permitted by subsection (4), but the aggregate
   30  liability of the association with respect to one life shall not
   31  exceed the following:
   32         (a) For life insurance, $100,000 in net cash surrender and
   33  net cash withdrawal values. for life insurance,
   34         (b) For deferred annuity contracts, $250,000 in net cash
   35  surrender and net cash withdrawal values. for deferred annuity
   36  contracts, or
   37         (c) For all benefits, $300,000, for all benefits including
   38  cash values, except as provided in paragraph (d) with respect to
   39  any one life.
   40         (d) Effective January 1, 2020, for basic hospital expense
   41  health insurance policies, basic medical-surgical health
   42  insurance policies, or major medical expense health insurance
   43  policies, but not including long-term care policies, $500,000.
   44  
   45  In no event is shall the association be liable for any penalties
   46  or interest.
   47         Section 3. This act shall take effect July 1, 2017.
   48  
   49  ================= T I T L E  A M E N D M E N T ================
   50  And the title is amended as follows:
   51         Delete everything before the enacting clause
   52  and insert:
   53                        A bill to be entitled                      
   54         An act relating to the Florida Life and Health
   55         Insurance Guaranty Association; amending s. 631.713,
   56         F.S.; revising applicability of the Florida Life and
   57         Health Insurance Guaranty Association Act as to
   58         specified annuity contracts; amending s. 631.717,
   59         F.S.; revising the association’s maximum aggregate
   60         liability for the contractual obligations of an
   61         insolvent insurer with respect to one life; specifying
   62         the association’s maximum liability as to certain
   63         health insurance policies beginning on a specified
   64         date; providing an effective date.