Florida Senate - 2015 SB 520 By Senator Grimsley 21-00841-15 2015520__ 1 A bill to be entitled 2 An act relating to long-term care insurance; amending 3 s. 627.94072, F.S.; providing additional forms for the 4 mandatory offer of nonforfeiture benefits in long-term 5 care insurance policies; providing an effective date. 6 7 Be It Enacted by the Legislature of the State of Florida: 8 9 Section 1. Subsection (2) of section 627.94072, Florida 10 Statutes, is amended to read: 11 627.94072 Mandatory offers.— 12 (2) An insurer that offers a long-term care insurance 13 policy, certificate, or rider in this state must offer a 14 nonforfeiture protection provision providing reduced paid-up 15 insurance, extended term, shortened benefit period, or any other 16 benefits approved by the office if all or part of a premium is 17 not paid. A nonforfeiture protection provision may be offered in 18 the form of a return of premium upon the death of the insured or 19 upon the complete surrender or cancellation of the policy or 20 contract. Nonforfeiture benefits and any additional premium for 21 such benefits must be computed in an actuarially sound manner, 22 using a methodology that is
has beenfiled with and approved by 23 the office. 24 Section 2. This act shall take effect July 1, 2015.