Florida Senate - 2016                                    SB 1386
       By Senator Richter
       23-01511-16                                           20161386__
    1                        A bill to be entitled                      
    2         An act relating to life insurers; amending s. 626.785,
    3         F.S.; revising the maximum limit of coverage of a
    4         specified life insurance policy that may be sold by a
    5         funeral director, a direct disposer, or an employee of
    6         a funeral establishment under certain circumstances;
    7         providing an effective date.
    9  Be It Enacted by the Legislature of the State of Florida:
   11         Section 1. Subsection (3) of section 626.785, Florida
   12  Statutes, is amended to read:
   13         626.785 Qualifications for license.—
   14         (3) Notwithstanding any other provisions of this chapter, a
   15  funeral director, a direct disposer, or an employee of a funeral
   16  establishment that holds a certificate of authority pursuant to
   17  s. 497.452 may obtain an agent’s license to sell only policies
   18  of life insurance covering the expense of a prearrangement for
   19  funeral services or merchandise so as to provide funds at the
   20  time the services and merchandise are needed. The face amount of
   21  insurance covered by any such policy shall not exceed $22,500
   22  $12,500, plus an annual percentage increase based on the Annual
   23  Consumer Price Index compiled by the United States Department of
   24  Labor, beginning with the Annual Consumer Price Index announced
   25  by the United States Department of Labor for 2003.
   26         Section 2. This act shall take effect upon becoming a law.