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DFS Legislative Package: Life Agent as Beneficiary; Prohibitions


   

CS/CS/CS/HB 1073

Life Agent as Beneficiary; Prohibitions

pp. 41–43, §626.798

Expands current law to prohibit a life agent from “modifying” as well as placing a life insurance contract to name the life agent or a family member of the life agent as the beneficiary, unless the life agent or family member of the life agent has an insurable interest in the life of such person.

Revises the circumstances under which a life agent may serve as a trustee or guardian, or accept authority to act under a power of attorney, for any person the life insurance agent conducts insurance business with, to include a life agent who is:

  •  Acting as a fiduciary;
  • Licensed as a certified public accountant under §473.308, F.S.; and
  • Registered as an investment advisor, or a representative thereof, under federal law or registered as a dealer, investment adviser, or associated person under state law.

Effective date: July 1, 2018
Chapter No. 2018-102, LOF

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