Monday, September 01, 2014

HB 1055 - Life Insurance

General Bill   by Burgin
Life Insurance: Requires life insurance policies or riders to provide for accelerated payment of death benefits to insureds who have been residents of nursing home for specified amount of time & who are expected to remain residents of nursing home until their death; requires insurers to offer applicants for life insurance policies or riders providing accelerated death benefit payments; requires insurers to offer by specified date riders providing accelerated death benefit payments to insureds holding policies in effect before act's effective date; requires insured who applies for Medicaid benefits in order to pay for long-term care determine fair market value of life insurance policy & spend down all proceeds from converting policy to pay for long-term care in specified manner; requires long-term care benefit plan to ensure payments are made to insured's estate & guarantee payment of funeral expense benefit to insured's estate; provides exception; authorizes OIR, in consultation with AHCA & DCFS to adopt rules; requires insurers to provide written notifications containing specified information & statements to life insurance policy owners who are of certain age or terminally or chronically ill; provides penalties & remedies under chapter 501, F.S., relating to deceptive & unfair trade practices.
Effective Date: July 1, 2012
Last Event: Died in Health & Human Services Quality Subcommittee on Friday, March 09, 2012 11:59 PM

Referred Committees and Committee Actions

Related Bills

Bill # Subject Relationship
SB 1756 Life Insurance Similar

Bill Text

Staff Analysis

(None Available)

Vote History

(no votes recorded)

Bill History

Event Time Member Committee
Died in Health & Human Services Quality Subcommittee Friday, March 09, 2012 11:59 PM Health & Human Services Quality Subcommittee
1st Reading Tuesday, January 10, 2012 11:59 PM
Now in Health & Human Services Quality Subcommittee Wednesday, December 28, 2011 11:00 AM Health & Human Services Quality Subcommittee
Referred to Health & Human Services Committee Wednesday, December 28, 2011 11:00 AM Health & Human Services Committee
Referred to Insurance & Banking Subcommittee Wednesday, December 28, 2011 11:00 AM Insurance & Banking Subcommittee
Referred to Rulemaking & Regulation Subcommittee Wednesday, December 28, 2011 11:00 AM Rulemaking & Regulation Subcommittee
Referred to Health & Human Services Quality Subcommittee Wednesday, December 28, 2011 11:00 AM Health & Human Services Quality Subcommittee
Filed Friday, December 16, 2011 8:12 AM Burgin
 

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