Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
What does the current Florida replacement rule require an insurer to put in place regarding churning?
Answer and explanation
Answer: B. Rule 69O-151.202 requires insurers to adopt written procedures to avoid churning, which connects the rule to the churning prohibition in section 626.9541(1)(aa). The rule does not impose quarterly reporting, a flat five-year bar on internal replacement, or case-by-case approval by the Office.Source: Fla. Admin. Code r. 69O-151.202 — 69O-151.202, Written procedures to avoid churning
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