(1) A life agent may not place or modify life insurance coverage with a life insurer covering the life of a person who is not a family member of the life agent when the life agent or a family member of the life agent is the named beneficiary under the life insurance policy, or the modification names the life agent or a family member of the life agent the named beneficiary, unless the life agent or family member of the life agent has an insurable interest in the life of such person.
(2) A life agent or a family member of the life agent may not serve as a trustee or guardian or accept authority to act under a power of attorney for any person the life agent conducts insurance business with, unless he or she is:
(a) A family member of the person or insured; or
(b)1. Acting as a fiduciary;
2. Licensed as a certified public accountant under s. 473.308; and
3.a. Registered under s. 203 of the Investment Advisers Act of 1940 as an investment adviser, or a representative thereof, and compliant with the notice filing requirements of s. 517.1201; or
b. Registered under s. 517.12, as a dealer, investment adviser, or associated person.
(3) For the purposes of this section:
(a) “Family member” means an individual who is related to the life agent as father, mother, son, daughter, brother, sister, grandfather, grandmother, uncle, aunt, first cousin, nephew, niece, husband, wife, father-in-law, mother-in-law, brother-in-law, sister-in-law, stepfather, stepmother, stepson, stepdaughter, stepbrother, stepsister, half brother, or half sister.
(b) “Insurable interest” means that the life agent or family member of the life agent has an actual, lawful, and substantial economic interest in the safety and preservation of the life of the insured or a reasonable expectation of benefit or advantage from the continued life of the insured.
History.—ss. 1, 2, ch. 89-257; ss. 105, 206, 207, ch. 90-363; s. 4, ch. 91-429; s. 268, ch. 97-102; s. 49, ch. 2010-175; s. 31, ch. 2018-102.
Structure Florida Statutes
Chapter 626 - Insurance Field Representatives and Operations
Part III - Life Insurance Agents (Ss. 626.776-626.798)
626.778 - This part supplements licensing law.
626.779 - “Life agent” defined.
626.780 - “Life insurer” defined.
626.781 - “Ordinary class insurer” and “ordinary-variable contract class insurer” defined.
626.782 - “Industrial class insurer” defined.
626.783 - “Ordinary-combination class insurer” defined.
626.7845 - Prohibition against unlicensed transaction of life insurance.
626.785 - Qualifications for license.
626.7851 - Requirement as to knowledge, experience, or instruction.
626.788 - United States Department of Veterans Affairs employees disqualified.
626.789 - Military service; special provisions.
626.792 - Nonresident agents; licensing and restrictions.
626.793 - Excess or rejected business.
626.794 - Unlawful payment or sharing of commissions.