(1) For the effective protection of the public interest, the commission shall have full power and authority to adopt, and the office shall enforce, separate rules pertaining to issuance and use of each type of credit insurance defined in s. 627.677.
(2) Rules made pursuant to this section shall be principally designed, and shall be promulgated with the purpose of protecting the borrower from excessive charges by or collected through the lender for insurance in relation to the amount of the loan, to avoid duplication or overlapping of insurance coverage and to avoid loss of the borrower’s funds by short-rate cancellation or termination of such insurance. However, nothing in such rules shall be construed to authorize the department, commission, or office to prohibit operation of normal dividend distributions under participating insurance contracts.
History.—s. 597, ch. 59-205; ss. 10, 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 78-95; ss. 2, 3, ch. 81-318; ss. 529, 537, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 1178, ch. 2003-261.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part IX - Credit Life and Disability Insurances (Ss. 627.676-627.6845)
627.6785 - Filing of rates with department.
627.679 - Amount of insurance; disclosure.
627.681 - Term and evidence of insurance.
627.682 - Filing, approval of forms.
627.683 - Licensed agent required.
627.684 - Premium not deemed loan or finance charge.
627.6841 - Credit insurance consolidations; general requirements.
627.6842 - Group-to-group consolidations.
627.6843 - Consolidation disclosure requirements.
627.6845 - Policy forms used in connection with consolidations.