(1) Subject to the provisions of subsection (2), all pertinent provisions of the insurance code, including the provisions relating to reinsurance, apply to indeterminate value contracts.
(2) Except for ss. 627.453, 627.458, 627.459, 627.462, 627.475, 627.476, and 627.559, and as otherwise provided in this part, all pertinent provisions of the insurance code apply to separate accounts and contracts relating to variable life insurance policies. Any individual variable life insurance contract delivered or issued for delivery in this state shall contain appropriate grace, reinstatement, and nonforfeiture provisions. Any group variable life insurance contract delivered or issued for delivery in this state shall contain an appropriate grace provision.
History.—s. 2, ch. 73-30; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 591, 593, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part XIV - Variable or Indeterminate Value Contracts (Ss. 627.801-627.807)
627.801 - Application of this part.
627.8015 - “Indeterminate value contracts” and “variable contracts” defined.
627.802 - Establishment and maintenance of separate accounts.
627.803 - Statement of value of benefits.
627.804 - Investment of assets.
627.805 - Regulation of variable and indeterminate value contracts; rules.
627.8055 - Qualification of companies to issue variable or indeterminate value contracts.
627.807 - Variable or indeterminate value contract reserve requirements.