FL H0885

Exempts life insurance agents who have not sold individual life insurance policies or annuity contracts during the compliance cycle and have no active policies from the 3-hour continuing education requirement on suitability; allows the department to require certification of this exemption status.

Creates section 627.4605 to eliminate the requirement to notify current insurers of policy replacement in three situations: contractual changes with the same insurer, replacements under an approved program, or term conversion privileges among corporate affiliates.

Prohibits resale of annuities purchased as part of settlements under federal law (42 U.S.C. § 1395y(b)(2)) to unrelated third parties, while allowing commutation only by settlement-connected parties.

Prohibits creation or use of employee classes for group health insurance purposes consisting solely of employees covered under an employer's group health plan; preserves employers' authority to require group health plan participation as a condition of employment.

Removes the 50 percent cap limitation on group life insurance coverage amounts for spouses and dependent children of employees, allowing coverage amounts equal to the employee's or member's coverage.