FL S0926

Creates section 736.0902 to limit trustee duties and liability regarding life insurance contracts acquired on the life of a "qualified person" (the insured or spouse who provided funds for the policy)

Trustees have no duty to determine policy compliance, investment suitability, insurance company financial strength, exercise policy options, diversify holdings, or investigate insureds' health or finances under life insurance contracts meeting the bill's criteria

Exempts application of reduced duties unless the trust instrument references this section or the trustee provides written notice to qualified beneficiaries; beneficiaries may object in writing within 30 days to prevent the exemption from applying

Does not apply to insurance purchased from trustee affiliates or where trustee receives commissions unless duties are delegated per section 518.112; prohibits trustee compensation for fiduciary services related to exempt life insurance policies

Expands delegable investment functions in section 518.112 to include determining insurance contract compliance with insurable interest requirements, investigating insurer financial strength, and inquiring about insured health or financial condition changes; standardizes written notice procedures to beneficiaries for delegation