FL S1364

Creates section 627.4605, F.S. to specify that notice to an existing insurer is not required when replacing a life insurance policy if the replacement involves a contractual change or conversion privilege with the existing insurer.

Exempts from notice requirement replacements of a policy by the same insurer pursuant to a program filed with and approved by the Office of Insurance Regulation.

Exempts from notice requirement term conversion privileges exercised among corporate affiliates.

Amends section 627.5575, F.S. to remove the 50 percent limitation on the amount of life insurance available for a covered spouse or dependent child under group life insurance policies.

Takes effect upon becoming law.