FL H1425

Expands Florida's opt-out provision under the Interstate Insurance Product Regulation Compact to include annuity and disability income insurance, in addition to long-term care products.

Changes the effective date for adoption of uniform standards from March 1, 2013 to March 9, 2018, and provides that Florida prospectively opts out of any new uniform standards adopted after March 9, 2018 until the legislature enacts legislation to adopt them.

Deletes authority to opt out of administrative orders and removes several previously listed uniform standards that Florida opted out of.

Maintains Florida's ability to enforce state-specific consumer protections including limits on surrender charges (10 percent maximum), secondary addressee notifications, variable annuity disclosure requirements, and interest on surrender proceeds.

Requires the Office of Insurance Regulation to immediately notify the Legislature whenever the Interstate Insurance Product Regulation Commission adopts any new uniform standard or amendment.