Florida Regulations 69O-162.016: Stockholders’ Interest; Schedule of Commissions
Current as of: 2024 | Check for updates
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(1) No person while serving as an elected or appointed officer, director or trustee of any domestic life insurance company shall receive directly or indirectly any commission on the variable annuity business transactions of the company.
(2) The deductions that may be made from the premium to cover expense factors such as administrative costs and premium taxes of the variable annuity business shall be reasonable and shall be filed with the Director for his approval.
(3) Schedules of commissions to agents on variable annuities shall be filed with the Director.
(4) No authority to issue or deliver in this state variable annuity contracts will be granted to any company whose stockholders benefit, to an extent considered unreasonable by the Director, from its variable annuity business.
Specific Authority 624.308(1), 627.805 FS. Law Implemented 624.307(1), 626.794, 627.805(2) FS. History-Repromulgated 12-24-74, Formerly 4-10.16, 4-10.016, 4-162.016.
Terms Used In Florida Regulations 69O-162.016
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Trustee: A person or institution holding and administering property in trust.
(3) Schedules of commissions to agents on variable annuities shall be filed with the Director.
(4) No authority to issue or deliver in this state variable annuity contracts will be granted to any company whose stockholders benefit, to an extent considered unreasonable by the Director, from its variable annuity business.
Specific Authority 624.308(1), 627.805 FS. Law Implemented 624.307(1), 626.794, 627.805(2) FS. History-Repromulgated 12-24-74, Formerly 4-10.16, 4-10.016, 4-162.016.