Florida Regulations 69O-162.006: Notice of Variable Values Required
Current as of: 2024 | Check for updates
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Any variable annuity contract delivered or issued for delivery in this state, and any application for such contract, and any group annuity certificate, shall contain on its first page, in a prominent position in ten (10) point type or larger, a clear statement that the annuity benefits of values thereunder are on a variable basis.
Suggested wording is as follows: “”ANNUITY PAYMENTS AND TERMINATION VALUES PROVIDED BY THIS CONTRACT ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.””
Specific Authority 626.9611, 627.805 FS. Law Implemented 626.9541(1), 627.803 FS. History-Repromulgated 12-24-74, Formerly 4-10.06, 4-10.006, 4-162.006.
Suggested wording is as follows: “”ANNUITY PAYMENTS AND TERMINATION VALUES PROVIDED BY THIS CONTRACT ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.””
Specific Authority 626.9611, 627.805 FS. Law Implemented 626.9541(1), 627.803 FS. History-Repromulgated 12-24-74, Formerly 4-10.06, 4-10.006, 4-162.006.
Terms Used In Florida Regulations 69O-162.006
- 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.
- Contract: A legal written agreement that becomes binding when signed.