The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 626
INSURANCE FIELD REPRESENTATIVES AND OPERATIONS

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F.S. 626.99275

626.99275 Prohibited practices; penalties.—

(1) It is unlawful for a person to:

(a) Knowingly enter into, broker, or otherwise deal in a viatical settlement contract the subject of which is a life insurance policy, knowing that the policy was obtained by presenting materially false information concerning any fact material to the policy or by concealing, for the purpose of misleading another, information concerning any fact material to the policy, where the viator or the viator’s agent intended to defraud the policy’s issuer.

(b) Knowingly or with the intent to defraud, for the purpose of depriving another of property or for pecuniary gain, issue or use a pattern of false, misleading, or deceptive life expectancies.

(c) Knowingly engage in any transaction, practice, or course of business intending thereby to avoid the notice requirements of s. 626.9924(7).

(d) Knowingly or intentionally facilitate the change of state of residency of a viator to avoid the provisions of this chapter.

(e) Knowingly enter into a viatical settlement contract before the application for or issuance of a life insurance policy that is the subject of a viatical settlement contract or during an applicable period specified in s. 626.99287(1) or (2), unless the viator provides a sworn affidavit and accompanying independent evidentiary documentation in accordance with s. 626.99287.

(f) Engage in a fraudulent viatical settlement act, as defined in s. 626.9911.

(g) Knowingly issue, solicit, market, or otherwise promote the purchase of a life insurance policy for the purpose of or with an emphasis on selling the policy to a third party.

(h) Engage in a stranger-originated life insurance practice, as defined in s. 626.9911.

(2) A person who violates any provision of this section commits:

(a) A felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084, if the insurance policy involved is valued at any amount less than $20,000.

(b) A felony of the second degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084, if the insurance policy involved is valued at $20,000 or more, but less than $100,000.

(c) A felony of the first degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084, if the insurance policy involved is valued at $100,000 or more.

History.—s. 11, ch. 99-212; s. 9, ch. 2000-344; s. 53, ch. 2001-63; s. 28, ch. 2005-237; s. 8, ch. 2017-178.

F.S. 626.99275 on Google Scholar

F.S. 626.99275 on Casetext

Amendments to 626.99275

Arrestable Offenses / Crimes under Fla. Stat. 626.99275

Level: Degree
Misdemeanor/Felony: First/Second/Third

S626.99275 1a - FRAUD-FALSE STATEMENT - VIATICAL INS OBT W FLS INF LESS 20K DOLS - F: T

S626.99275 1a - FRAUD-FALSE STATEMENT - VIATICAL OBT W FALSE INF 20K LESS 100K DOLS - F: S

S626.99275 1a - FRAUD-FALSE STATEMENT - VIATICAL INS OBT W FLS INF 100K DOLS MORE - F: F

S626.99275 1b - FRAUD - REVISED SEE REC# 5924 - F: T

S626.99275 1b - FRAUD - REVISED SEE REC# 5925 - F: S

S626.99275 1b - FRAUD - REVISED SEE REC# 5926 - F: F

S626.99275 1b - FRAUD - USE FALSE LIFE EXPECTANCY LESS 20K DOLS - F: T

S626.99275 1b - FRAUD - USE FALSE LIFE EXPECTANCY 20K LESS 100K DOLS - F: S

S626.99275 1b - FRAUD - USE FALSE LIFE EXPECTANCY 100K DOLS OR MORE - F: F

S626.99275 1c - PUBLIC ORDER CRIMES - VIOL VIATICAL NOTIC REGS LESS THAN 20K DOLS - F: T

S626.99275 1c - PUBLIC ORDER CRIMES - VIOL VIATICAL NOTIC REGS 20K LESS 100K DOLS - F: S

S626.99275 1c - PUBLIC ORDER CRIMES - VIOL VIATICAL NOTICE REGS 100K DOLS MORE - F: F

S626.99275 1d - PUBLIC ORDER CRIMES - CHANGE STATE RESIDENCY LESS 20K DOLS - F: T

S626.99275 1d - PUBLIC ORDER CRIMES - CHANGE STATE RESIDENCY 20K LESS 100K DOLS - F: S

S626.99275 1d - PUBLIC ORDER CRIMES - CHANGE STATE RESIDENCY 100K DOLS OR MORE - F: F

S626.99275 1e - FRAUD - ENT VIATICAL CONTR BF ISSU LIFE INSU POL LT20K - F: T

S626.99275 1e - FRAUD - ENT VIAT CONT BF ISSU LIFE INSU POL 20K LT100K - F: S

S626.99275 1e - FRAUD - ENT VIAT CONTR BF ISSU LIFE INSU POL 100K MORE - F: F

S626.99275 1f - FRAUD - ENGAGE FRAUD VIATICAL SETTLEMENT ACT LT 20K - F: T

S626.99275 1f - FRAUD - ENGAGE FRAUD VIATICAL SETTLEMNT ACT 20K LT100K - F: S

S626.99275 1f - FRAUD - ENGAGE FRAUD VIATICAL SETTLEMENT ACT 100K MORE - F: F

S626.99275 1g - FRAUD - PROMO PUR LFE INS POL EMP SELL 3RD PTY LT20K - F: T

S626.99275 1g - FRAUD - PROM PUR LFE INS POL EMP SEL 3RDPTY 20K LT100K - F: S

S626.99275 1g - FRAUD - PROMO PUR LFE INS POL EMP SELL 3RDPTY 100K MOR - F: F

S626.99275 1h - FRAUD - ENGAG STRANGER ORIGINATED LIFE INS PRAC LT 20K - F: T

S626.99275 1h - FRAUD - ENG STRANGR ORIGINATED LFE INS PRAC 20K LT100K - F: S

S626.99275 1h - FRAUD - ENG STRANGER ORIGINATED LIFE INS PRA 100K MORE - F: F

Annotations, Discussions, Cases:

Cases from cite.case.law:

COVENTRY FIRST, LLC, v. STATE OFFICE OF INSURANCE REGULATION,, 38 So. 3d 200 (Fla. Dist. Ct. App. 2010)

. . . Pursuant to section 626.99275(1)(d), Florida Statutes, “[i]t is unlawful for any person: ... . . .

AMERICAN UNITED LIFE INSURANCE CO. v. MARTINEZ,, 480 F.3d 1043 (11th Cir. 2007)

. . . . § 626.99275(l)(a), when it entered into viatical settlement agreements with policyholders Mullins, . . . Stat. § 626.99275(1)(a). . . . Stat. § 626.99275(l)(a) (2004). . . . Stat. § 626.99275(l)(a).” . . . Stat. § 626.99275(l)(a). . . .