SECTION 626.798. Life agent as beneficiary; prohibition.

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1(1) 2A life agent may not place or modify life insurance coverage with a life insurer covering the life of a person who is not a family member of the life agent when the life agent or a family member of the life agent is the named beneficiary under the life insurance policy, or the modification names the life agent or a family member of the life agent the named beneficiary, unless the life agent or family member of the life agent has an insurable interest in the life of such person.
93(2) 94A life agent or a family member of the life agent may not serve as a trustee or guardian or accept authority to act under a power of attorney for any person the life agent conducts insurance business with, unless he or she is:
138(a) 139A family member of the person or insured; or
148(b)1. 149Acting as a fiduciary;
1532. 154Licensed as a certified public accountant under s. 162473.308; 163and
1643.a. 165Registered under s. 203 of the Investment Advisers Act of 1940 as an investment adviser, or a representative thereof, and compliant with the notice filing requirements of s. 193517.1201; 194or
195b. 196Registered under s. 199517.12, 200as a dealer, investment adviser, or associated person.
208(3) 209For the purposes of this section:
215(a) 216“Family member” means an individual who is related to the life agent as father, mother, son, daughter, brother, sister, grandfather, grandmother, uncle, aunt, first cousin, nephew, niece, husband, wife, father-in-law, mother-in-law, brother-in-law, sister-in-law, stepfather, stepmother, stepson, stepdaughter, stepbrother, stepsister, half brother, or half sister.
260(b) 261“Insurable interest” means that the life agent or family member of the life agent has an actual, lawful, and substantial economic interest in the safety and preservation of the life of the insured or a reasonable expectation of benefit or advantage from the continued life of the insured.

History.-ss. 1, 2, ch. 89-257; ss. 105, 206, 207, ch. 90-363; s. 4, ch. 91-429; s. 268, ch. 97-102; s. 49, ch. 2010-175; s. 31, ch. 2018-102.

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