SECTION 627.558. Provisions required in group contracts.

Latest version.

1No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions set forth in ss. 24627.55925-26627.568 27or provisions which in the opinion of the office are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder; except that:
60(1) 61Sections 62627.56463-64627.568 65inclusive do not apply to policies issued to a creditor to insure debtors of such creditor;
81(2) 82The standard provisions required for individual life insurance policies do not apply to group life insurance policies; and
100(3) 101If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the office is or are equitable to the insured persons and to the policyholder, but nothing in this section shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.

History.-s. 531, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 430, 448, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 1140, ch. 2003-261.

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