Fla. Stat. § 518.112
(2) (a) The requirements of subsection (1) notwithstanding, a fiduciary that administers an insurance contract on the life or lives of one or more persons may delegate without any continuing obligation to review the agent's actions, certain investment functions with respect to any such contract as provided in subsection (3), to any one or more of the following persons as investment agents:
1. The trust's settlor if the trust is one described in s. 733.707(3);
2. Beneficiaries of the trust or estate, regardless of the beneficiary's interest therein, whether vested or contingent;
3. The spouse, ancestor, or descendant of any person described in subparagraph 1. or subparagraph 2.;
4. Any person or entity nominated by a majority of the beneficiaries entitled to receive notice under paragraph (3)(b); or
5. An investment agent if the fiduciary exercises reasonable care, judgment, and caution in selecting the investment agent and in establishing the scope and specific terms of any delegation.
(b) The delegable investment functions under this subsection include:
1. A determination of whether any insurance contract is or remains a proper investment;
2. A determination of whether or not to exercise any policy option available under such contracts;
3. A determination of whether or not to diversify such contracts relative to one another or to other assets, if any, administered by the fiduciary; or
4. An inquiry about changes in the health or financial condition of the insured or insureds relative to any such contract.
(3) A fiduciary may delegate investment functions to an investment agent under subsection (1) or subsection (2), if:
(b) In the case of a trust or estate, the fiduciary has given written notice, of its intention to begin delegating investment functions under this section, to all beneficiaries, or their legal representative, eligible to receive distributions from the trust or estate within 30 days of the delegation unless such notice is waived by the eligible beneficiaries entitled to receive such notice. This notice shall thereafter, until or unless the beneficiaries eligible to receive income from the trust or distributions from the estate at the time are notified to the contrary, authorize the trustee or legal representative to delegate investment functions pursuant to this subsection. This discretion to revoke the delegation does not imply under subsection (2) any continuing obligation to review the agent's actions.
1. Notice to beneficiaries eligible to receive distributions from the trust from the estate, or their legal representatives shall be sufficient notice to all persons who may join the eligible class of beneficiaries in the future.
2. Additionally, as used herein, legal representative includes one described in s. 731.303, without any requirement of a court order, an attorney-in-fact under a durable power of attorney sufficient to grant such authority, a legally appointed guardian, or equivalent under applicable law, any living, natural guardian of a minor child, or a guardian ad litem.
3. Written notice shall be:
a. By any form of mail or by any commercial delivery service, approved for service of process by the chief judge of the judicial circuit in which the trust has its principal place of business at the date of notice, requiring a signed receipt;
b. As provided by law for service of process; or
c. By an elisor as may be provided in the Florida Rules of Civil Procedure. Notice by mail or by approved commercial delivery service is complete on receipt of notice. Proof of notice must be by verified statement of the person mailing or sending notice, and there must be attached thereto the signed receipt or other satisfactory evidence that delivery was effected on the addressee or on the addressee's agent. Proof of notice must be maintained among the trustee's permanent records.
History.--s. 3, ch. 93-257; s. 8, ch. 97-240.