A bill intended to curb abusive practices by insurance agents is advancing in Florida.
TheFlorida Senate Banking and Insurance Committee unanimously passed SB 1372, also known as Safeguard Our Seniors. The act aims to crack down on twisting or churning of annuities to senior consumers. If enacted, such practices would be a third-degree felony, under Florida law.
The legislation also proposes to limit the surrender charge period for an annuity sold to a senior consumer to five years, the surrender charge to 5%, and to extend the free look period for the purchase of an annuity by a senior consumer to 60 days from the current period of 14 days.
Moreover, the law would require an agent to make monetary restitution to a senior consumer theyve harmed, and prohibit licensees who have had his license revoked resulting from the solicitation or sale of an insurance product to a senior consumer from obtaining a new one.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access