Although the Legislature failed to pass the Safeguard our Seniors Act, Florida has recently taken steps to protect seniors from unscrupulous annuities salesmen.
The Florida Department of Financial Services is proposing new questionnaire and disclosure requirements for sales (including exchanges) of annuities to any person 65 or older. Proposed Rule 69B-162.011, Florida Administrative Code, is proposed under the John and Patricia Seibel Act, Chapter 2008-237 Laws of Florida, which took effect on January 1, 2009 and makes it a crime to engage in certain abusive practices in selling annuities to Florida seniors.
Under the proposed rule, an annuities salesperson must complete the required Annuity Suitability Questionnaire to obtain information to determine if the purchase or exchange of the annuity is suitable for the consumer. Additionally, where the transaction involves a replacement or exchange of an annuity by a Florida senior, a Disclosure and Comparison of Annuity Contracts form must be provided. To read the text of the proposed rule, click here.
View video clips from the Dateline NBC program "Tricks of the Trade," which uncovered serious misconduct by some annuities salesmen.