Insurance Companies Face Tougher Rules on Annuities
Bauerlein, David, The Florida Times Union
Byline: DAVID BAUERLEIN
Florida Chief Financial Officer Alex Sink wanted "alligator teeth" for state laws punishing unscrupulous sales of annuities.
A bill passed by the Florida Legislature doesn't bite down as hard as the original attempt to make it a felony for unscrupulous agents to take advantage of seniors.
But the bill would toughen enforcement by levying bigger fines and adding some consumer protection for seniors who purchase annuities.
Known as the Safeguard Our Seniors bill, the legislation would take effect July 1 if signed by Gov. Charlie Crist.
Sink, who is running for governor, has been working for three years to get tougher penalties. Seventy percent of the …
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Publication information: Article title: Insurance Companies Face Tougher Rules on Annuities. Contributors: Bauerlein, David - Author. Newspaper title: The Florida Times Union. Publication date: May 16, 2010. Page number: Not available. © 2007 The Florida Times-Union. COPYRIGHT 2010 Gale Group.
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