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Industry Awareness

Notice Regarding Annuity Sales to Seniors

Requirements of Insurers and Insurance Agents in Annuity Sales to Seniors

Section 627.4554, Florida Statutes, requires a determination to be made about the suitability of an annuity when selling to individuals age 65 or older (“seniors”). The law also requires certain disclosures and an objective comparison of annuity contracts when recommending the exchange or replacement of a senior’s annuity.  Forms for this purpose have been adopted in Rule 69B-162.011, F.A.C., and will become effective on December 25, 2009.

Links to the adopted forms are below and also available on our Forms page for future reference.

(Click here for Annuity Suitability Questionnaire form)(Click here for Disclosure and Comparison of Annuity Contracts form)

If you have questions regarding your responsibilities in complying with the provisions of these forms, and to ensure a prompt and accurate response, e-mail us at AskDFS@MyFloridaCFO.com. If you are unable to communicate by e-mail, you may call 850-413-5697.