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Statement from Florida’s Insurance Consumer Advocate Robin Westcott Regarding Senior Protections for Annuity Sales

Press Release

February 8, 2012

TALLAHASSEE— The Office of the Insurance Consumer Advocate, in collaboration with Sen. Richter (R-Naples) and Rep. Broxson (R-Gulf Breeze), has worked to ensure that laws governing annuity sales maintain the senior protections previously afforded in the Safe Guard our Seniors Act. Senate Bill 1476 and House Bill 1065 now both contain requirements for the sale of annuities to seniors previously adopted during the 2010 Legislative Session. Today, Florida’s Insurance Consumer Advocate Robin Westcott released the following statement regarding these important protections for Florida’s senior population.

“It is critical that Florida’s seniors be afforded the opportunity to fully understand the insurance products they are presented and that we do everything in our power to protect them from those who seek to cause them financial harm. Florida has been a leader among states in seeking to adopt meaningful legislation for our senior population, and we must fight to retain those protections.

“I would like to thank Rep. Broxson and Sen. Richter for their attention to this important issue, and I look forward to supporting their bills as they move through this legislative session.”

The Insurance Consumer Advocate is appointed by Florida Chief Financial Officer Jeff Atwater and is committed to finding solutions to insurance issues facing Floridians, calling attention to questionable insurance practices, promoting a viable insurance market responsive to the needs of Florida’s diverse population and assuring that rates are fair and justified.