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Consumer Alerts

Annuity Solicitation Scam: An unlicensed company named Unlimited Fulfillments Services, LLC has been contacting seniors about an annuity they may have that has reached the end of its surrender period. Misleading postcards sent to these consumers advise that they needed to contact the company’s “Scheduling Department” to discuss options. This company is not licensed to transact insurance business in Florida, and the Florida Department of Financial Services has filed a Notice of Intent to Issue Cease and Desist Order against the company. Read more...

National Sweepstakes’ Scam: A company calling themselves National Sweepstakes has contacted a senior consumer in South Florida claiming to require payments to the IRS in order to collect her $1 million-plus prize. Legitimate lotteries do not ask for money up front to collect winnings, and it should always be a red flag if you have been notified of winning a lottery for which you never submitted an entry. Read more...

Unclaimed Property Scam: A company calling themselves The Florida Department of Financial Restitution has been contacting consumers claiming to be on contract with the Department of Financial Services and trying to collect a $600 upfront fee to recover unclaimed property. There is no legal entity named The Florida Department of Financial Restitution, and consumers should not agree to this offer, sign a contract or send any money to the Florida Department of Financial Restitution. Read more...

Equity Indexed Annuity: Equity indexed annuities are relatively new annuity products as compared to traditional fixed and variable annuities, but represent one of the fastest growing segments of the insurance industry today. As their popularity grows, equity indexed annuities are coming under increased scrutiny by regulators. Read more...

Stranger Originated Life Insurance (STOLI): A new marketing arrangement involving life insurance and annuities. It may be marketed under the title spin-life, charity-owned, investor-initiated life or option-life insurance. However, it is marketed; it involves a stranger or group of strangers that profit from the death of the insured. Read more...