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Statement by CFO Sink on the Senate Passage of the Annuity Fraud Bill

4/3/2008

CONTACT:    
Tara Klimek or Kevin Cate 
     
Legislation Targets Agents Using Predatory Annuity and Life Insurance Practices Against Seniors

TALLAHASSEE
-- Florida Chief Financial Officer Alex Sink today congratulated members of the Florida Senate for unanimously passing legislation (SB 2082) that comprehensively addresses the issue of annuity fraud, including strengthening penalties against agents who target Floridians, especially seniors and the mentally-disabled, using predatory annuity and life insurance practices. 
 
“We need to deter and punish manipulative agents committing financially devastating crimes on Florida’s seniors,” said CFO Alex Sink, who oversees the Department of Financial Services.  “I applaud Senate President Pruitt and Senator Bennett for their leadership and for helping my department reduce this widespread and growing problem.”
 
The House Companion, HB 1003, sponsored by State Rep. Clay Ford (R-Pensacola), after unanimously passing the Committee on Financial Institutions, is currently in the House Jobs & Entrepreneurship Council.
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink  oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.