Florida Senate Banking and Insurance Committee members voted unanimously Wednesday to approve S.B. 1372, a life insurance and annuity marketing bill.
The bill, S.B. 1372, would change the rules governing sales of life insurance and annuities to consumers ages 65 and older.
State Sen. Michael Bennett, R-Bradenton, Fla., has introduced S.B. 1372.
The House version of the bill, H.B. 141, was introduced by state Rep. Keith Fitzgerald, D-Sarasota, Fla.
The bill has the support of Florida Chief Financial Officer Alex Sink.
The “Safeguard Our Seniors Act” would limit the surrender-charge period for an annuity sold to consumers ages 65 and over to 5 years, while capping surrender charges at 5% of the annuity’s premium. The bill also would extend the “free look” period for seniors buying annuities to 60 days, from 14 days.