The National Association for Fixed Annuities is joining with the National Association of Independent Financial Advisors to respond to a Florida bill that would regulate annuity sales to seniors.
NAFA, Milwaukee, says it also is working with carriers to respond to the bill, S.B. 1372, the Safeguard our Seniors Act.
One provision of the bill would prohibit sales of annuities with long surrender periods to consumers ages 65 and older.
The bill would limit surrender limits on annuities sold to seniors to 5 years, with a maximum surrender charge of 5%.
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NAFA says it is lobbying lawmakers to change the provisions to allow producers and insurers to sell seniors annuities with surrender periods of up to 10 years and minimum surrender charges of 10%.
“NAFA understands that the bill’s author is willing to consider changes to certain elements of the bill,” the association says in a statement.