FL aims to reign in vendors of annuities and life insurance

To protect the state's senior citizens, lawmakers hope to better police sellers of annuities and life insurance.

Some Florida lawmakers and Chief Financial Officer Alex Sink want more protection than they secured a year ago for seniors to protect the elderly from predatory life insurance and annuities peddlers...

Sink's office said the growing number of cases related to annuities and life insurance fraud has led to her push for tougher penalties for agents as well as more transparency for older consumers...

The state says people in their 70s and 80s have been sold annuities that couldn't be redeemed for 15 or 20 years unless clients paid large withdrawal penalties in some cases. In others, customers' net worth was inflated or their applications changed, allowing agents to collect large commissions...

Miami Herald: FL aims to reign in vendors of annuities and life insurance