Speak with a Registered Agent: 1-866-223-2121

Speak with a Registered Agent: 1-866-223-2121

Annuities for Retirement: Stricter Regulation in Florida


A press release from Florida’s Chief Financial Officer Alex Sink details new legislation the state has passed to protect residents from annuities fraud. Specifically, it bans the practice known as “twisting”, where an unscrupulous agent combines several annuities into one with a different holiday. The agent recieves an extra commission from another company, while the investor’s retirement nest egg is put in danger. In Florida, this practice is now a third degree felony.

Senior citizens also recieve other new protections under these laws. They now have a “free look” period of 60 days, duringwhich they can cancel the annuity purchase with no penalty, and agents are required to provide them with a cover sheet that informs them of that fact. The Department of Financial Services is prevented from giving another license to someone who as had theirs revoked due to solicitation of a senior citizen; in addition, it is authorized to require that an agent pay monentary restitution to someone they have defrauded.

The Safeguard Our Seniors (SOS) task force is taking a stand against agents that sell innapropriate annuity products to seniors; e.g. selling an individual in their 80s a deferred annuity that may not pay out during his or her lifetime, when immediate annuities that begin payments right away would probably be more suitable.

For more information about the product mentioned in this article contact us here:

Newest Blog Posts

Information Request Form

If you have questions or would like more information, please complete this form and a licensed professional will be happy to help. For the fastest response, please select 'Phone' as your Contact Preference.

By providing your information and clicking 'Submit' above, you acknowledge that you have read and agree to this site's privacy policy. You also provide your consent to be contacted at the email address or phone number provided above (including any wireless number) by licensed agents or representatives from or on behalf of AFYI Holdings Group, LLC and other companies to provide the information requested and/or offer annuities or financial products. You understand that these calls or SMS messages may be generated using an automated telephone dialing system, a pre-recorded message, or artificial voice. Consent to receive such messages is not a condition to purchase any goods or services. You may opt out at any time by following the instructions in the messages you receive.  Receiving quotes and information through our website is free, and you are under no obligation to purchase any goods or services as a result of this request. You affirm that you are the subscriber of the provided telephone number or that the subscriber authorized you to provide the number. Message and data rates may apply. AFYI Holdings Group, LLC is committed to respecting your privacy and adhering to all applicable laws and regulations, including the Telephone Consumer Protection Act (TCPA).