FL H0825

Expands definition of "affiliated party" to include third-party marketers who aid licensees in violating insurance code regarding annuity sales to seniors age 65 or older.

Prohibits life insurance agents and their family members from being beneficiaries of policies sold to non-family members unless they have insurable interest in the insured person's life.

Extends unconditional refund periods for annuity contracts purchased by seniors age 65 or older from 14 days to 30 days, with refunds for variable annuities equal to cash surrender value plus all deducted fees and charges.

Limits surrender or deferred sales charges on senior annuity contracts to maximum 10 percent of withdrawn amount, reducing annually by 1 percent until eliminated after 10 years.

Creates new felony of third degree for any person conducting fraudulent financial services transactions involving annuities with seniors age 65 or older, including "twisting" or "churning" of insurance products.