FL S0844

Expands the definition of "affiliated party" to include third-party marketers who aid or abet licensees in violations of insurance code relating to annuity sales to seniors 65 and older.

Increases administrative fines for willful violations of twisting, churning, and fraudulent signature violations from $40,000 to $75,000 per violation; requires licensees to ascertain consumer age at application completion.

Establishes enhanced protections for senior annuity purchasers 65 and older, including extended 21-day unconditional refund periods (versus 14 days), limits surrender charges to maximum 10 percent, and restricts agents and family members from serving as beneficiaries, trustees, guardians, or power of attorney holders.

Requires fixed annuity buyer's guides to follow National Association of Insurance Commissioners (NAIC) Annuity Disclosure Model Regulation format; permits policy summaries for variable annuities until NAIC or department develops a buyer's guide.

Authorizes Department of Financial Services to order monetary restitution from insurance agents to senior consumers for misappropriation or unlawful withholding of funds; prohibits department from issuing licenses to individuals whose licenses were revoked for senior annuity sales violations.