FL S1476

Expands annuity suitability requirements to all consumers, not just seniors, requiring insurers and agents to base recommendations on consumer suitability information including age, income, financial situation, risk tolerance, and tax status.

Requires collection of suitability information on form DFS-H1-1980 completed and signed by both applicant and agent in at least 12-point type, with copies provided to insurer within 10 days and to consumer by contract delivery.

Establishes supervision systems for insurers to monitor annuity recommendations through agent training, product-specific training, review procedures before issuance, and detection of unsuitable recommendations with annual reporting to senior managers.

Increases unconditional refund period for annuities from 14 to 21 days and makes such refunds available to all prospective buyers regardless of age, eliminating the previous age 65+ restriction.

Prohibits surrender or deferred sales charges exceeding 10 percent of withdrawals for annuities issued to persons age 65 or older, with charges eliminated after the 10th policy year.