FL S0166

Applies annuity suitability and recommendation standards to all consumers, not just senior consumers, requiring insurers and agents to base recommendations on documented suitability information including age, income, financial situation, risk tolerance, and tax status.

Requires agents to collect suitability information on form DFS-H1-1980 before executing annuity purchases, exchanges, or replacements, with copies provided to consumers by delivery date and to insurers within 10 days.

Mandates insurers establish supervision systems to ensure compliance, including agent training on requirements, product-specific training, review procedures for recommendations before issuance, and annual reports on supervision system effectiveness to senior managers.

Increases unconditional refund period for fixed and variable annuities from 14 to 21 days and makes refunds available to all prospective buyers regardless of age, with specific refund calculations and exclusions for accredited investors.

Prohibits annuity contracts issued to persons 65 or older from containing surrender or deferred sales charges exceeding 10 percent of withdrawals, with charges eliminated after the 10th policy year or 10 years from each premium payment date.