Gov. Charlie Crist has signed legislation (SB 2082) containing new regulations on the sale of annuities. The bill addresses the fraudulent acts of inducing consumers to cash in funds from a current investment or insurance product in order to purchase another investment product (often referred to as twisting and churning). Florida Association of Insurance and Financial Advisors Spokesperson Bob Lotane praised both Crist and CFO Alex Sink for their support of the legislation.
From the August 2008 issue of Florida Underwriter • Subscribe!
