Wednesday, March 25, 2009
Florida CFO blasts Rep. Patterson over bottled up senior annuities bill
CFO Alex Sink wants to take DeLand Rep. Pat Patterson to the woodshed for allegedly bottling up a bill meant to increase the penalties for unscrupulous insurance agents who bilk seniors out of their life savings.
Sink, a Democrat, has been pushing the reform for more than in a year to mandate prison time for insurance agents who coax seniors aged 65 and older into buying insurance annuities that might not start paying out benefits for years.
The so-called Safeguard Our Seniors bill, HB 981, creates a third-degree felony out of the practice known as “twisting” and “churning,” and would impose prison sentences of up to five years on agents who intentionally distort the type of life insurance product they’re selling or coax seniors into liquidating their assets to buy an annuity that might not make any payments to them for years...
Orlando Sentinel: Florida CFO blasts Rep. Patterson over bottled up senior annuities bill
Sink, a Democrat, has been pushing the reform for more than in a year to mandate prison time for insurance agents who coax seniors aged 65 and older into buying insurance annuities that might not start paying out benefits for years.
The so-called Safeguard Our Seniors bill, HB 981, creates a third-degree felony out of the practice known as “twisting” and “churning,” and would impose prison sentences of up to five years on agents who intentionally distort the type of life insurance product they’re selling or coax seniors into liquidating their assets to buy an annuity that might not make any payments to them for years...
Orlando Sentinel: Florida CFO blasts Rep. Patterson over bottled up senior annuities bill
Permalink posted by markw @ 5:01 AM 
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