Purpose
The proposed rule is amended to conform with revisions to s. 627.4554, F.S., as enacted by SB 166 (Chapter 2013-163, Laws of Florida). SB 166 substantially revised Florida consumer protection laws relating to the sales of annuities by incorporating the 2010 National Association of Insurance Commissioners (“NAIC”) Suitability in Annuity Transactions Model Regulation. The proposed rule extends protections previously afforded senior consumers in annuity transactions to consumers of any age. Forms DFS-H1-1980and DFS-H1-1981 are revised to reflect the standards, procedures and guidelines of the 2010 NAIC Annuity Suitability Model Regulation, and s. 627.4554, F.S.