On June 30, 2008, the Florida legislature amended Section 627.4554 of the Insurance Code to impose more stringent suitability and replacement requirements on the sale of annuities to senior consumers (defined as persons aged 65 or older). Among other things, the amended statute requires that in recommending the purchase or exchange of annuity to a senior, the agent (or the insurer if no agent is involved) must have an objectively reasonable basis for believing that the recommendation is suitable based on the facts disclosed by the senior.

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