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A bill to be entitled

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An act relating to annuity products; amending s.

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627.4554, F.S.; providing that any person who purchases

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an annuity product in this state and who is 75 years of

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age or older at the time of purchase may rescind

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without penalty the contract for the sale of such

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annuity product for any reason at any time within a

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period of 1 year after the date on which such product

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is purchased; requiring that a person rescinding such

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contract notify the insurer or insurer's agent of

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rescission in writing; requiring that a person

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rescinding such contract or agreement receive from the

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insurer a full refund of any costs paid to the insurer

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or insurer's agent for the annuity product or related

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services upon receipt by the insurer or insurer's agent

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of the written notice of rescission; requiring that an

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insurer licensed to provide annuity products in this

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state include certain provisions in a contract for such

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product; providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Subsection (9) is added to section 627.4554,

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Florida Statutes, to read:

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     627.4554  Annuity investments by seniors.--

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     (9) RESCISSION.--Any person who purchases an annuity

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product in this state and is 75 years of age or older at the time

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of purchase may rescind without penalty a contract for the sale

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of such annuity product for any reason at any time within a

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period of 1 year after the date on which such product is

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purchased.

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     (a) Such rescission must be made in writing and may be

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delivered to the insured or any agent of the insured selling

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annuity products.

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     (b) A person rescinding a contract or agreement for such

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annuity product shall receive from the insurer a full refund of

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any costs paid to the insurer or insurer's agent for such product

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or related services upon receipt by the insurer of the written

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notice of rescission.

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     (c) Any insurer licensed to write or sell annuities or

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annuity products in this state must include provisions in any

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contract or agreement for the purchase of that insurer's annuity

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products allowing a person 75 years of age or older who purchases

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an annuity product from that insurer or an agent of that insurer

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to rescind such contract or agreement in accordance with this

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subsection and providing that person with a full refund of any

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costs paid to the insurer or insurer's agent for such product or

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related services. Failure to include such provisions constitutes

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a violation of this code, subject to the appropriate penalties.

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     Section 2.  This act shall take effect July 1, 2008.