Effective 10/1/2013 the State of Florida will require a suitability form and (if applicable) a Florida replacement-comparison form for ALL annuity applicants in Florida. Since 2009, these two forms had been used only for applicants age 65 and older; now they are required for all ages. You may begin using these forms immediately.
The Annuity Suitability Questionnaire is required with every application completed in Florida. Although the consumer may choose to opt-out of certain suitability questions on the Florida form, the agent is required to complete the three questions on page 3 of the form.
The Disclosure & Comparison of Annuity Contracts is required to be completed in its entirety in situations of annuity contract replacement.
Extended Free-Look Period
Along with the form changes, Florida has extended the free-look period for all annuity contracts. All contracts issued 10/1/2013 and after will have a 21-day free-look period.
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