Senate Banking and Insurance Committee Moves Bills On Consumer Credit Protection and Annuity Sales Practices
At today’s Senate Banking and Insurance Committee meeting, the Committee responded favorably to all the proposed legislation on its agenda. SB844 amends the Insurance Code to enhance penalties for unethical annuities sales practices and provides additional consumer protections for senior citizens who purchase annuity products. SB844, introduced by Senator Bennett, was reported favorably by the Committee today and remains pending with the Criminal Justice and Ways and Means committees. Proposed committee bill SPB7054 provides additional consumer protections and enforcement tools for regulators related to credit counseling organizations. SPB7054 was submitted today as a committee bill and will return to the committee as a regular bill. Four other proposed committee bills were submitted today related to extensions for public records law exemptions for hurricane loss and exposure data submitted for the public model (SPB7052), trade secrets submitted to the Modeling Commission (SPB7042), and for certain records of the Florida Self Insurers Guaranty Association (SPB7044). For more details about this pending legislation, please contact me.