Florida Suitability Regulation Change
Effective 10/1/13
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.
Required Forms:
· Annuity Suitability Questionnaire – DFS-H1-1980
· EquiTrust Financial Needs Analysis – ET-2506
If Replacement, Also Required:
· Disclosure and Comparison of Annuity Contracts –
DFS-H1-1981
· EquiTrust Notice to Applicant Regarding Replacement of
Insurance – ET-RPL-4900FL
The Annuity Suitability Questionnaire (DFS-H1-1980) 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 (DFS-H1-1981) is required to be completed in its entirety in situations of annuity contract replacement. The standard EquiTrust replacement form (ET-RPL-4900FL) continues to be required in addition to the newly required comparison form.
EquiTrust will continue to require our Financial Needs Analysis form ET-2506, completed in its entirety, with all applications.
Pursuant to these new requirements, a copy of form numbers DFS-H1-1980 and DFS-H1-1981 (if applicable) will be included with contract print to be delivered to the client.
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.
Questions? Call EquiTrust Sales Support at 866-598-3694 or visit Agents.EquiTrust.com.
