Florida's state Sen. Mike Bennett, R-Bradenton,
and state Rep. Keith Fitzgerald,
D-Sarasota, have introduced legislation
that would impose tougher penalties on
insurance agents who engage in deceptive
annuity sales practices.
Under the proposed legislation, the
act of "twisting," or submitting fraudulent
signatures on an annuity being sold
to a senior citizen, would be classified
as third-degree felony. Twisting occurs
when an insurance agent intentionally
and falsely inflates clients' net worth
and converts their annuities into a
single policy with a separate company
in order to generate a commission.