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In 2008, Penn Life agreed to pay a record forfeiture of $925,000 and to offer a restitution program to up to 2,200 purchasers, mostly Wisconsin senior citizens, who were sold more than $55 million in annuity products from 2000 to 2007.
Under the settlement agreement, Penn Life was ordered not to sell annuities in Wisconsin for four years, comply with Wisconsin law regarding suitability and sales practices, and supervise its insurance agents to ensure compliance with the law.

Penn Life also agreed the State of Wisconsin may revoke its license to do business in Wisconsin if it is determined to have materially violated this settlement agreement.
Other states see the need to regulate the sale of annuities to seniors. See Florida Statute Section 627.4554 and its Annuity Suitability Questionnaire, Publication DFS-H1-1980.
See California’s insurance code at section 785-789.10.
The Office of the Commissioner of Insurance, Wisconsin has publications that every family should be familiar with:
Guide to Annuities, link: click herehttp://oci.wi.gov/pub_list/pi-016.htm, [Explains how much to buy and how to buy].
Understanding Annuities, link: click herehttp://oci.wi.gov/pub_list/pi-214.htm.
When salespeople churn or twist to generate undue fees and commissions, complaints should be made to the state insurance department, securities office, and the home office of the insurer and any other regulatory body that governs the practice. Certain annuities have unsuitable factors for seniors. Find out what your state is doing about annuities that are unsuitable for elders.
Spread the word. Read the policy! Complain to the Issuing Company, the Financial Institution, State Regulatory Agencies and consider suit or a class action where appropriate.
When an elder is a victim of financial exploitation, states have permitted an action for elder abuse. When annuities are harmful, consider the options to restore an elder’s life savings. Another useful resource is Safeguard Our Seniors: link: click herehttp://flseniors.net/SOSResources.htm

Written by Joe Wolverton, II Wednesday, 05 May 2010 12:45read more

Conservation easements have increased considerably in the last decade. They are now the preferred benefit landowners used to conserve the land employing tax planning. read more