Congress has legislation pending that will add protection for consumers when buying Annuity and Life Insurance products. What has happened is there have been some un-reputable salespeople sell Annuity products to Seniors and did not have their best interest at heart. Needless to say not a good situation, consumers need to educate themselves as well when dealing with monies they are thinking about investing, surrendering etc.
| Congress wants states to beef up oversight of firms that sell annuities to seniors. The plan: Cash grants to states that go along. |
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WASHINGTON (CNNMoney.com) — Congress wants to help protect seniors who buy complex investment products that they don’t understand or may do more harm than good.
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States could get as much as $500,000 apiece to investigate and prosecute fraud against seniors, but only if they agree to strengthen their laws to match national consumer protection standards.
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State and federal officials have already started looking into how they can strengthen oversight of annuities, but regulation is patchwork state by state.
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The House Financial Services Committee approved a version of the legislation earlier this month, and the Senate will start considering it later this week. 
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