Groups dealing with life insurance and life insurance companies met with the Florida Office of Insurance Regulation.
In the meeting FLOIR listened to both sides as they compiled a report to present to state lawmakers on what they should do with the multi-million dollar life insurance secondary market.
Essentially, what that means is people, especially the elderly will buy a life insurance policy and eventually turn around and sell it.
Belinda Miller with FLOIR says consumers need to understand what they intend to do with the insurance before making any decisions.
”There are purposes for buying life insurance and they do vary. They need to understand fully what they’re being sold and who’s selling it and what they’re going do after they do,” says Miller.
FLOIR has to have a report sent to lawmakers by December 1st.