• Restricts the marketing of life insurance and annuities to senior citizens. Specifically:
  1. Creating new training requirements for insurance agents and brokers;
  2. Requiring additional disclosures for life insurance and annuity products; and
  3. Restricting the sale of life insurance and annuities in seniors' homes.
• Specifies refunds of any policy fees and account values for buyers returning individual variable annuities, variable life insurance and modified endowment contracts, and requires refund information be disclosed in 12-point bold type on the cover page, or on a sticker on the policy's cover page or policy jacket.
• Provides seniors with a "30-Day Free Look" period, which allows them to cancel individual life insurance and annuity contracts within 30 days after delivery.
• Requires insurance companies offering life insurance policies to senior citizens provide annual statements with the following disclosures:
  1. Non-Guaranteed values;
  
  
  2. Current Accumulation Values; and
  
  
  3. Cash Surrender Values.

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