Under Florida law, how often must a variable annuity policyowner be notified of the accumulated value of the contract?

Under Florida law, a variable annuity policyowner is required to be notified of the accumulated value of the contract at least once each year. This annual notification ensures that policyholders are kept informed about the status of their investments and can make decisions that align with their financial goals and retirement plans.

Annual statements typically include important information such as the current accumulated value, performance of the underlying investments, and any changes in the contract's terms. This requirement supports transparency and aids policyowners in monitoring their annuity's performance over time. By mandating this frequency of notification, Florida law helps protect the interests of policyholders, ensuring they remain engaged and informed about their financial products.

This choice aligns with regulatory objectives aimed at ensuring that consumers have access to essential information, contributing to informed financial decision-making.