$60,000 Fines for Mutual of America & Truspire in Florida

Long Term Boca Retiree here. The Florida Office of Insurance Regulation released it market conduct investigations report in April 26. Truspire is going out with a literal bang !

Florida cited and fined both Mutual of America & Truspire over a collective $60,000 in fines for violating Florida law & insurance statues. These were over some BS LTC filing. But, MoA & Truspire received more fines (5) then any other insurance company. Not sure who in the legal area w/the states dropped the ball but this is very embarrasing. For more details go to:

FLOIR.gov

and read for yourselves.

Someone was asleep at the switch. time to dock his pay or ship his role to India.

#Insurance #Fine #Florida #Compliance #Regulators

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holy sshhiitt ! Wow ! Not a good look at all.

apparently, the company spent over $7M in outside legal costs in 2025. This plus $2M to run the legal dept. total of $9M. Even w/this excessive spending, no one paid attention to the basic state requirements which caused a black eye & $60K+ in fines. you just have to walk away & shake your head & wonder if there are any adults running this joint. who dropped the ball on this one ?

before I retired in 2021, one of the major selling points to move to a cheap legacy platform w/FIS was the ability to service annuities w/the Landmark deal. All to save like $8M per year. 25% of executives time and millions of dollars were spent on the Landmark deal & literally thousands of hours of C-Suite time. They took the eyes of the recordkeeping ball & obsessed about thiny new annuity toy which never panned out & cost, way, way, way more in money, clients, and time then anyone would care to transparently admit. A dark moment in Mutual's 81 year history

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$60,000 Fines for Mutual of America & Truspire in Florida

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