CS/CS/HB 1065: Annuities
GENERAL BILL by Economic Affairs Committee ; Insurance and Banking Subcommittee ; Broxson
Annuities; Provides that recommendations relating to annuities made by insurer or its agents apply to all consumers not just senior consumers; revises & provides definitions; revises duties of insurers & agents; provides that recommendations must be based on consumer suitability information; revises information relating to annuities that must be provided by insurer or its agent to consumer; revises requirements for monitoring contractors that provide certain functions for insurer relating to insurer's system for supervising recommendations; revises provisions relating to relationship between act & federal Financial Industry Regulatory Authority; deletes provision providing cap on surrender or deferred sales charges; prohibits specified charges for annuities issued to persons 65 years of age or older; increases period of time that unconditional refund must remain available with respect to certain annuity contracts; makes such unconditional refunds available to all prospective annuity contract buyers without regard to buyer's age; revises requirements for cover pages of annuity contracts.
Last Action: 3/9/2012 Senate - Died in Banking and Insurance
Bill Text: PDF
- Banking and Insurance (BI)
- Budget Subcommittee on General Government Appropriations (BGA)
- Budget (BC)
• Referred to Insurance and Banking Subcommittee; Government Operations Appropriations Subcommittee; Economic Affairs Committee -HJ 104
• Introduced -HJ 104
• On Committee agenda-- Insurance and Banking Subcommittee, 01/30/12, 2:00 pm, 404 HOB
• CS by Insurance and Banking Subcommittee; YEAS 14 NAYS 0 -HJ 455
• Pending review of CS under Rule 7.19(c)
• Now in Government Operations Appropriations Subcommittee -HJ 451
• CS by Insurance and Banking Subcommittee read 1st time -HJ 447
• On Committee agenda-- Government Operations Appropriations Subcommittee, 02/13/12, 1:45 pm, 404 HOB
• Favorable by Government Operations Appropriations Subcommittee; YEAS 12 NAYS 0 -HJ 601
• Now in Economic Affairs Committee -HJ 601
• On Committee agenda-- Economic Affairs Committee, 02/16/12, 11:30 am, Reed Hall
• CS/CS by- Economic Affairs Committee; YEAS 14 NAYS 0 -HJ 685
• Pending review of CS -under Rule 7.19(c)
• Placed on Calendar -HJ 682
• CS/CS by Economic Affairs Committee read 1st time -HJ 679
• Placed on Special Order Calendar, 02/22/12
• Read 2nd time -HJ 729
• Placed on 3rd reading
• Read 3rd time -HJ 778
• CS passed; YEAS 114 NAYS 0 -HJ 779
• In Messages
• Received -SJ 826
• Referred to Banking and Insurance; Budget Subcommittee on General Government Appropriations; Budget -SJ 826
• Died in Banking and Insurance
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