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)
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Bill History
Date Chamber Action 12/16/2011 House • Filed
12/28/2011 House • Referred to Insurance and Banking Subcommittee; Government Operations Appropriations Subcommittee; Economic Affairs Committee -HJ 104
1/10/2012 House • Introduced -HJ 104
1/26/2012 House • On Committee agenda-- Insurance and Banking Subcommittee, 01/30/12, 2:00 pm, 404 HOB
1/30/2012 House • CS by Insurance and Banking Subcommittee; YEAS 14 NAYS 0 -HJ 455
2/1/2012 House • Pending review of CS under Rule 7.19(c)
2/2/2012 House • Now in Government Operations Appropriations Subcommittee -HJ 451
• CS by Insurance and Banking Subcommittee read 1st time -HJ 447
2/9/2012 House • On Committee agenda-- Government Operations Appropriations Subcommittee, 02/13/12, 1:45 pm, 404 HOB
2/13/2012 House • Favorable by Government Operations Appropriations Subcommittee; YEAS 12 NAYS 0 -HJ 601
• Now in Economic Affairs Committee -HJ 601
2/14/2012 House • On Committee agenda-- Economic Affairs Committee, 02/16/12, 11:30 am, Reed Hall
2/16/2012 House • CS/CS by- Economic Affairs Committee; YEAS 14 NAYS 0 -HJ 685
2/20/2012 House • 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
2/22/2012 House • Read 2nd time -HJ 729
• Placed on 3rd reading
2/23/2012 House • Read 3rd time -HJ 778
• CS passed; YEAS 114 NAYS 0 -HJ 779
2/24/2012 Senate • In Messages
3/5/2012 Senate • Received -SJ 826
• Referred to Banking and Insurance; Budget Subcommittee on General Government Appropriations; Budget -SJ 826
3/9/2012 Senate • Died in Banking and Insurance
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CS/CS/HB 1065, Committee Substitute 2 (Current Bill Version) Posted 2/20/2012 at 7:46 AM
Bill Text: PDF Analyses: None Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 1476 (c1) Annuities Richter Similar Last Action: 3/9/2012 S Died in Budget Subcommittee on General Government Appropriations
Location: In committee/council (BGA)
Floor Votes (1)
Date Chamber Result 2/23/2012 2:41 PM House 114 Yeas - 0 Nays Citations - Statutes (2)
Citation Catchline Location in Bill Location In Bill Help 626.99 Life insurance solicitation. Page 13 (pdf) 627.4554 Annuity investments by seniors. Page 2 (pdf) -
CS/HB 1065, Committee Substitute 1 Posted 2/1/2012 at 5:48 PM
Bill Text: PDF Analyses: Government Operations Appropriations Subcommittee (Post-Meeting) 2/13/2012 (pdf)
Economic Affairs Committee (Post-Meeting) 2/19/2012 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 1476 (c1) Annuities Richter Similar Last Action: 3/9/2012 S Died in Budget Subcommittee on General Government Appropriations
Location: In committee/council (BGA)
Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 006167 - Amendment
Remove line 263 and insert:Broxson 2/15/2012
7:03 PMAdopted without Objection
2/16/2012PDF Citations - Statutes (2)
Citation Catchline Location in Bill Location In Bill Help 626.99 Life insurance solicitation. Page 13 (pdf) 627.4554 Annuity investments by seniors. Page 2 (pdf) -
HB 1065, Original Filed Version Posted 12/16/2011 at 11:21 AM
Bill Text: PDF Analyses: Insurance and Banking Subcommittee (Post-Meeting) 2/1/2012 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 1476 Annuities Richter Identical Last Action: 3/9/2012 S Died in Budget Subcommittee on General Government Appropriations
Location: In committee/council (BGA)
Committee Amendments (12)
Amendment Sponsor Filed Last Committee Action Format 360699 - Amendment
Remove lines 94-96 and insert:Broxson 1/29/2012
5:06 PMAdopted without Objection
1/30/2012PDF 512995 - Amendment
Remove line 118 and insert:Broxson 1/29/2012
5:07 PMAdopted without Objection
1/30/2012PDF 803089 - Amendment
Remove line 156 and insert:Broxson 1/30/2012
4:49 PMAdopted without Objection
1/30/2012PDF 882245 - Amendment
Remove line 186 and insert:Broxson 1/30/2012
4:51 PMAdopted without Objection
1/30/2012PDF 264111 - Amendment
Remove lines 193-195 and insert:Broxson 1/30/2012
4:56 PMAdopted without Objection
1/30/2012PDF 844595 - Amendment
Remove line 251 and insert:Broxson 1/29/2012
5:08 PMAdopted without Objection
1/30/2012PDF 960549 - Amendment
Remove lines 276-332Broxson 1/30/2012
4:53 PMAdopted without Objection
1/30/2012PDF 237517 - Amendment
Remove lines 325-328 and insert:Broxson 1/29/2012
5:10 PMWithdrawn
1/30/2012PDF 843951 - Amendment
Between lines 367 and 368, insert:Broxson 1/29/2012
5:11 PMAdopted without Objection
1/30/2012PDF 887395 - Amendment
Remove lines 385-405 and insert:Broxson 1/29/2012
5:13 PMAdopted without Objection
1/30/2012PDF 331413 - Amendment
Remove lines 406-413 and insert:Broxson 1/30/2012
4:57 PMAdopted without Objection
1/30/2012PDF 763967 - Amendment
Remove line 416 and insert:Broxson 1/29/2012
5:18 PMAdopted without Objection
1/30/2012PDF Citations - Statutes (2)
Citation Catchline Location in Bill Location In Bill Help 626.99 Life insurance solicitation. Page 14 (pdf) 627.4554 Annuity investments by seniors. Page 2 (pdf)