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Glossary of Legislative Terms

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.

Effective Date: 10/1/2012
 Last Action: 3/9/2012 Senate - Died in Banking and Insurance
Bill Text: PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Budget Subcommittee on General Government Appropriations (BGA)
  3. Budget (BC)

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  • Bill History

  • CS/CS/HB 1065, Committee Substitute 2 (Current Bill Version) Posted 2/20/2012 at 7:46 AM

  • CS/HB 1065, Committee Substitute 1 Posted 2/1/2012 at 5:48 PM

  • HB 1065, Original Filed Version Posted 12/16/2011 at 11:21 AM