HB 981 (2009) -  Annuity Contracts for Seniors

General Bill by Fitzgerald (CO-SPONSORS) Anderson; Rader; Steinberg
Annuity Contracts for Seniors: Revises consumer protection requirement relating to designation of beneficiaries of life insurance policy; provides additional ground for taking adverse action against license or appointment of specified persons; expands prohibition against DFS issuing license to specified persons for specified activities; revises prohibition against life agents handling placement of coverage under life insurance policies under specified circumstances; provides for limitation to natural persons of criminal penalties relating to offenses of twisting or churning & willfully submitting fraudulent signatures on application or policy-related document; provides increased criminal penalty for natural persons committing offenses of twisting or churning with respect to seniors; specifies that failure to ascertain consumer's age is not defense to specified violations; authorizes use of video depositions in administrative proceedings involving seniors as victims; extends unconditional refund period for annuities purchased by seniors; provides additional life insurance solicitation disclosure requirements; revises requirements for annuity investments by seniors; authorizes DFS to order monetary restitution as corrective action; prohibits annuity contracts issued to seniors from containing deferred sales charge in excess of specified percentage & requires reduction in percentage to zero by specified time.
Effective Date: July 1, 2009
Last Event: Died in Insurance, Business & Financial Affairs Policy Committee on Saturday, May 2, 2009 12:00 AM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/CS/SB 1372 Subject: Insurance [CPSC] Relationship: Compare

Bill Text

Staff Analysis

(None Available)

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died in Insurance, Business & Financial Affairs Policy Committee Time: 05/02/2009 - 12:00 AM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Indefinitely postponed and withdrawn from consideration Time: 05/02/2009 - 12:00 AM Member: Committee: Version: __
Event: H Now in Insurance, Business & Financial Affairs Policy Committee Time: 03/05/2009 - 8:17 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Referred to Full Appropriations Council on General Government & Health Care Time: 03/05/2009 - 8:17 PM Member: Committee: Full Appropriations Council on General Government & Health Care Version: __
Event: H Referred to General Government Policy Council Time: 03/05/2009 - 8:17 PM Member: Committee: General Government Policy Council Version: __
Event: H Referred to Civil Justice & Courts Policy Committee Time: 03/05/2009 - 8:17 PM Member: Committee: Civil Justice & Courts Policy Committee Version: __
Event: H Referred to Insurance, Business & Financial Affairs Policy Committee Time: 03/05/2009 - 8:17 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H 1st Reading Time: 03/03/2009 - 10:03 PM Member: Committee: Version: __
Event: H Filed Time: 02/18/2009 - 11:39 AM Member: Fitzgerald Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
624.310
626.025
626.621
626.641
626.798
626.9521
626.99
627.4554