CS/CS/HB 1065 (2012) -  Annuities

General Bill by Economic Affairs Committee and Insurance & Banking Subcommittee and 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: October 1, 2012
Last Event: 03/09/12 S Died in Banking and Insurance on Friday, March 9, 2012 11:59 PM

Referred Committees and Committee Actions

House Referrals

Senate Referrals

  • Banking and Insurance
  • Budget Subcommittee on General Government Appropriations
  • Budget

Related Bills

Bill # Subject Relationship
Bill #: CS/SB 1476 Subject: Annuities Relationship: Similar

Bill Text

  • Committee Substitute 2
  • Committee Substitute 1
    • A 006167 , Broxson (EAC) Date Filed: 02/15/12, Line#: 263 House(c): Adopted Without Objection 02/16/2012 05:20 PM
  • Original Filed Version
    • A 360699 , Broxson (INBS) Date Filed: 01/29/12, Line#: 94 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 512995 , Broxson (INBS) Date Filed: 01/29/12, Line#: 118 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 803089 , Broxson (INBS) Date Filed: 01/30/12, Line#: 156 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 882245 , Broxson (INBS) Date Filed: 01/30/12, Line#: 186 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 264111 , Broxson (INBS) Date Filed: 01/30/12, Line#: 193 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 844595 , Broxson (INBS) Date Filed: 01/29/12, Line#: 251 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 960549 , Broxson (INBS) Date Filed: 01/30/12, Line#: 276 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 237517 , Broxson (INBS) Date Filed: 01/29/12, Line#: 325 House(c): Withdrawn 01/30/2012 06:04 PM
    • A 843951 , Broxson (INBS) Date Filed: 01/29/12, Line#: 367 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 887395 , Broxson (INBS) Date Filed: 01/29/12, Line#: 385 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 331413 , Broxson (INBS) Date Filed: 01/30/12, Line#: 406 House(c): Adopted Without Objection 01/30/2012 06:04 PM
    • A 763967 , Broxson (INBS) Date Filed: 01/29/12, Line#: 416 House(c): Adopted Without Objection 01/30/2012 06:04 PM

Staff Analysis

Chamber Committee
Chamber: House Committee: Economic Affairs Committee 2/19/2012 8:46:53 AM
Chamber: House Committee: Economic Affairs Committee 2/14/2012 6:06:34 PM
Chamber: House Committee: Government Operations Appropriations Subcommittee 2/13/2012 7:32:54 PM
Chamber: House Committee: Government Operations Appropriations Subcommittee 2/9/2012 4:31:31 PM
Chamber: House Committee: Insurance & Banking Subcommittee 2/1/2012 6:08:24 PM
Chamber: House Committee: Insurance & Banking Subcommittee 1/27/2012 7:28:49 PM

Vote History

Chamber Date Yeas Nays Action Action 2 Vote Detail Barcode
Chamber: House Date: 02/23/2012 02:41 PM   Yeas: 114 Nays: 0 Action: Passage Action 2: Vote Detail: Vote [Seq# 874] Barcode:

Bill History

Event Time Member Committee Ver.
Event: S Died in Banking and Insurance Time: 03/09/2012 - 11:59 PM Member: Committee: Version: c2
Event: S Referred to Banking and Insurance; Budget Subcommittee on General Government Appropriations; Budget -SJ 826 Time: 03/05/2012 - 6:54 PM Member: Committee: Version: c2
Event: S Received -SJ 826 Time: 03/05/2012 - 6:50 PM Member: Committee: Version: c2
Event: S In Messages Time: 02/24/2012 - 4:40 PM Member: Committee: Version: c2
Event: H Message sent to senate Time: 02/24/2012 - 3:52 PM Member: Committee: Version: c2
Event: H CS passed; YEAS 114, NAYS 0 Time: 02/23/2012 - 2:41 PM Member: Committee: Version: c2
Event: H Passage on third reading Time: 02/23/2012 - 2:41 PM Member: Committee: Version: c2
Event: H Read 3rd time Time: 02/23/2012 - 2:40 PM Member: Committee: Version: c2
Event: H Added to Third Reading Calendar Time: 02/22/2012 - 5:17 PM Member: Committee: Version: c2
Event: H Placed on 3rd reading Time: 02/22/2012 - 4:11 PM Member: Committee: Version: c2
Event: H Read 2nd time Time: 02/22/2012 - 4:10 PM Member: Committee: Version: c2
Event: H Bill added to Special Order Calendar (2/22/2012) Time: 02/20/2012 - 6:40 PM Member: Committee: Version: c2
Event: H Added to Second Reading Calendar Time: 02/20/2012 - 5:19 PM Member: Committee: Version: c2
Event: H 1st Reading Time: 02/20/2012 - 5:19 PM Member: Committee: Version: c2
Event: H Bill referred to House Calendar Time: 02/20/2012 - 10:43 AM Member: Committee: Version: c2
Event: H CS Filed Time: 02/20/2012 - 7:46 AM Member: Committee: Version: c2
Event: H Laid on Table under Rule 7.19(a) Time: 02/20/2012 - 7:46 AM Member: Committee: Version: c1
Event: H Reported out of Economic Affairs Committee Time: 02/19/2012 - 8:47 AM Member: Committee: Economic Affairs Committee Version: c1
Event: H Removed from Meeting Agenda of Economic Affairs Committee Time: 02/16/2012 - 3:15 PM Member: Committee: Economic Affairs Committee Version: c1
Event: H Favorable with CS by Economic Affairs Committee Time: 02/16/2012 - 2:30 PM Member: Committee: Economic Affairs Committee Version: c1
Event: H Added to Economic Affairs Committee agenda Time: 02/15/2012 - 4:18 PM Member: Committee: Economic Affairs Committee Version: c1
Event: H Added to Economic Affairs Committee agenda Time: 02/14/2012 - 4:25 PM Member: Committee: Economic Affairs Committee Version: c1
Event: H Now in Economic Affairs Committee Time: 02/13/2012 - 7:33 PM Member: Committee: Economic Affairs Committee Version: c1
Event: H Reported out of Government Operations Appropriations Subcommittee Time: 02/13/2012 - 7:33 PM Member: Committee: Government Operations Appropriations Subcommittee Version: c1
Event: H Favorable by Government Operations Appropriations Subcommittee Time: 02/13/2012 - 4:45 PM Member: Committee: Government Operations Appropriations Subcommittee Version: c1
Event: H Added to Government Operations Appropriations Subcommittee agenda Time: 02/09/2012 - 4:14 PM Member: Committee: Government Operations Appropriations Subcommittee Version: c1
Event: H 1st Reading Time: 02/02/2012 - 11:35 PM Member: Committee: Version: c1
Event: H Now in Government Operations Appropriations Subcommittee Time: 02/02/2012 - 1:31 PM Member: Committee: Government Operations Appropriations Subcommittee Version: c1
Event: H Referred to Economic Affairs Committee Time: 02/02/2012 - 1:31 PM Member: Committee: Economic Affairs Committee Version: c1
Event: H Referred to Government Operations Appropriations Subcommittee Time: 02/02/2012 - 1:31 PM Member: Committee: Government Operations Appropriations Subcommittee Version: c1
Event: H CS Filed Time: 02/01/2012 - 5:48 PM Member: Committee: Version: c1
Event: H Laid on Table under Rule 7.19(a) Time: 02/01/2012 - 5:48 PM Member: Committee: Version: __
Event: H Reported out of Insurance & Banking Subcommittee Time: 02/01/2012 - 5:46 PM Member: Committee: Insurance & Banking Subcommittee Version: __
Event: H Favorable with CS by Insurance & Banking Subcommittee Time: 01/30/2012 - 4:30 PM Member: Committee: Insurance & Banking Subcommittee Version: __
Event: H Added to Insurance & Banking Subcommittee agenda Time: 01/26/2012 - 4:21 PM Member: Committee: Insurance & Banking Subcommittee Version: __
Event: H 1st Reading Time: 01/10/2012 - 11:59 PM Member: Committee: Version: __
Event: H Now in Insurance & Banking Subcommittee Time: 12/28/2011 - 11:00 AM Member: Committee: Insurance & Banking Subcommittee Version: __
Event: H Referred to Economic Affairs Committee Time: 12/28/2011 - 11:00 AM Member: Committee: Economic Affairs Committee Version: __
Event: H Referred to Government Operations Appropriations Subcommittee Time: 12/28/2011 - 11:00 AM Member: Committee: Government Operations Appropriations Subcommittee Version: __
Event: H Referred to Insurance & Banking Subcommittee Time: 12/28/2011 - 11:00 AM Member: Committee: Insurance & Banking Subcommittee Version: __
Event: H Filed Time: 12/16/2011 - 11:21 AM Member: Broxson Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
626.99 CS/SB 1476
627.4554 CS/SB 1476