CS/HB 1003 (2008) -  Insurance

General Bill by Jobs & Entrepreneurship Council and Ford (CO-SPONSORS) Hasner; Homan; Legg; Schenck
Insurance: Designates act "John and Patricia Seibel Act"; provides specified continuing education requirements for persons licensed to solicit or sell life insurance; provides for administrative fines & criminal penalties for offenses involving misleading representations or fraudulent comparisons or omissions, generating unlawful fees & commissions, or using fraudulent signatures; revises elements of offense known as "churning" to include direct or indirect purchases made for purposes of earning fees or commissions; provides that submitting fraudulent signatures or misrepresenting licensee's qualifications constitutes unfair method of competition & unfair or deceptive act or practice; requires insurers for all types of annuities to provide buyer's guide & policy summary to buyers; requires agents to obtain financial & other information concerning senior consumers before executing purchase or exchange of annuities; requires agents to perform suitability analysis relative to investment recommended & document analysis in writing; requires agents to provide comparison of current & recommended products if transaction involves replacement or exchange of annuity; requires agents to provide information about surrender charges & tax consequences; provides for regulation of issuance & sale of variable & indeterminate value contracts by DFS, OIR, & OFR.
Effective Date: January 1, 2009
Last Event: Died on Second Reading Calendar, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2082 (Ch. 2008-237), CS/CS/SB 2860 (Ch. 2008-66) on Friday, May 2, 2008 6:02 PM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/CS/SB 2082 Subject: Insurance [EPCC] Relationship: Similar
Bill #: CS/CS/SB 2860 Subject: Insurance [EPCC] Relationship: Compare

Bill Text

Staff Analysis

Chamber Committee
Chamber: House Committee: Jobs & Entrepreneurship Council 4/22/2008 1:01:51 PM
Chamber: House Committee: Jobs & Entrepreneurship Council 3/31/2008 7:03:52 PM
Chamber: House Committee: Committee on Financial Institutions 3/28/2008 8:50:11 AM
Chamber: House Committee: Committee on Financial Institutions 3/18/2008 3:30:30 PM

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died on Second Reading Calendar, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2082 (Ch. 2008-237), CS/CS/SB 2860 (Ch. 2008-66) Time: 05/02/2008 - 6:02 PM Member: Committee: Version:
Event: H Added to Second Reading Calendar Time: 04/18/2008 - 8:26 PM Member: Committee: Version: c1
Event: H Bill referred to House Calendar Time: 04/18/2008 - 8:26 PM Member: Committee: Version: c1
Event: H 1st Reading Time: 04/17/2008 - 11:59 PM Member: Committee: Version: c1
Event: H CS Filed Time: 04/17/2008 - 4:54 PM Member: Committee: Version: c1
Event: H Laid on Table under Rule 7.19 Time: 04/17/2008 - 4:54 PM Member: Committee: Version: __
Event: H Reported out of Jobs & Entrepreneurship Council Time: 04/17/2008 - 4:40 PM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Favorable with CS by Jobs & Entrepreneurship Council Time: 04/15/2008 - 5:00 PM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Added to Jobs & Entrepreneurship Council agenda Time: 04/11/2008 - 4:25 PM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Added to Jobs & Entrepreneurship Council agenda Time: 03/28/2008 - 4:25 PM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Now in Jobs & Entrepreneurship Council Time: 03/28/2008 - 8:52 AM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Reported out of Committee on Financial Institutions Time: 03/28/2008 - 8:52 AM Member: Committee: Committee on Financial Institutions Version: __
Event: H Favorable with 1 amendment(s) by Committee on Financial Institutions Time: 03/20/2008 - 10:45 AM Member: Committee: Committee on Financial Institutions Version: __
Event: H Added to Committee on Financial Institutions agenda Time: 03/18/2008 - 4:21 PM Member: Committee: Committee on Financial Institutions Version: __
Event: H Now in Committee on Financial Institutions Time: 03/11/2008 - 12:45 PM Member: Committee: Committee on Financial Institutions Version: __
Event: H Referred to Committee on Financial Institutions by Jobs & Entrepreneurship Council Time: 03/11/2008 - 12:45 PM Member: Committee: Committee on Financial Institutions Version: __
Event: H 1st Reading Time: 03/04/2008 - 10:58 PM Member: Committee: Version: __
Event: H Now in Jobs & Entrepreneurship Council Time: 02/28/2008 - 6:23 PM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Referred to Jobs & Entrepreneurship Council Time: 02/28/2008 - 6:23 PM Member: Committee: Jobs & Entrepreneurship Council Version: __
Event: H Filed Time: 02/19/2008 - 3:16 PM Member: Ford Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
626.171
626.2815 CS/CS/CS/HB 565
626.551
626.9521
626.9541
626.99
627.0655
627.4554
627.805