General Bill
Insurance:
Designates act "Safeguard Our Seniors Act"; includes family members of insurance agents under prohibition against transaction of life insurance; expands grounds for discretionary refusal, suspension, or revocation of specified licenses; prohibits family member of life insurance agent from being beneficiary of specified policies; authorizes use of video depositions; extends unconditional refund period for fixed annuity contracts & variable or market value annuity contracts for customers 65 years of age or older; specifies unconditional refund requirements; requires insurer to provide prospective purchaser of annuity policy with buyer's guide to annuities; requires buyer's guide to contain specified information; provides cover page requirements; authorizes DFS to order insurance agent to pay monetary restitution to senior consumer; limits amount of restitution; prohibits annuity contract issued to senior consumer from containing surrender or deferred sales charge for withdrawal of funds from annuity in excess of specified maximum amount; provides for periodic reduction of such charge; makes unlawful for natural person to perform specified acts in connection with rendering of advice or offer, sale, or purchase of financial services product to person who is 65 years of age or older; provides that performance of prohibited act constitutes third degree felony; subjects criminal prosecution for specified offenses to time limitations.
Effective Date:
July 1, 2010
Last Event:
Died in Insurance, Business & Financial Affairs Policy Committee; companion bill(s) passed, see CS/CS/SB 2176 (Ch. 2010-175) on Friday, April 30, 2010 6:59 PM
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Subject
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Relationship
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Bill #:
CS/SB 844
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Subject:
Insurance [CPSC]
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Relationship:
Compare
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Bill #:
CS/CS/SB 2176
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Subject:
Insurance [CPSC]
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Relationship:
Compare
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