Bob Blumenfield
- Democratic
Author
Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities. This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the bill's provisions. The bill would further provide that sales by a Financial Industry Regulatory Authority (FINRA) broker-dealer that comply with the suitability and supervision requirements of FINRA shall be deemed to satisfy the suitability and supervision requirements of this bill, as specified.
Chaptered by Secretary of State - Chapter 295, Statutes of 2011.
Approved by the Governor.
Enrolled and presented to the Governor at 1:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 76. Noes 0. Page 2558.).
Read third time. Passed. Ordered to the Assembly. (Ayes 34. Noes 0. Page 2018.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 24 pursuant to Assembly Rule 77.
Ordered to special consent calendar.
Read second time. Ordered to third reading.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
Withdrawn from committee.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (June 22). Re-referred to Com. on JUD.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1634.)
Read third time and amended. Ordered to third reading. (Page 1583.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 16. Noes 0.) (May 11).
From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.
Read second time and amended.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (April 13).
From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.
From printer. May be heard in committee March 20.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB689 | HTML |
| 02/17/11 - Introduced | |
| 03/31/11 - Amended Assembly | |
| 04/26/11 - Amended Assembly | |
| 05/04/11 - Amended Assembly | |
| 05/27/11 - Amended Assembly | |
| 06/27/11 - Amended Senate | |
| 08/29/11 - Enrolled | |
| 09/21/11 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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