Calderon
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 system requirements of FINRA shall be deemed to satisfy the suitability and supervision system requirements of this bill, as specified.
Veto sustained.
Consideration of Governor's veto stricken from file.
In Senate. Consideration of Governor's veto pending.
Vetoed by the Governor.
Enrolled and presented to the Governor at 3:30 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2336.) Ordered to engrossing and enrolling.
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 78. Noes 0. Page 2751.) Ordered to the Senate.
From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 25).
Read second time. Ordered to consent calendar.
Hearing postponed by committee.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (June 22).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Read third time. Passed. (Ayes 39. Noes 0. Page 1065.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to third reading.
Ordered to special consent calendar.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
Set for hearing May 16.
Withdrawn from committee.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 8. Noes 0. Page 809.) (April 27). Re-referred to Com. on JUD.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Set for hearing April 27.
Hearing postponed by committee.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Set for hearing April 13.
Hearing postponed by committee.
Set for hearing March 23.
From printer. May be acted upon on or after March 22.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB715 | HTML |
| 02/18/11 - Introduced | |
| 04/04/11 - Amended Senate | |
| 04/25/11 - Amended Senate | |
| 06/14/11 - Amended Assembly | |
| 06/28/11 - Amended Assembly | |
| 09/08/11 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
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