Introduced
by
To require an insurance company to have reasonable grounds to believe that a recommendation to a senior consumer to purchase an annuity was suitable to the consumer based on his or her financial situation, after making reasonable efforts to obtain the a senior's financial information. Compliance with National Association of Securities Dealers (NASD) rules would satisfy the bill's requirements.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 34 to 0 (details)
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 94 to 4 (details)
To require an insurance company to have reasonable grounds to believe that a recommendation to a senior consumer to purchase an annuity was suitable to the consumer based on his or her financial situation, after making reasonable efforts to obtain the a senior's financial information. Compliance with National Association of Securities Dealers (NASD) rules would satisfy the bill's requirements.
Amendment offered
by
To also give the state insurance commissioner the authority to order an insurance company to reimburse a policy holder for harm caused by a violation of the regulations proposed by the bill.
The amendment failed 14 to 22 (details)
Passed in the Senate 36 to 0 (details)
To concur with the House-passed version of the bill, which authorizes higher penalties when the embezzlement is committed against a senior citizen or vulnerable person.
