Calif. annuity legislation must pass by 2025 to avoid ‘dual regulation’
October 24, 2023 by Rayne Morgan
California Senate Bill 263, which would make California the 41st state to adopt best-interest annuity sales rules, has stalled amid pushback from consumer groups. It is currently in the suspense file with the Assembly Appropriations Committee, and five consumer associations want it to stay that way unless revisions are made.
Those groups are concerned that the bill excludes cash and non-cash compensation as a conflict of interest that advisors and brokers would have to disclose to their clients.