California legislators again consider best-interest annuity sales bill
January 23, 2024 by John Hilton
A California Assembly committee finally released a best-interest annuity sales bill favored by industry lobbyists late last week, but not everyone is happy the bill is back on track.
Senate Bill 263 passed the Appropriations Committee unanimously, and is based on the annuity sales model law put forth by the National Association of Insurance Commissioners. Forty-one states have passed the model, pushed by industry lobbyists who do not want tougher, fiduciary standards.