California Legislature OKs Annuity Sales Rule Update
February 26, 2024 by Allison Bell
The California Senate voted 37-0 earlier this week to give final legislative approval to Senate Bill 263, California’s version of the National Association of Insurance Commissioners annuity sales standards model.
The bill would update California’s existing annuity suitability rules and require annuity sellers to act in the best interest of the consumer.
The bill now goes to Gov. Gavin Newsom, a Democrat, for his signature.
California Insurance Commissioner Ricardo Lara, an elected official who’s a Democrat, has joined with annuity issuer and annuity seller groups to support the bill.
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