SB 263 expected to bring chaos to Calif. insurance, annuity sales come Jan. 1
December 26, 2024 by Rayne Morgan
Some stakeholders are concerned California’s new best-interest insurance sales bill – Senate Bill 263 – could bring chaos both to consumers and agents operating in the state come Jan. 1.
Under Senate Bill 263, agents who sells cash value life insurance or annuities in the state of California will be required to undergo training to ensure compliance with new regulations. These regulations are designed so that agents can only sell life and annuity products in the consumer’s best interest.
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Wink’s Moore on the Market: Did you know that California has a new “best interest” rule?
If you are in The Golden State, and you sell life insurance and/or annuities, it is time to get schooled.
Not exactly certain why the LICAC (Life Insurance Consumer Advocacy Center) thinks this new legislation invites insurance agents to mislead their clients?
However, there are plenty of new education requirements, so get the facts. -sjm
