Texas Bill Could Speed Up Annuity Exchanges and Transfers
May 30, 2025 by Allison Bell
A Texas House bill could help Lone Star State clients surrender and exchange annuities more quickly.
The bill, H.R. 4386, would require insurers to complete many of the transactions within 30 days after receiving a complete, accurate transaction request.
Wink’s Moore on the Market: When I used to work in the administration unit of my first home office, we processed requests in first-come-first-serve order.
Sometimes we would get backlogged, and thanks may get done less expeditiously.
No matter what, we had to have 1035’s and cash surrenders processed in no greater than six months.
It never took that long, and typically was a much shorter period of time for completion.
I cannot imagine having to have transfers/1035’s done within 30 days, however!
Home offices better staff-up for Texas by the new year! The state accounts for 10% of annuity purchases.
(Wonder which legislator got a bug in their ear about this…and if other states will follow.) -sjm
