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SB 715 California Senate · 2011-2012 Regular Session

Annuity transactions.

Summary
Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities. This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the bill's provisions. The bill would further provide that sales by a Financial Industry Regulatory Authority (FINRA) broker-dealer that comply with the suitability and supervision system requirements of FINRA shall be deemed to satisfy the suitability and supervision system requirements of this bill, as specified.
Bill status vetoed 4 of 5 stages cleared
Introduction
Feb 2011
Committee Review
Sep 2011
Senate Passage
May 2011
Assembly Passage
Aug 2011
Vetoed
Mar 2012
Introduced Feb 18, 2011 Vetoed Mar 1, 2012
Floor votes · Senate Sep 7, 2011 · Assembly Aug 31, 2011

How they voted

38–0
Passed · 1 other
Total votes 39
Sep 7, 2011
D Democratic24
24 Yea
100% Yea
R Republican15
14 Yea 1
93% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
36
Key actions
9
Committee
10
Amendments
2
Mar 1, 2012
Vetoed
Veto sustained.
upper
Mar 1, 2012
Vetoed
Consideration of Governor's veto stricken from file.
upper
Sep 21, 2011
Vetoed
In Senate. Consideration of Governor's veto pending.
upper
Sep 20, 2011
Vetoed
Vetoed by the Governor.
upper
Sep 7, 2011
Senate · Passed
Senate Vote: pass (38-0-1)
senate
Sep 7, 2011
Upper · Passed
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2336.) Ordered to engrossing and enrolling.
upper
Aug 31, 2011
Assembly · Passed
Assembly Vote: pass (77-0-2)
assembly
Aug 31, 2011
Introduced
In Senate. Concurrence in Assembly amendments pending.
upper
Aug 26, 2011
Lower · Passed
From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 25).
lower
Aug 17, 2011
Lower · Passed
Hearing postponed by committee.
lower
Jun 27, 2011
Lower · Passed
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (June 22).
lower
Jun 2, 2011
Committee
Referred to Com. on INS.
lower
May 17, 2011
Upper · Passed
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
upper
May 5, 2011
Committee
Re-referred to Com. on APPR.
upper
Apr 28, 2011
Committee
From committee: Do pass and re-refer to Com. on JUD. (Ayes 8. Noes 0. Page 809.) (April 27). Re-referred to Com. on JUD.
upper
Apr 12, 2011
Upper · Passed
Hearing postponed by committee.
upper
Mar 17, 2011
Upper · Passed
Hearing postponed by committee.
upper
Mar 3, 2011
Committee
Referred to Coms. on INS. and JUD.
upper
Feb 18, 2011
Introduced
Introduced. Read first time. To Com. on RLS. for assignment. To print.
upper
0 primary · 5 co-sponsors

Sponsors

No sponsor information available.