SENATE BILL 217

Sponsored By:

Senator Kelley

Entitled:

Life Insurance and Annuities - Retained Asset Accounts - Beneficiaries' Bill of Rights

Synopsis:

Prohibiting an insurer from offering a specified retained asset account as the mode of settlement of proceeds payable under a life insurance policy or annuity contract unless the insurer makes a specified offer and complies with specified disclosure requirements; requiring an insurer to disclose in writing to a beneficiary all the settlement options available under a specified policy or contract under specified circumstances; etc.

History by Legislative and Calendar Date

Senate Action

1/27

First Reading Finance

2/1

Hearing 2/16 at 1:00 p.m.

3/14

Favorable with Amendments Report by Finance

3/15

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/17

Third Reading Passed (47-0)

4/4

Returned Passed

House Action

3/17

First Reading Health and Government Operations

3/23

Hearing 3/31 at 1:00 p.m.

4/5

Favorable Report by Health and Government Operations

4/2

Favorable Report Adopted

Second Reading Passed

4/3

Third Reading Passed (138-0)

Action after passage in Senate and House

4/12

Approved by the Governor

- Chapter 38

Bill indexed under the following Subjects:

Consumer Protection -see also- Unfair Trade Practices

Contracts -see also- Land Installment Contracts; Procurement

Disclosure

Fees -see also- Attys' Fees; Devt Fees & Taxes; Reimb Rates.

Insurance -see also- Health Ins; MAIF; Motor Vehicle Ins

Interest

Investments -see also- Securities

Reports

Unfair Trade Practices

Bill affects the following Statute:

Insurance

( 16-117 )

Documents

Bill Text: First Reading, Third Reading, Enrolled, Chapter

Fiscal and Policy Note: Available

Amendments:

Senate

Number: 757271/01     Offered on: March 15, 2011   at: 10:57 a.m.     Status: Adopted

Committee Votes :

Senate

Finance

House

Health and Government Operations

Roll Call Votes (Legislative dates are shown):

Senate

March 17, 2011: Third Reading Passed (47-0)

House

April 3, 2011: Third Reading Passed (138-0)