California Annuity Sales Rule Bill Faces Consumer Group Opposition

June 13, 2023 by Allison Bell

SB 263, California’s annuity sales standards update bill, sailed through the state Senate in May, with no opposing votes at the committee level or on the state Senate floor.

But the ultimate fate of the bill is still uncertain because of ongoing strong opposition from California consumer groups.

One open question is whether a California move to use its own annuity sales standards after 2025 could give the Securities and Exchange Commission a chance to regulate fixed annuity sales in all states.

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Originally Posted at ThinkAdvsior on June 7, 2023 by Allison Bell.