California Annuity Sales Rule Bill Stalls

October 11, 2023 by Melanie Waddell

The California State Legislature is not moving forward with SB 263, a bill to update annuity sales standards that is supported by the insurance industry but has drawn fierce opposition from consumer groups.

The bill sailed through the state Senate in May, with no opposing votes at the committee level or on the state Senate floor. It would create new conflict-of-interest disclosure standards for life insurance agents who sell annuities, but defines “conflict of interest” to exclude “cash and non-cash compensation.”

Click HERE to read the full story via Think Advisor

Originally Posted at Think Advisor on October 4, 2023 by Melanie Waddell.