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ID S1326
Bill
AI Summary
- Amends Idaho Code Section 41-1940 to add new consumer protections for annuity sales to seniors
- Annuities sold to persons age 60 years or older may not impose any surrender charge or other withdrawal penalty after 10 years from the date of purchase
- Maintains existing requirements that insurance producers and insurers obtain consumer financial information and ensure annuity recommendations are suitable before execution
- Director of Insurance may promulgate rules for consumer protection in annuity transactions
- Clarifies that violations create no private cause of action for consumers
Legislative Description
Amends existing law relating to annuity contracts to provide that an annuity sold to certain persons may not impose a surrender charge or other withdrawal penalty after a specified time.
ANNUITY CONTRACTS
Last Action
to Com/HuRes
2/8/2010
Committee Referrals
Commerce and Human Resources2/8/2010
Full Bill Text
No bill text available