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ID S1326

Bill

Status

Introduced

2/5/2010

Primary Sponsor

Unknown

Origin

Senate

2010 Regular Session

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