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2014 SESSION

• | print version

SB 401 Insurable interest requirement; annuity contracts.

Introduced by: Bryce E. Reeves | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurable interest requirement; annuity contracts. Prohibits a person from purchasing an annuity contract under which benefits are payable to another individual unless those benefits are payable to the annuitant, the annuitant's personal representative, or a person having an insurable interest in the annuitant at the time the annuity contract was made. This prohibition applies only to annuity contracts that include a guaranteed return of premiums or other benefit that is payable upon the death of the annuitant. The measure addresses annuity contracts that use as the measuring life an individual annuitant in whom the person purchasing the annuity has no insurable interest. The definition of an insurable interest tracks the existing definition that applies to life insurance contracts.

FULL TEXT

• 01/07/14  Senate: Prefiled and ordered printed; offered 01/08/14 14100597D  pdf | impact statement

HISTORY

• 01/07/14  Senate: Prefiled and ordered printed; offered 01/08/14 14100597D
• 01/07/14  Senate: Referred to Committee on Commerce and Labor
• 01/13/14  Senate: Stricken at request of Patron in Commerce and Labor (14-Y 0-N)