On Monday, January 23, 2006 the committee on Financial Institutions and Insurance passed HB 2162.
HB2162 requires an insurance producer or an insurer to have reasonable grounds for believing that the recommendation for the purchase of an annuity is suitable for the senior consumer based on the facts disclosed by the senior consumer. This provides certain protections for seniors when being advised to purchase annuities by a sales representative.
The bill was amended in committee to extend the provisions of the bill to all consumers being advised in this way.
