State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1534: fixed-index annuities; disclosure; indexing

PRIME SPONSOR: Senator Brophy McGee, LD 28

BILL STATUS: Commerce

                               

 

Overview

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteProvides retention requirements for certain documents relating to fixed-index annuities.

History

Applicants for an annuity contract are required to be given both the disclosure document and the buyer's guide as prescribed by the director of the Department of Insurance provided the application is taken in a face-to-face meeting (A.R.S. § 20-1242.02)

Provisions

1.       Requires an insurer and the insurance producer selling a fixed-index annuity to retain copies of specified documents for the duration of the fixed-index annuity or 10 years, whichever is shorter. (Sec. 1)

2.       Stipulates an index cannot be used to illustrate the fixed-index annuity account value, if the index used in determining a fixed-index annuity account value has not existed for at least 10 calendar years. (Sec. 2)

3.       Requires the illustration for a fixed-index annuity be labeled with the date on which it was prepared and signed by the consumer and must be retained as provided by law. (Sec. 2)

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7.       Fifty-fourth Legislature                       SB 1534

8.       First Regular Session                            Version 1: Commerce

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