HB 1665 | Provides for investor protection in variable annuities |
SCS/HB 1665 - The act provides that the department of
insurance will have sole state authority for regulating the
variable annuities. Such annuities and the companies and agents
that sell them will not be subject to registration with the
commissioner of securities for the sale of these annuities. The
department of insurance shall adopt and enforce investor
protection standards for investor suitability and agent
supervision consistent with the Conduct Rules of the National
Association of Securities Dealers for variable annuities.
JIM ERTLE