10RS HB473

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

AN ACT related to annuity guaranteed living benefits.
Amend KRS 304.15-020 to define "guaranteed living benefits"; and create a new section of KRS 304.15-180 to 304.15-250 to provide that an annuity contract, rider, endorsement or amendment which contains a provision for guaranteed living benefits shall include a provision for a minimum guarantee under specified conditions for periodic withdrawal, the annuitization amount, and related annual income amount or the account value after a specified period of time, and shall include a provision that benefits are assignable and shall not be terminated if the contract is sold, transferred, or assigned; opt out of Interstate Insurance Regulation Compact regulation of minimum guarantee and assignability of guaranteed health benefits; amend KRS 304.15-702 and 304.15-717 to conform.

HB 473 - AMENDMENTS

HFA (1, J. Fischer) - Delete the original provisions of the bill and in lieu thereof require the staff of the Legislative Research Commission to study the advantages and disadvantages of enacting legislation to establish minimum guaranteed living benefits for annuity contracts, riders, endorsements, or amendments, and require staff to submit its finding at the November 2010 regular meeting of the Interim Joint Committee on Banking and Insurance.

     Feb 22-introduced in House
     Feb 24-to Banking & Insurance (H)
     Mar 12-posted in committee
     Mar 17-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
     Mar 18-2nd reading, to Rules
     Mar 23-recommitted to Banking & Insurance (H)

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