House Bill 473

Actions | Amendments
Last Action recommitted to Banking & Insurance (H)
Title AN ACT related to annuity guaranteed living benefits.
Bill Documents Bill
Bill Request Number 1763
Sponsor B. Damron
Summary of Original Version 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.
Index Headings of Original Version Insurance - Annuities, guaranteed living benefit requirements
Interstate Cooperation - Interstate Insurance Product Regulation Compact, opt out of guaranteed living benefits
Proposed Amendments House Floor Amendment 1

Actions

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02/22/10
  • introduced in House
02/24/10
  • to Banking & Insurance (H)
03/12/10
  • posted in committee
03/17/10
  • reported favorably, 1st reading, to Calendar
  • floor amendment (1) filed
03/18/10
  • 2nd reading, to Rules
03/23/10
  • recommitted to Banking & Insurance (H)

Proposed Amendments

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Amendment House Floor Amendment 1
Sponsor J. Fischer
Summary 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.
Index Headings Insurance - Annuities, guaranteed living benefit requirements
Interstate Cooperation - Interstate Insurance Product Regulation Compact, opt out of guaranteed living benefits

Last updated: 1/16/2019 4:12 PM (EST)