Fifty-fourth Legislature                                                  Finance

Second Regular Session                                                  S.B. 1557




(Reference to printed bill)


Page 1, line 19, strike "all of"

Page 3, line 32, after "B." insert "To satisfy the care obligation,"

Line 42, after the period strike remainder of line

Strike lines 43 and 44

Page 4, between lines 3 and 4, insert:

"4.  Communicate the basis or bases of the recommendation.

5.  Make reasonable efforts to obtain consumer profile information from the consumer before the recommendation of an annuity."

Renumber to conform

Line 10, strike "the same"

Line 25, after "under" insert "the best interest and care obligations under subsections A and B of"; strike the colon

Line 26, strike "1."

Line 27, strike "section" insert "article"

Between lines 27 and 28, insert:

"D.  the requirements under the care obligation under subsection B of this section:"

Reletter to conform

Line 28, strike "2." insert "1."

Line 32, strike "3." insert "2."

Line 34, strike "4." insert "3."

Line 39, strike "5." insert "4."

Page 5, line 1, after "D." insert "Under the care obligation under subsection B of this section,"

Line 9, after "E." insert "To satisfy the disclosure obligation,"

Page 6, line 2, strike ".  If the cash compensation is" insert "and, if"

Line 3, strike "the producer shall disclose"

Line 5, after "F." insert "The disclosure obligation under subsection F of this section requires that"

Line 15, after "G." insert "To satisfy the conflict of interest obligation,"

Line 18, after "H." insert "To satisfy the documentation obligation,"

Line 23, after the first "of" insert "the"

Line 27, strike "ramification" insert "ramifications"

Line 37, after "under" insert "subsections A, B, C, D, E, F, G, H and I of"

Page 7, line 4, after "no" insert "other"; after "obligation" insert "under subsections A, B, C, D and E of this section"

Line 14, after "under" insert "this"; strike "J of this section"

Line 41, after "with" insert "subsections A, B, C, D, E, F, G, H, I, J, K, O and P of"

Page 8, line 22, strike "K" insert "L"

Line 26, strike "paragraph" insert "paragraphs 1 and"

Line 27, after "system" insert "under this subsection"

Line 28, after "performance" insert "under this subsection"

Page 9, lines 10 and 11, strike "this subsection" insert "its obligation under subsection L of this section not to issue an annuity recommended to a consumer unless there is a reasonable basis to believe the annuity would effectively address the particular consumer's financial situation, insurance needs and financial objectives based on the consumer's consumer profile information"

Line 40, after "duties" insert ", obligations and prohibitions"

Page 10, line 8, after "code" insert "or any amendments or successor statutes"

Line 14, after "or" insert "its"

Line 31, after "discovered" insert "or the violation was not part of a pattern or practice"

Line 37, strike "managing"; after the second comma insert "independent agencies,"

Page 10, line 42, after "years" strike remainder of line

Strike line 43

Line 44, strike "domicile, whichever is later,"

Page 12, line 24, strike "as amended by this act"

After line 35, insert:

"Sec. 9.  Effective date

This act is effective from and after December 31, 2020."

Amend title to conform







9:42 AM

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