Bill
Bill > H0526
ID H0526
ID H0526Amends and adds to existing law to provide standards for annuity sales and advertising.
summary
Introduced
02/20/2020
02/20/2020
In Committee
03/05/2020
03/05/2020
Crossed Over
02/28/2020
02/28/2020
Passed
Dead
Signed/Enacted/Adopted
03/20/2020
03/20/2020
Introduced Session
2020 Regular Session
Bill Summary
INSURANCE -- Amends and adds to existing law to provide standards for annuity sales and advertising.
AI Summary
This bill amends and adds to existing Idaho law to provide standards for annuity sales and advertising. It defines key terms like "guaranteed elements" and "nonguaranteed elements" related to annuity contracts. The bill requires insurers to provide specific disclosures to annuity applicants, including information on the contract's features, fees, and tax implications. It also mandates annual reports to contract owners on the status of their annuities. Additionally, the bill prohibits the advertising of interest-indexed annuities without prior approval from the state insurance director. Finally, it sets limits on annuity surrender charges, restricting them to a maximum of 10% in the first year and decreasing by 1% per year thereafter, and prohibiting charges that persist beyond 10 years.
Committee Categories
Business and Industry, Justice
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways and Means Committee (House)
Last Action
Reported Signed by Governor on March 24, 2020 Session Law Chapter 290 Effective: 07/01/2020 (on 03/20/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2020/legislation/H0526/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2020/legislation/H0526.pdf |
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