California 2011-2012 Regular Session Status: Enacted 2 D cosponsors

AB 689 — Insurance: annuity transactions.

Last action — Chaptered by Secretary of State - Chapter 295, Statutes of 2011.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 17, 2011. Enacted.

Prognosis

Likely to advance 82% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 14 sponsors

    1 primary, 13 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 D).

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities. This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the bill's provisions. The bill would further provide that sales by a Financial Industry Regulatory Authority (FINRA) broker-dealer that comply with the suitability and supervision requirements of FINRA shall be deemed to satisfy the suitability and supervision requirements of this bill, as specified.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 295, Statutes of 2011.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 1:30 p.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 76. Noes 0. Page 2558.).

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 24 pursuant to Assembly Rule 77.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 34. Noes 0. Page 2018.).

  7. Ordered to special consent calendar.

  8. Read second time. Ordered to third reading.

  9. From committee: Be placed on second reading file pursuant to Senate Rule 28.8.

  10. Re-referred to Com. on APPR.

  11. Withdrawn from committee.

  12. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.

  13. From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (June 22). Re-referred to Com. on JUD.

  14. Referred to Coms. on INS. and JUD.

  15. In Senate. Read first time. To Com. on RLS. for assignment.

  16. Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1634.)

  17. Read third time and amended. Ordered to third reading. (Page 1583.)

  18. Read second time. Ordered to third reading.

  19. From committee: Do pass. (Ayes 16. Noes 0.) (May 11).

  20. Re-referred to Com. on APPR.

  21. From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.

  22. Re-referred to Com. on APPR.

  23. Read second time and amended.

  24. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (April 13).

  25. Re-referred to Com. on INS.

  26. From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.

  27. Referred to Com. on INS.

  28. From printer. May be heard in committee March 20.

  29. Read first time. To print.

Sponsors

  • Beth Gaines · Cosponsor
  • Anderson · Cosponsor
  • Blumenfield · Primary
  • Carter · Cosponsor
  • Correa · Cosponsor
  • Feuer · Cosponsor
  • Hagman · Cosponsor
  • Lieu · Cosponsor
  • Price · Cosponsor
  • Solorio · Cosponsor
  • Wieckowski · Cosponsor
  • Wyland · Cosponsor
  • Josh Lowenthal · Cosponsor
  • Lisa Calderon · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 13 co-sponsors · 108 not signed on

Sponsors (1)

  • Blumenfield

Co-sponsors (13)

Not signed on (108)

108 members have not signed on to this bill.

Show all 108 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 689 BLUMENFIELD Concurrence in Senate Amendments

Passed 76 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 74003
Republican 2000
Democratic 0001
Total 76004
% of votes cast 95%0%0%5%
How each member voted (80)
Member Party Vote
Gorell — Not Voting
Butler — Yea
Garrick — Yea
Carter — Yea
Huber — Yea
Fong — Yea
Cedillo — Yea
Allen — Yea
Alejo — Yea
Cook — Yea
Olsen — Yea
Swanson — Yea
Williams — Yea
Yamada — Yea
Furutani — Yea
Portantino — Yea
John A. Pérez — Yea
Mitchell — Yea
Galgiani — Yea
Fletcher — Yea
Gatto — Yea
Gordon — Yea
Campos — Yea
Atkins — Yea
Hagman — Yea
Halderman — Yea
Bonilla — Not Voting
Hall — Yea
Hayashi — Yea
Ammiano — Yea
Chesbro — Yea
Davis — Yea
Donnelly — Yea
Hueso — Yea
Jeffries — Yea
Knight — Yea
Mendoza — Yea
Miller — Yea
Morrell — Yea
Nestande — Yea
Norby — Yea
Pan — Yea
Silva — Yea
Skinner — Yea
Smyth — Yea
Torres — Yea
Valadao — Yea
Wagner — Not Voting
Wieckowski — Yea
Achadjian — Yea
Beall — Yea
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Harkey — Yea
Hill — Yea
Huffman — Yea
Lara — Yea
Logue — Yea
Ma — Yea
Mansoor — Yea
Monning — Yea
Nielsen — Yea
Perea — Yea
Solorio — Yea
Conway — Yea
Eng — Yea
Feuer — Yea
Dickinson — Yea
Fuentes — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Calderon, Lisa Democratic Not Voting
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Special Consent #8 AB689 Blumenfield By Calderon

Passed 34 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 34003
Republican 0001
Democratic 0002
Total 34006
% of votes cast 85%0%0%15%
How each member voted (40)
Member Party Vote
Yee — Yea
Runner — Yea
Lowenthal — Yea
De León — Yea
Evans — Yea
Negrete McLeod — Yea
Fuller — Yea
Rubio — Yea
Cannella — Yea
Hancock — Yea
Harman — Not Voting
Huff — Yea
Lieu — Yea
Anderson — Yea
Corbett — Yea
Correa — Yea
Dutton — Yea
Liu — Yea
Price — Yea
Steinberg — Yea
Vargas — Yea
Walters — Yea
Wolk — Yea
Wright — Yea
Alquist — Yea
Blakeslee — Yea
Hernandez — Yea
Kehoe — Yea
Leno — Yea
Pavley — Yea
Simitian — Not Voting
Wyland — Not Voting
Emmerson — Yea
DeSaulnier — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
La Malfa — Yea
Calderon, Lisa Democratic Not Voting
Padilla, Stephen C. Democratic Not Voting
Strickland, Tony Republican Not Voting

Official roll call →

AB 689 BLUMENFIELD Assembly Third Reading

Passed 79 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 76001
Democratic 1000
Republican 2000
Total 79001
% of votes cast 99%0%0%1%
How each member voted (80)
Member Party Vote
Halderman — Yea
Hall — Yea
Butler — Yea
Hagman — Yea
Hill — Yea
Huber — Yea
Hueso — Yea
Knight — Yea
John A. Pérez — Yea
Mitchell — Yea
Logue — Yea
Atkins — Yea
Campos — Yea
Olsen — Yea
Pan — Yea
Carter — Yea
Portantino — Yea
Perea — Yea
Skinner — Yea
Cedillo — Yea
Alejo — Yea
Ammiano — Yea
Chesbro — Yea
Cook — Yea
Davis — Yea
Donnelly — Yea
Solorio — Yea
Valadao — Yea
Wieckowski — Yea
Allen — Yea
Bonilla — Yea
Fong — Yea
Fletcher — Yea
Fuentes — Yea
Furutani — Yea
Galgiani — Yea
Gordon — Yea
Gorell — Not Voting
Conway — Yea
Harkey — Yea
Monning — Yea
Morrell — Yea
Nestande — Yea
Norby — Yea
Swanson — Yea
Achadjian — Yea
Beall — Yea
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Hayashi — Yea
Huffman — Yea
Jeffries — Yea
Lara — Yea
Ma — Yea
Mansoor — Yea
Mendoza — Yea
Miller — Yea
Nielsen — Yea
Silva — Yea
Smyth — Yea
Torres — Yea
Wagner — Yea
Williams — Yea
Eng — Yea
Feuer — Yea
Dickinson — Yea
Garrick — Yea
Gatto — Yea
Yamada — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Calderon, Lisa Democratic Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass.

Passed 16 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 1000
Unaffiliated 15001
Total 16001
% of votes cast 94%0%0%6%
How each member voted (17)
Member Party Vote
Mitchell — Yea
Fuentes — Yea
Campos — Yea
Gatto — Yea
Hall — Yea
Harkey — Yea
Blumenfield — Yea
Donnelly — Not Voting
Hill — Yea
Lara — Yea
Nielsen — Yea
Norby — Yea
Solorio — Yea
Wagner — Yea
Bradford — Yea
Davis — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on Appropriations.

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 1000
Unaffiliated 10000
Democratic 1000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Carter — Yea
Hagman — Yea
Hayashi — Yea
Miller — Yea
Olsen — Yea
Skinner — Yea
Solorio — Yea
Torres — Yea
Wieckowski — Yea
Feuer — Yea
Calderon, Lisa Democratic Yea
Grove, Shannon Republican Yea

Official roll call →

Subjects

finance health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 689 do?
Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities. This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the bill's provisions. The bill would further provide that sales by a Financial Industry Regulatory Authority (FINRA) broker-dealer that comply with the suitability and supervision requirements of FINRA shall be deemed to satisfy the suitability and supervision requirements of this bill, as specified.
Who sponsors AB 689?
AB 689 is sponsored by Beth Gaines, Anderson, Blumenfield, Carter, Correa, Feuer, Hagman, Lieu, Price, Solorio, Wieckowski, Wyland, Lowenthal, Josh (Democratic), and Calderon, Lisa (Democratic).
What is the current status of AB 689?
This bill has been enacted into law. Introduced February 17, 2011. Enacted.
Where can I track AB 689?
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