California 2015-2016 Regular Session Status: Enacted

SB 426 — Annuities: cash surrender benefits.

Last action — Chaptered by Secretary of State. Chapter 100, Statutes of 2015.

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

This bill has been enacted into law. Introduced February 25, 2015. Enacted.

Prognosis

Likely to advance 70% · 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.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 5 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 governs annuities and, for those insurance contracts that provide cash surrender benefits, prescribes the cash surrender benefit available prior to maturity. Existing law also requires the death benefit under these contracts to be at least equal to the cash surrender benefit. This bill would instead require the death benefit payable under contracts issued or delivered on or after January 1, 2016, to persons 65 years of age or older to be at least equal to the annuity value or accumulation value, excluding any surrender charges or penalties upon death. The bill would also make technical changes.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 100, Statutes of 2015.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4:30 p.m.

  4. Assembly amendments concurred in. (Ayes 37. Noes 0. Page 1782.) Ordered to engrossing and enrolling.

  5. In Senate. Concurrence in Assembly amendments pending.

  6. Read third time. Passed. (Ayes 78. Noes 0. Page 2232.) Ordered to the Senate.

  7. Read second time. Ordered to consent calendar.

  8. From committee: Do pass. Ordered to consent calendar. (Ayes 13. Noes 0.) (June 24).

  9. From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.

  10. Referred to Com. on INS.

  11. In Assembly. Read first time. Held at Desk.

  12. Read third time. Passed. (Ayes 36. Noes 0. Page 772.) Ordered to the Assembly.

  13. Read second time and amended. Ordered to third reading.

  14. From committee: Do pass as amended. (Ayes 7. Noes 0. Page 524.) (April 8).

  15. Set for hearing April 8.

  16. Referred to Com. on INS.

  17. From printer. May be acted upon on or after March 28.

  18. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Leyva · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Leyva

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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

Unfinished Business SB426 Leyva Concurrence

Passed 37 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 34003
Democratic 3000
Total 37003
% of votes cast 93%0%0%8%
How each member voted (40)
Member Party Vote
Anderson — Yea
Beall — Yea
Block — Yea
Liu — Yea
Nielsen — Yea
Wieckowski — Yea
Cannella — Yea
Fuller — Yea
Galgiani — Yea
Glazer — Yea
Hernandez — Yea
Hill — Yea
Allen — Yea
Mitchell — Yea
De León — Yea
Bates — Yea
Lara — Yea
Leno — Yea
Mendoza — Yea
Moorlach — Yea
Morrell — Yea
Pan — Yea
Pavley — Yea
Wolk — Yea
Runner — Not Voting
Hancock — Yea
Hertzberg — Not Voting
Hueso — Yea
Huff — Yea
Leyva — Yea
Monning — Yea
Roth — Yea
Vidak — Yea
Hall — Yea
Beth Gaines — Yea
Bill Berryhill — Not Voting
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

SB 426 Leyva Consent Calendar Second Day

Passed 78 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Democratic 4000
Unaffiliated 68002
Republican 6000
Total 78002
% of votes cast 98%0%0%3%
How each member voted (80)
Member Party Vote
Low — Yea
Maienschein — Yea
Mathis — Yea
Mayes — Yea
Mullin — Yea
O'Donnell — Yea
Rendon — Yea
Rodriguez — Yea
Waldron — Yea
Eggman — Yea
Cooper — Yea
Gonzalez — Yea
Salas — Yea
Linder — Yea
Olsen — Yea
Weber — Yea
Williams — Yea
Burke — Yea
Gomez — Yea
Chang — Yea
Chau — Yea
Chiu — Yea
Chu — Yea
Cooley — Yea
Harper — Yea
Kim — Yea
Levine — Yea
McCarty — Yea
Nazarian — Yea
Obernolte — Yea
Perea — Yea
Ridley-Thomas — Yea
Steinorth — Yea
Thurmond — Yea
Wilk — Yea
Achadjian — Yea
Baker — Yea
Brough — Yea
Campos — Yea
Chávez — Yea
Dababneh — Yea
Daly — Yea
Dodd — Yea
Gatto — Yea
Hadley — Yea
Holden — Yea
Jones-Sawyer — Not Voting
Gray — Yea
Medina — Yea
Atkins — Yea
Melendez — Yea
Bonilla — Yea
Lopez — Yea
Quirk — Yea
Santiago — Yea
Ting — Yea
Wagner — Yea
Wood — Yea
Alejo — Yea
Bigelow — Yea
Bloom — Yea
Brown — Not Voting
Frazier — Yea
Gordon — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea

Official roll call →

3rd Reading

Passed 36 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 33003
Democratic 3000
Total 36003
% of votes cast 92%0%0%8%
How each member voted (39)
Member Party Vote
Block — Yea
Hill — Yea
Hueso — Yea
Leyva — Yea
Monning — Yea
Nielsen — Yea
Pavley — Not Voting
Roth — Yea
Galgiani — Yea
Fuller — Yea
Cannella — Yea
Hernandez — Yea
Allen — Yea
Hertzberg — Yea
Mitchell — Yea
De León — Yea
Runner — Yea
Anderson — Yea
Bates — Yea
Lara — Yea
Leno — Yea
Mendoza — Yea
Morrell — Yea
Pan — Yea
Wolk — Yea
Hall — Yea
Huff — Yea
Beall — Yea
Liu — Yea
Moorlach — Not Voting
Vidak — Not Voting
Wieckowski — Yea
Hancock — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Do pass as amended

Passed 7 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 7001
Total 7001
% of votes cast 88%0%0%13%
How each member voted (8)
Member Party Vote
Hernandez — Not Voting
Liu — Yea
Mitchell — Yea
Hall — Yea
Roth — Yea
Wieckowski — Yea
Beth Gaines — Yea
Bill Berryhill — 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 SB 426 do?
Existing law governs annuities and, for those insurance contracts that provide cash surrender benefits, prescribes the cash surrender benefit available prior to maturity. Existing law also requires the death benefit under these contracts to be at least equal to the cash surrender benefit. This bill would instead require the death benefit payable under contracts issued or delivered on or after January 1, 2016, to persons 65 years of age or older to be at least equal to the annuity value or accumulation value, excluding any surrender charges or penalties upon death. The bill would also make technical changes.
Who sponsors SB 426?
SB 426 is sponsored by Leyva.
What is the current status of SB 426?
This bill has been enacted into law. Introduced February 25, 2015. Enacted.
Where can I track SB 426?
Track SB 426 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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