Life insurance.
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SB 927 — Life insurance.
Last action — May 19 hearing: Held in committee and under submission.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed Assembly
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5To Executive
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6Enacted
This bill died with 2021-2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Existing law generally regulates classes of insurance, including life insurance. Existing law requires a life insurance policy illustration, which is a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years, to include specified information and conform to specified requirements to ensure an illustration is understandable and does not mislead consumers. Existing law requires a life insurance policy to include specified disclosures, including requiring an individual life insurance policy or annuity contract that is initially delivered or issued for delivery on and after January 1, 1990, to include a notice stating that, after receipt of the policy by the owner, the policy may be returned by the owner for cancellation, as specified. This bill would entitle a policy owner, in deciding whether to cancel a policy, to review any illustration, policy, or other disclosure or information of any kind. This bill would authorize a producer to receive compensation or other incentives if the amount was not material to the recommendation of a sales transaction of a life insurance policy, other than a policy solely providing term life with no cash value, or an annuity. The bill would require a life insurance agent to make specified disclosures to a prospective policyholder, including if the agent receives monetary or nonmonetary compensation that is contingent on selling a life insurance policy or annuity or if the insurer or agent who makes a statement about the potential tax advantages of a life insurance policy. The bill would require an illustration or policy to disclose fees and charges, and surrender fees and charges in specified forms. The bill would require a prospective policyholder to sign a copy of those disclosures, and would require the insurer to retain copies of the signed disclosures, as specified. The bill would require a life agent who sells life insurance, other than term life with no cash value, to satisfactorily complete 4 hours of training prior to soliciting individual consumers in order to sell nonterm life insurance. The bill would require a life agent who sells variable life insurance to satisfactorily complete 2 hours of training prior to each license renewal. The bill would require the training to be approved by the Insurance Commissioner and to consist of topics related to, among other things, regulations related to variable life insurance. The bill would become operative on January 1, 2024.
Bill Text
- Amended 04/27/22 - Amended Senate Current pdf April 27, 2022
- Amended 04/18/22 - Amended Senate pdf April 18, 2022
- Amended 03/09/22 - Amended Senate pdf March 09, 2022
- Introduced 02/07/22 - Introduced pdf February 07, 2022
- SB927 View text html
Action History
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May 19 hearing: Held in committee and under submission.
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Set for hearing May 19.
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May 16 hearing: Placed on APPR suspense file.
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Set for hearing May 16.
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Read second time and amended. Re-referred to Com. on APPR.
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From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 4. Page 3463.) (April 20).
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From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
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Set for hearing April 20.
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Re-referred to Com. on INS.
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From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
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Referred to Com. on RLS.
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From printer.
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Joint Rule 55 suspended. (Ayes 31. Noes 6. Page 2880.)
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(Ayes 31. Noes 6.)
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Art. IV. Sec. 8(a) of the Constitution dispensed with.
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Introduced. Read first time. To Com. on RLS. for assignment. To print.
Sponsors
- Bob Archuleta · Primary
- Levine · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 120 not signed on · 1 voted No
Sponsors (1)
- Archuleta, Bob Democratic
Co-sponsors (1)
- Levine
Not signed on (120)
120 members have not signed on to this bill.
Show all 120 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 4 | 0 | 0 | 1 |
| Republican | 1 | 0 | 0 | 0 |
| Democratic | 1 | 0 | 0 | 0 |
| Total | 6 | 0 | 0 | 1 |
| % of votes cast | 86% | 0% | 0% | 14% |
How each member voted (7)
| Member | Party | Vote |
|---|---|---|
| Kamlager | — | Yea |
| Bates | — | Yea |
| Wieckowski | — | Yea |
| Portantino | — | Yea |
| Bradford | — | Not Voting |
| Laird, John | Democratic | Yea |
| Jones, Brian W. | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 6 | 3 | 0 | 0 |
| Democratic | 2 | 0 | 0 | 0 |
| Republican | 0 | 1 | 0 | 0 |
| Total | 8 | 4 | 0 | 0 |
| % of votes cast | 67% | 33% | 0% | 0% |
How each member voted (12)
| Member | Party | Vote |
|---|---|---|
| Portantino | — | Yea |
| Roth | — | Yea |
| Glazer | — | Yea |
| Rubio | — | Yea |
| Dodd | — | Yea |
| Hueso | — | Yea |
| Borgeas | — | Nay |
| Melendez | — | Nay |
| Bates | — | Nay |
| Archuleta, Bob | Democratic | Yea |
| Hurtado, Melissa | Democratic | Yea |
| Jones, Brian W. | Republican | Nay |
Subjects
Frequently asked questions
- What does SB 927 do?
- Existing law generally regulates classes of insurance, including life insurance. Existing law requires a life insurance policy illustration, which is a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years, to include specified information and conform to specified requirements to ensure an illustration is understandable and does not mislead consumers. Existing law requires a life insurance policy to include specified disclosures, including requiring an individual life insurance policy or annuity contract that is initially delivered or issued for delivery on and after January 1, 1990, to include a notice stating that, after receipt of the policy by the owner, the policy may be returned by the owner for cancellation, as specified. This bill would entitle a policy owner, in deciding whether to cancel a policy, to review any illustration, policy, or other disclosure or information of any kind. This bill would authorize a producer to receive compensation or other incentives if the amount was not material to the recommendation of a sales transaction of a life insurance policy, other than a policy solely providing term life with no cash value, or an annuity. The bill would require a life insurance agent to make specified disclosures to a prospective policyholder, including if the agent receives monetary or nonmonetary compensation that is contingent on selling a life insurance policy or annuity or if the insurer or agent who makes a statement about the potential tax advantages of a life insurance policy. The bill would require an illustration or policy to disclose fees and charges, and surrender fees and charges in specified forms. The bill would require a prospective policyholder to sign a copy of those disclosures, and would require the insurer to retain copies of the signed disclosures, as specified. The bill would require a life agent who sells life insurance, other than term life with no cash value, to satisfactorily complete 4 hours of training prior to soliciting individual consumers in order to sell nonterm life insurance. The bill would require a life agent who sells variable life insurance to satisfactorily complete 2 hours of training prior to each license renewal. The bill would require the training to be approved by the Insurance Commissioner and to consist of topics related to, among other things, regulations related to variable life insurance. The bill would become operative on January 1, 2024.
- Who sponsors SB 927?
- SB 927 is sponsored by Archuleta, Bob (Democratic) and Levine.
- What is the current status of SB 927?
- This bill died with 2021-2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 927?
- Track SB 927 free on One Click Politics — get push/email alerts when it moves.
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