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SENATE BILL 620 (SCOTT – 2003)

CHAPTER 547, STATUTES OF 2003

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Several Insurance Code sections, relating to the regulation of life insurance and annuities, were affected with the passage of Senate Bill 620 in 2003. (See Exhibit #1j)  Senator Jack Scott introduced this measure on February 20, 2003.  (See Exhibit #1a)

Senate Bill 620 was assigned to both the Senate Committee on Insurance, Committee on Judiciary and the Assembly Committee on Insurance where policy issues raised by the bill were considered.  (See Exhibits #3, #2 and #8)  The fiscal ramifications of the bill were considered by the Senate Committee on Appropriations and the Assembly Committee on Appropriations.  (See Exhibits #5 and #10)  Eight amendments were made to Senate Bill 620.  (See Exhibits #1b through #1i and #2)  Subsequent to legislative approval, Governor Gray Davis signed Senate Bill 620 on September 27, 2003 and it was recorded by the Secretary of State on September 29th as Chapter 547 of the Statutes of 2003.  (See Exhibit #1j)
 

The Office of Senate Floor Analyses’ Unfinished Business analysis summarized Senate Bill 620 of 2003 as last amended on September 8, 2003, as follows:

This bill increases the restrictions on the marketing of life insurance and annuities to senior citizens.  Specifically, this bill (1) creates new training requirements for insurance agents and brokers, (2) requires additional disclosures for life insurance and annuity products, and (3) imposes restrictions on the sale of life insurance and annuities in the home of a senior.
(See Exhibit #14, pages 1 and 2)