Kentucky House Bill 473 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 22 2010 - 25% progression, died in committee
Action: 2010-03-23 - recommitted to Banking & Insurance (H)
Pending: House Banking and Insurance Committee
Text: Latest bill text (Draft #1) [MS Word]

Amend KRS 304.15-020 to define "guaranteed living benefits"; and create a new section of KRS 304.15-180 to 304.15-250 to provide that an annuity contract, rider, endorsement or amendment which contains a provision for guaranteed living benefits shall include a provision for a minimum guarantee under specified conditions for periodic withdrawal, the annuitization amount, and related annual income amount or the account value after a specified period of time, and shall include a provision that benefits are assignable and shall not be terminated if the contract is sold, transferred, or assigned; opt out of Interstate Insurance Regulation Compact regulation of minimum guarantee and assignability of guaranteed health benefits; amend KRS 304.15-702 and 304.15-717 to conform.

AN ACT related to annuity guaranteed living benefits.

Rep. Robert Damron [D]

Date	Chamber	Action
2010-03-23		recommitted to Banking & Insurance (H)
2010-03-18		2nd reading, to Rules
2010-03-17		floor amendment (1) filed
2010-03-17		reported favorably, 1st reading, to Calendar
2010-03-12		posted in committee
2010-02-24		to Banking & Insurance (H)
2010-02-22		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/10RS/HB473.htm
Text	http://www.lrc.ky.gov/record/10RS/HB473/bill.doc