by L.A.S.
Texas bill HB 961 and SB 2650 would regulate maturity dates on all annuities sold to seniors. No longer can insurers set the maturity date as high as 115. Such unreasonable maturity dates force beneficiaries to pay high surrender charges in order to settle an estate.
The bill would also allow the Texas Department of Insurance to investigate any pattern of conduct by carriers that may violate this regulation, and empower the agency to issue 'cease and desist' orders.
Friday, July 3, 2009
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1 comment:
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