Individual legislator voting records for this vote are not currently available. Includes all politicians who were in office at any point during the 2011-2012 Legislature.

AB 689 - An Act to Add Article 9 (Commencing with Section 10509.910) to Chapter 5 of Part 2 of Division 2 of the Insurance Code, Relating to Annuity Transactions.

Insurance: annuity transactions. 2011-2012 Legislature. View bill details
Author(s):
Summary:
Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities.

This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to,… More
Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities.

This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the bill’s provisions.

The bill would further provide that sales by a Financial Industry Regulatory Authority (FINRA) broker-dealer that comply with the suitability and supervision requirements of FINRA shall be deemed to satisfy the suitability and supervision requirements of this bill, as specified. Hide
 
Status:
The bill has become law (chaptered). 
Assembly Vote: On Passage

PASSED on August 25, 2011.

voted YES: 76 voted NO: 0
4 voted present/not voting

An Act to Add Article 9 (Commencing with Section 10509.910) to Chapter 5 of Part 2 of Division 2 of the Insurance Code, Relating to Annuity Transactions.

AB 689 — 2011-2012 Legislature

Summary
Existing law requires agents and insurers to fulfill certain requirements with regard to the replacement of existing life insurance policies and annuities.

This bill would require insurers and insurance producers, as defined, to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the bill’s provisions.

The bill would further provide that sales by a Financial Industry Regulatory Authority (FINRA) broker-dealer that comply with the suitability and supervision requirements of FINRA shall be deemed to satisfy the suitability and supervision requirements of this bill, as specified.
Learn More
At LegInfo.ca.gov
Title
An Act to Add Article 9 (Commencing with Section 10509.910) to Chapter 5 of Part 2 of Division 2 of the Insurance Code, Relating to Annuity Transactions.
Author(s)
Bob Blumenfield
Co-Authors
Subjects
  • Insurance: annuity transactions
Major Actions
Introduced2/17/2011
Referred to Committee
Passed Assembly Committee on Insurance4/13/2011
Passed Assembly Committee on Appropriations5/11/2011
Passed Assembly5/31/2011
Passed Senate Committee on Insurance6/22/2011
Passed Senate8/22/2011
Passed Assembly8/25/2011
Presented to the governor (enrolled)8/31/2011
Became law (chaptered).9/21/2011
Bill History
Chamber/CommitteeMotionDateResult
select this voteAssembly Committee on InsuranceDo pass as amended and be re-referred to the Committee on Appropriations.4/13/2011This motion PASSED the Assembly Committee on Insurance
12 voted YES 0 voted NO 0 voted present/not voting
select this voteAssembly Committee on AppropriationsDo pass.5/11/2011This motion PASSED the Assembly Committee on Appropriations
16 voted YES 0 voted NO 1 voted present/not voting
select this voteAssemblyAB 689 BLUMENFIELD Assembly Third Reading5/31/2011This bill PASSED the Assembly
79 voted YES 0 voted NO 1 voted present/not voting
select this voteSenate Committee on InsuranceDo pass, but re-refer to the Committee on Judiciary.6/22/2011This motion PASSED the Senate Committee on Insurance
9 voted YES 0 voted NO 0 voted present/not voting
select this voteSenateSpecial Consent #8 AB689 Blumenfield By Calderon8/22/2011This bill PASSED the Senate
34 voted YES 0 voted NO 6 voted present/not voting
currently selectedAssemblyAB 689 BLUMENFIELD Concurrence in Senate Amendments8/25/2011This bill PASSED the Assembly
76 voted YES 0 voted NO 4 voted present/not voting
ActionDateDescription
Introduced2/17/2011
2/17/2011Read first time. To print.
2/18/2011From printer. May be heard in committee March 20.
3/31/2011Referred to Com. on INS. From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.
4/04/2011Re-referred to Com. on INS.
select this voteVote4/13/2011Do pass as amended and be re-referred to the Committee on Appropriations.
4/25/2011From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (April 13).
4/26/2011Read second time and amended.
4/27/2011Re-referred to Com. on APPR.
5/04/2011From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.
5/05/2011Re-referred to Com. on APPR.
select this voteVote5/11/2011Do pass.
5/12/2011From committee: Do pass. (Ayes 16. Noes 0.) (May 11).
5/16/2011Read second time. Ordered to third reading.
5/27/2011Read third time and amended. Ordered to third reading. (Page 1583.)
5/31/2011In Senate. Read first time. To Com. on RLS. for assignment.
5/31/2011Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1634.)
select this voteAssembly Vote on Passage5/31/2011AB 689 BLUMENFIELD Assembly Third Reading
6/08/2011Referred to Coms. on INS. and JUD.
select this voteVote6/22/2011Do pass, but re-refer to the Committee on Judiciary.
6/23/2011From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (June 22). Re-referred to Com. on JUD.
6/27/2011From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
6/28/2011Withdrawn from committee. Re-referred to Com. on APPR.
8/15/2011From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
8/16/2011Read second time. Ordered to third reading.
8/17/2011Ordered to special consent calendar.
8/22/2011Read third time. Passed. Ordered to the Assembly. (Ayes 34. Noes 0. Page 2018.).
8/22/2011In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 24 pursuant to Assembly Rule 77.
select this voteSenate Vote on Passage8/22/2011Special Consent #8 AB689 Blumenfield By Calderon
8/25/2011Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 76. Noes 0. Page 2558.).
currently selectedAssembly Vote on Passage8/25/2011AB 689 BLUMENFIELD Concurrence in Senate Amendments
8/31/2011Enrolled and presented to the Governor at 1:30 p.m.
9/20/2011Approved by the Governor.
9/21/2011Chaptered by Secretary of State - Chapter 295, Statutes of 2011.

Total contributions given to Assemblymembers from interest groups that…

7 Organizations Supported and 0 Opposed; See Which Ones

Organizations that took a position on
An Act to Add Article 9 (Commencing with Section 10509.910) to Chapter 5 of Part 2 of Division 2 of the Insurance Code, Relating to Annuity Transactions.: AB 689 BLUMENFIELD Concurrence in Senate Amendments

7 organizations supported this bill

California Advocates for Nursing Home Reform
Assembly Committee on Insurance (2011, April 11). Assembly Committee Analysis. Retrieved May 24, 2011, from Leg. Info.
California Insurance Commissioner Dave Jones
Assembly Committee on Insurance (2011, April 11). Assembly Committee Analysis. Retrieved May 24, 2011, from Leg. Info.
Congress of California Seniors
Assembly Committee on Insurance (2011, April 11). Assembly Committee Analysis. Retrieved May 24, 2011, from Leg. Info.
Law Offices Of Senior Citizens Legal Services
Assembly Committee on Insurance (2011, April 11). Assembly Committee Analysis. Retrieved May 24, 2011, from Leg. Info.
National Association of Health Underwriters
CAHU (2011, May 0). CAHU Monday Morning Report. Retrieved May 24, 2011, from CAHU.
Professional Fiduciary Association Of California
Assembly Committee on Insurance (2011, April 11). Assembly Committee Analysis. Retrieved May 24, 2011, from Leg. Info.
Service Employees International Union
Assembly Committee on Insurance (2011, April 11). Assembly Committee Analysis. Retrieved May 24, 2011, from Leg. Info.

0 organizations opposed this bill

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Includes reported contributions to campaigns of Assemblymembers in office on day of vote, from interest groups invested in the vote according to MapLight, January 1, 2011 – December 31, 2012.
Contributions data source: FollowTheMoney.org

Contributions by Legislator

Namesort iconPartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Vote
Katcho AchadjianRCA-33$14,750$0
Luis AlejoDCA-28$22,300$0
Michael AllenDCA-7$99,700$0
Tom AmmianoDCA-13$13,300$0
Toni AtkinsDCA-76$42,650$0
Jim BeallDCA-24$86,400$0
Bill BerryhillRCA-26$13,400$0
Marty BlockDCA-78$85,400$0
Bob BlumenfieldDCA-40$41,150$0
Susan BonillaDCA-11$31,700$0
Steven BradfordDCA-51$36,100$0
Julia BrownleyDCA-41$0$0
Joan BuchananDCA-15$43,050$0
Betsy ButlerDCA-53$75,500$0
Charles CalderonDCA-58$0$0
Nora CamposDCA-23$19,300$0
Wilmer Amina CarterDCA-62$0$0
Gilbert CedilloDCA-45$0$0
Wesley ChesbroDCA-1$15,800$0
Connie ConwayRCA-34$54,431$0
Paul CookRCA-65$0$0
Mike DavisDCA-48$0$0
Roger DickinsonDCA-9$44,300$0
Tim DonnellyRCA-59$1,250$0
Mike EngDCA-49$0$0
Mike FeuerDCA-42$0$0
Nathan FletcherRCA-75$0$0
Paul FongDCA-22$29,200$0
Felipe FuentesDCA-39$0$0
Warren FurutaniDCA-55$0$0
Beth GainesRCA-4$23,221$0
Cathleen GalgianiDCA-17$96,880$0
Martin GarrickRCA-74$0$0
Mike GattoDCA-43$84,175$0
Rich GordonDCA-21$13,800$0
Jeff GorellRCA-37$10,400$0
Shannon GroveRCA-32$5,500$0
Curt HagmanRCA-60$11,500$0
Linda HaldermanRCA-29$0$0
Isadore HallDCA-52$30,703$0
Diane HarkeyRCA-73$7,000$0
Mary HayashiDCA-18$0$0
Roger HernandezDCA-57$46,530$0
Jerry HillDCA-19$41,900$0
Alyson HuberDCA-10$0$0
Ben HuesoDCA-79$37,900$0
Jared HuffmanDCA-6$0$0
Kevin JeffriesRCA-66$0$0
Brian JonesRCA-77$2,500$0
Steve KnightRCA-36$7,500$0
Ricardo LaraDCA-50$55,550$0
Dan LogueRCA-3$43,129$0
Bonnie LowenthalDCA-54$5,500$0
Fiona MaDCA-12$0$0
Allan MansoorRCA-68$7,000$0
Tony MendozaDCA-56$0$0
Jeff MillerRCA-71$11,150$0
Holly MitchellDCA-47$30,800$0
Bill MonningDCA-27$54,813$0
Mike MorrellRCA-63$19,325$0
Brian NestandeRCA-64$30,000$0
Jim NielsenRCA-2$1,500$0
Chris NorbyRCA-72$12,750$0
Kristin OlsenRCA-25$19,975$0
Richard PanDCA-5$110,521$0
Henry PereaDCA-31$37,400$0
John PerezDCA-46$135,023$0
Manuel PerezDCA-80$11,000$0
Anthony PortantinoDCA-44$0$0
Jim SilvaRCA-67$0$0
Nancy SkinnerDCA-14$25,600$0
Cameron SmythRCA-38$0$0
Jose SolorioDCA-69$0$0
Sandre SwansonDCA-16$0$0
Norma TorresDCA-61$14,800$0
David ValadaoRCA-30$0$0
Don WagnerRCA-70$5,600$0
Bob WieckowskiDCA-20$33,600$0
Das WilliamsDCA-35$62,400$0
Mariko YamadaDCA-8$15,300$0

Add Data Filters:

Legislator Filters
Legislator Filters
Show All
NamePartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Vote
Katcho AchadjianRCA-33$14,750$0
Luis AlejoDCA-28$22,300$0
Michael AllenDCA-7$99,700$0
Tom AmmianoDCA-13$13,300$0
Toni AtkinsDCA-76$42,650$0
Jim BeallDCA-24$86,400$0
Bill BerryhillRCA-26$13,400$0
Marty BlockDCA-78$85,400$0
Bob BlumenfieldDCA-40$41,150$0
Susan BonillaDCA-11$31,700$0
Steven BradfordDCA-51$36,100$0
Julia BrownleyDCA-41$0$0
Joan BuchananDCA-15$43,050$0
Betsy ButlerDCA-53$75,500$0
Charles CalderonDCA-58$0$0
Nora CamposDCA-23$19,300$0
Wilmer Amina CarterDCA-62$0$0
Gilbert CedilloDCA-45$0$0
Wesley ChesbroDCA-1$15,800$0
Connie ConwayRCA-34$54,431$0
Paul CookRCA-65$0$0
Mike DavisDCA-48$0$0
Roger DickinsonDCA-9$44,300$0
Tim DonnellyRCA-59$1,250$0
Mike EngDCA-49$0$0
Mike FeuerDCA-42$0$0
Nathan FletcherRCA-75$0$0
Paul FongDCA-22$29,200$0
Felipe FuentesDCA-39$0$0
Warren FurutaniDCA-55$0$0
Beth GainesRCA-4$23,221$0
Cathleen GalgianiDCA-17$96,880$0
Martin GarrickRCA-74$0$0
Mike GattoDCA-43$84,175$0
Rich GordonDCA-21$13,800$0
Jeff GorellRCA-37$10,400$0
Shannon GroveRCA-32$5,500$0
Curt HagmanRCA-60$11,500$0
Linda HaldermanRCA-29$0$0
Isadore HallDCA-52$30,703$0
Diane HarkeyRCA-73$7,000$0
Mary HayashiDCA-18$0$0
Roger HernandezDCA-57$46,530$0
Jerry HillDCA-19$41,900$0
Alyson HuberDCA-10$0$0
Ben HuesoDCA-79$37,900$0
Jared HuffmanDCA-6$0$0
Kevin JeffriesRCA-66$0$0
Brian JonesRCA-77$2,500$0
Steve KnightRCA-36$7,500$0
Ricardo LaraDCA-50$55,550$0
Dan LogueRCA-3$43,129$0
Bonnie LowenthalDCA-54$5,500$0
Fiona MaDCA-12$0$0
Allan MansoorRCA-68$7,000$0
Tony MendozaDCA-56$0$0
Jeff MillerRCA-71$11,150$0
Holly MitchellDCA-47$30,800$0
Bill MonningDCA-27$54,813$0
Mike MorrellRCA-63$19,325$0
Brian NestandeRCA-64$30,000$0
Jim NielsenRCA-2$1,500$0
Chris NorbyRCA-72$12,750$0
Kristin OlsenRCA-25$19,975$0
Richard PanDCA-5$110,521$0
Henry PereaDCA-31$37,400$0
John PerezDCA-46$135,023$0
Manuel PerezDCA-80$11,000$0
Anthony PortantinoDCA-44$0$0
Jim SilvaRCA-67$0$0
Nancy SkinnerDCA-14$25,600$0
Cameron SmythRCA-38$0$0
Jose SolorioDCA-69$0$0
Sandre SwansonDCA-16$0$0
Norma TorresDCA-61$14,800$0
David ValadaoRCA-30$0$0
Don WagnerRCA-70$5,600$0
Bob WieckowskiDCA-20$33,600$0
Das WilliamsDCA-35$62,400$0
Mariko YamadaDCA-8$15,300$0

Interest Groups that supported this bill

$ Donated
State & local government employee unions$1,252,526
Accident & health insurance$600,150
Financial services & consulting$75,750
Public official (elected or appointed)$3,500
Elderly issues & Social Security$0

Interest Groups that opposed this bill

$ Donated
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