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.

SB 715 - 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.

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 system requirements of FINRA shall be deemed to satisfy the suitability and supervision system requirements of this bill, as specified. Hide
 
Status:
This bill was passed by both houses and vetoed by the Governor. It did not become law
Senate Vote: On Passage

PASSED on September 7, 2011.

voted YES: 39 voted NO: 0
1 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.

SB 715 — 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 system requirements of FINRA shall be deemed to satisfy the suitability and supervision system 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)
Ron Calderon
Co-Authors
Subjects
  • Annuity transactions
Major Actions
Introduced2/18/2011
Referred to Committee
Passed Senate Committee on Insurance4/27/2011
Passed Senate5/23/2011
Passed Assembly Committee on Insurance6/22/2011
Passed Assembly Committee on Appropriations8/25/2011
Passed Assembly8/31/2011
Passed Senate9/07/2011
Presented to the governor (enrolled)9/12/2011
Vetoed by Governor9/20/2011
Vetoed by Governor9/20/2011
Bill History
Chamber/CommitteeMotionDateResult
select this voteSenate Committee on InsuranceDo pass, but re-refer to the Committee on Judiciary.4/27/2011This motion PASSED the Senate Committee on Insurance
8 voted YES 0 voted NO 1 voted present/not voting
select this voteSenateSpecial Consent #3 SB715 Calderon5/23/2011This bill PASSED the Senate
39 voted YES 0 voted NO 1 voted present/not voting
select this voteAssembly Committee on InsuranceDo pass as amended and be re-referred to the Committee on Appropriations.6/22/2011This motion PASSED the Assembly Committee on Insurance
10 voted YES 0 voted NO 2 voted present/not voting
select this voteAssembly Committee on AppropriationsDo pass, to Consent Calendar.8/25/2011This motion PASSED the Assembly Committee on Appropriations
17 voted YES 0 voted NO 0 voted present/not voting
select this voteAssemblySB 715 Calderon Consent Calendar Second Day8/31/2011This bill PASSED the Assembly
78 voted YES 0 voted NO 2 voted present/not voting
currently selectedSenateUnfinished Business SB715 Calderon Concurrence9/07/2011This bill PASSED the Senate
39 voted YES 0 voted NO 1 voted present/not voting
ActionDateDescription
Introduced2/18/2011
2/18/2011Introduced. Read first time. To Com. on RLS. for assignment. To print.
2/20/2011From printer. May be acted upon on or after March 22.
3/03/2011Referred to Coms. on INS. and JUD.
3/09/2011Set for hearing March 23.
3/17/2011Hearing postponed by committee.
3/18/2011Set for hearing April 13.
4/04/2011From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
4/12/2011Hearing postponed by committee.
4/14/2011Set for hearing April 27.
4/25/2011From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
select this voteVote4/27/2011Do pass, but re-refer to the Committee on Judiciary.
4/28/2011From committee: Do pass and re-refer to Com. on JUD. (Ayes 8. Noes 0. Page 809.) (April 27). Re-referred to Com. on JUD.
5/05/2011Withdrawn from committee. Re-referred to Com. on APPR.
5/06/2011Set for hearing May 16.
5/17/2011From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
5/18/2011Read second time. Ordered to third reading. Ordered to special consent calendar.
5/23/2011Read third time. Passed. (Ayes 39. Noes 0. Page 1065.) Ordered to the Assembly.
5/23/2011In Assembly. Read first time. Held at Desk.
select this voteSenate Vote on Passage5/23/2011Special Consent #3 SB715 Calderon
6/02/2011Referred to Com. on INS.
6/14/2011From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
select this voteVote6/22/2011Do pass as amended and be re-referred to the Committee on Appropriations.
6/27/2011From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (June 22).
6/28/2011Read second time and amended. Re-referred to Com. on APPR.
8/17/2011Hearing postponed by committee.
select this voteVote8/25/2011Do pass, to Consent Calendar.
8/26/2011From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 25). Read second time. Ordered to consent calendar.
8/31/2011Read third time. Passed. (Ayes 78. Noes 0. Page 2751.) Ordered to the Senate.
8/31/2011In Senate. Concurrence in Assembly amendments pending.
select this voteAssembly Vote on Passage8/31/2011SB 715 Calderon Consent Calendar Second Day
9/07/2011Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2336.) Ordered to engrossing and enrolling.
currently selectedSenate Vote on Passage9/07/2011Unfinished Business SB715 Calderon Concurrence
9/12/2011Enrolled and presented to the Governor at 3:30 p.m.
Vetoed9/20/2011Vetoed by the Governor.
9/21/2011In Senate. Consideration of Governor's veto pending.
3/01/2012Veto sustained. Consideration of Governor's veto stricken from file.

Total contributions given to Senators from interest groups that…

$691,265
$373,332
$1,086,709
$155,540
$2,306,847
$0
6 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.: Unfinished Business SB715 Calderon Concurrence

6 organizations supported this bill

Association of California Life and Health Insurance Companies
Senate Rules Committee (2012, January 4). Senate Floor Analysis. Retrieved February 9, 2012, from Leginfo: Bill Analysis.
Independent Insurance Agents & Brokers of America
Senate Rules Committee (2012, January 4). Senate Floor Analysis. Retrieved February 9, 2012, from Leginfo: Bill Analysis.
Liberty Mutual Group
Senate Rules Committee (2012, January 4). Senate Floor Analysis. Retrieved February 9, 2012, from Leginfo: Bill Analysis.
MetLife
Senate Rules Committee (2012, January 4). Senate Floor Analysis. Retrieved February 9, 2012, from Leginfo: Bill Analysis.
National Association of Insurance and Financial Advisors
Senate Rules Committee (2012, January 4). Senate Floor Analysis. Retrieved February 9, 2012, from Leginfo: Bill Analysis.
Pacific Life
Senate Rules Committee (2012, January 4). Senate Floor Analysis. Retrieved February 9, 2012, from Leginfo: Bill Analysis.

0 organizations opposed this bill

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View citations of support and opposition

Includes reported contributions to campaigns of Senators in office on day of vote, from interest groups invested in the vote according to MapLight, January 1, 2009 – December 31, 2012.
Contributions data source: FollowTheMoney.org

Contributions by Legislator

Namesort iconPartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Vote
Elaine AlquistDCA-13$6,900$0
Joel AndersonRCA-36$100,950$0
Tom BerryhillRCA-14$84,850$0
Sam BlakesleeRCA-15$0$0
Ron CalderonDCA-30$88,200$0
Anthony CannellaRCA-12$71,100$0
Ellen CorbettDCA-10$6,100$0
Lou CorreaDCA-34$66,745$0
Kevin De LeonDCA-22$108,883$0
Mark DeSaulnierDCA-7$25,650$0
Bob DuttonRCA-31$43,700$0
Bill EmmersonRCA-37$48,675$0
Noreen EvansDCA-2$22,650$0
Jean FullerRCA-18$51,175$0
Ted GainesRCA-1$221,275$0
Loni HancockDCA-9$0$0
Tom HarmanRCA-35$53,950$0
Ed HernandezDCA-24$121,536$0
Bob HuffRCA-29$111,290$0
Christine KehoeDCA-39$17,900$0
Doug La MalfaRCA-4$17,350$0
Mark LenoDCA-3$4,000$0
Ted LieuDCA-28$115,300$0
Carol LiuDCA-21$20,400$0
Alan LowenthalDCA-27$0$0
Gloria Negrete McLeodDCA-32$53,165$0
Alex PadillaDCA-20$47,400$0
Fran PavleyDCA-23$5,900$0
Curren PriceDCA-26$65,600$0
Michael RubioDCA-16$80,332$0
Sharon RunnerRCA-17$6,900$0
Joe SimitianDCA-11$3,500$0
Darrell SteinbergDCA-6$66,300$0
Tony StricklandRCA-19$101,407$0
Juan VargasDCA-40$152,832$0
Mimi WaltersRCA-33$88,175$0
Lois WolkDCA-5$38,650$0
Rod WrightDCA-25$97,707$0
Mark WylandRCA-38$48,400$0
Leland YeeDCA-8$42,000$0

Add Data Filters:

Legislator Filters
Legislator Filters
Show All
NamePartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Vote
Elaine AlquistDCA-13$6,900$0
Joel AndersonRCA-36$100,950$0
Tom BerryhillRCA-14$84,850$0
Sam BlakesleeRCA-15$0$0
Ron CalderonDCA-30$88,200$0
Anthony CannellaRCA-12$71,100$0
Ellen CorbettDCA-10$6,100$0
Lou CorreaDCA-34$66,745$0
Kevin De LeonDCA-22$108,883$0
Mark DeSaulnierDCA-7$25,650$0
Bob DuttonRCA-31$43,700$0
Bill EmmersonRCA-37$48,675$0
Noreen EvansDCA-2$22,650$0
Jean FullerRCA-18$51,175$0
Ted GainesRCA-1$221,275$0
Loni HancockDCA-9$0$0
Tom HarmanRCA-35$53,950$0
Ed HernandezDCA-24$121,536$0
Bob HuffRCA-29$111,290$0
Christine KehoeDCA-39$17,900$0
Doug La MalfaRCA-4$17,350$0
Mark LenoDCA-3$4,000$0
Ted LieuDCA-28$115,300$0
Carol LiuDCA-21$20,400$0
Alan LowenthalDCA-27$0$0
Gloria Negrete McLeodDCA-32$53,165$0
Alex PadillaDCA-20$47,400$0
Fran PavleyDCA-23$5,900$0
Curren PriceDCA-26$65,600$0
Michael RubioDCA-16$80,332$0
Sharon RunnerRCA-17$6,900$0
Joe SimitianDCA-11$3,500$0
Darrell SteinbergDCA-6$66,300$0
Tony StricklandRCA-19$101,407$0
Juan VargasDCA-40$152,832$0
Mimi WaltersRCA-33$88,175$0
Lois WolkDCA-5$38,650$0
Rod WrightDCA-25$97,707$0
Mark WylandRCA-38$48,400$0
Leland YeeDCA-8$42,000$0

Interest Groups that supported this bill

$ Donated
Property & casualty insurance$1,086,709
Accident & health insurance$691,265
Insurance agencies, brokers & agents$373,332
Life insurance$155,540

Interest Groups that opposed this bill

$ Donated
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