HB 1120 — Concerning the best interest standard for annuity transactions.

What this bill does

Adopts a best interest standard of conduct for producers and insurers recommending and selling annuities based on model guidelines adopted by the National Association of Insurance Commissioners. Requires producers recommending and selling annuities to act in the best interest of the consumer, to not place their financial interest ahead of the consumer's interest, and act with reasonable diligence, care, and skill in making recommendations. Includes four areas of obligation that are owed to consumers and sets forth regulations for each: care, disclosure, conflict of interest, and documentation. Expands safe harbor provisions to any producer that is regulated as a broker-dealer, investment advisor, or plan fiduciary.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

Floor votes

• House — 3rd Reading & Final Passage · February 2, 2023
  97 yea · 0 nay · 1 not voting
• Senate — 3rd Reading & Final Passage · March 29, 2023
  49 yea · 0 nay

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