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House Background Summary — HB 1120, Best Interest Standard for Annuities (As Passed House)

Summary

House Background Summary for HB 1120, As Passed House: February 2, 2023, titled An act relating to the best interest standard for annuities in Washington. The sponsors are Representatives Reeves, Corry and Ryu. The brief history lists committee activity on 1/17/23 and 1/20/23, with a recommendation marked DP, and passage in the House on 2/2/23 by a vote of 97-0.

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“House Background Summary — HB 1120, Best Interest Standard for Annuities (As Passed House).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-03-09-a30915-d256342-1120-hbs-a98f450dd2/, SHA-256 cd1b7b7c66c6645acbd633f57cc12971614b9468029314ed8bd0adc335a210af.

Full text

                 HOUSE BACKGROUND SUMMARY
                           HB 1120
                                        As Passed House:
                                        February 2, 2023

Title: An act relating to the best interest standard for annuities in Washington.

Brief Description: Concerning the best interest standard for annuity transactions.

Sponsors: Representatives Reeves, Corry and Ryu.

Brief History:
     Committee Activity:
         Consumer Protection & Business: 1/17/23, 1/20/23 [DP].
     Floor Activity:
         Passed House: 2/2/23, 97-0.

Voting Yea: Representatives Abbarno, Alvarado, Barkis, Barnard, Bateman, Berg, Bergquist,
Berry, Bronoske, Caldier, Callan, Chambers, Chandler, Chapman, Cheney, Chopp, Christian,
Connors, Corry, Cortes, Couture, Davis, Dent, Doglio, Donaghy, Duerr, Dye, Entenman, Eslick,
Farivar, Fey, Fitzgibbon, Fosse, Goehner, Goodman, Graham, Gregerson, Griffey, Hackney,
Hansen, Harris, Hutchins, Jacobsen, Klicker, Kloba, Kretz, Leavitt, Lekanoff, Low, Macri,
Maycumber, McClintock, McEntire, Mena, Morgan, Mosbrucker, Orcutt, Ormsby, Ortiz-Self,
Orwall, Paul, Peterson, Pollet, Ramel, Ramos, Reed, Reeves, Riccelli, Robertson, Rude, Rule,
Sandlin, Santos, Schmick, Schmidt, Senn, Shavers, Simmons, Slatter, Springer, Stearns, Steele,
Stokesbary, Stonier, Street, Taylor, Thai, Tharinger, Timmons, Volz, Walen, Walsh, Waters,
Wilcox, Wylie, Ybarra and Jinkins

Voting Nay:

Absent:

Excused: Representative Ryu

     Persons Testifying: Representative Kristine Reeves, prime sponsor; Michael Walker,
     Office of the Insurance Commissioner; and John Mangan, American Council of Life
     Insurers.




                                                -1-                                    HB 1120
Persons Signed In To Testify But Not Testifying: None.




                                      -2-                HB 1120

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