CANHR supported the initial March 7, 2023, version of SB 263, which would have protected vulnerable seniors from potential financial abuses in the sale of annuity and insurance products. However, the April 17, 2023, amended version of SB 263 substantially weakened the bill by limiting its scope and gutting its standard of care. The latest version of the bill would harm consumers for the following reasons. First, the current version excludes life insurance products, so consumers would continue to fall victim to unsuitable insurance products. Next, insurance producers can escape liability from this bill if they follow the comparable standard. Finally, a consumer’s best interest is no longer prioritized, instead, it is placed behind the narrow economic interests of industry and agents. For the above reasons, CANHR is opposing SB 263.
Status: Re-referred to Committee on Insurance. Will be heard on 4/26/23.
Read the entire bill HERE.