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Relating to disclosures and standards required for certain annuity transactions and benefits under certain annuity contracts.
No significant fiscal implication to the State is anticipated.
HB 1777 would require an agent who makes recommendations regarding the sale of annuities to act in the best interest of a consumer at all times, even at the expense of the agent's employer. Doing so would bring state regulation of the sale of annuities more in line with federal standards.
As HB 1777 does not pertain to the liberty principles, Texas Action is neutral on this bill.
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