By: Eiland H.B. No. 4492
A BILL TO BE ENTITLED
AN ACT
relating to annuities registered under the Securities Act of 1933.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1115.054(a), Insurance Code, is amended
to read and provide as follows:
1115.054. Compliance with Certain National Standards.
(a) Compliance with the conduct rules of the Financial
Industry Regulatory Authority [National Association of Securities
Dealers] relating to suitability, or the rules of another national
organization recognized by the commissioner, satisfies the
requirements under this chapter for the recommendation of
[variable] annuities registered under the Securities Act of 1933
[15 U.S.C. 77a et seq.] or rules or regulations adopted under that
Act.
SECTION 2. This legislation shall become effective
September 1, 2009.