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:
(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. Section 77a et seq.) or rules or regulations adopted
under that Act.
SECTION 2. This Act takes effect September 1, 2009.