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California officials urge approval of two annuity reform bills

Posted On Wed, August 31, 2011

California Insurance Commissioner Dave Jones is urging the governor to approve a pair of laws which would inform the state's annuity marketplace and increase protections for seniors.

The two bills, which easily passed the state legislature, would require insurance companies to create full standards to make sure annuities purchased by consumers are actually a good financial move for them, giving peace of mind for those researching annuity rates.

The second would ban lenders marketing reverse mortgages from offering annuity products which may not make sense for them.

"After several years of failed attempts to pass similar legislation, I'm pleased that we prevailed in getting this annuity suitability legislation passed to protect hard-working consumers and vulnerable seniors from abuse and exploitation of harmful financial investment transactions involving annuities," said Jones.

Last month, the Government Accountability Office released a report, saying annuities were an important financial income resource for those looking to retire.

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