An annuities bill authored by State Senator Bill Dodd is headed to Governor Newsom’s desk. The California Legislature has approved a measure from Dodd, in partnership with California Insurance Commissioner Ricardo Lara, that would add consumer protections for people investing in annuities. That includes many vulnerable seniors, to ensure they are not misled or steered into inappropriate products by unscrupulous insurance agents. The bill would ensure California meets federal and national model standards, while providing additional consumer protections. The goal is to prevent the sale of these financial products to people who do not understand them or would not benefit from them.
