PRINTER'S NO. 912
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
772
Session of
2021
INTRODUCED BY DiSANTO, STREET, MENSCH, PITTMAN, KANE AND
YUDICHAK, JUNE 16, 2021
REFERRED TO BANKING AND INSURANCE, JUNE 16, 2021
AN ACT
Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An
act relating to insurance; amending, revising, and
consolidating the law providing for the incorporation of
insurance companies, and the regulation, supervision, and
protection of home and foreign insurance companies, Lloyds
associations, reciprocal and inter-insurance exchanges, and
fire insurance rating bureaus, and the regulation and
supervision of insurance carried by such companies,
associations, and exchanges, including insurance carried by
the State Workmen's Insurance Fund; providing penalties; and
repealing existing laws," in life insurance, further
providing for standard nonforfeiture law for individual
deferred annuities; and, in suitability of annuity
transactions, further providing for definitions, for
applicability and scope of article, for duties of insurers
and insurance producers, for insurance producer training, for
mitigation of responsibility, for recordkeeping and for
enforcement.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 410C(d.1)(3)(C), 401-B, 402-B(a) and (b)
(2), 403-B, 403.1-B(b), 404-B heading and (a), 405-B(a) and 406-
B heading of the act of May 17, 1921 (P.L.682, No.284), known as
The Insurance Company Law of 1921, are amended to read:
Section 410C. Standard Nonforfeiture Law for Individual
Deferred Annuities.--* * *
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