PENNSYLVANIA, December 13 - HOUSE AMENDED

PRIOR PRINTER'S NO. 912

PRINTER'S NO. 1127

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

772

Session of

2021

INTRODUCED BY DiSANTO, STREET, MENSCH, PITTMAN, KANE, YUDICHAK,

STEFANO AND BREWSTER, JUNE 16, 2021

AS REPORTED FROM COMMITTEE ON INSURANCE, HOUSE OF

REPRESENTATIVES, AS AMENDED, OCTOBER 4, 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 AND 403-B of the act of May 17, 1921 (P.L.682,

No.284), known as The Insurance Company Law of 1921, are amended

to read:

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