Arizona might be the next state to approve a best-interest annuity sales standard via legislation. Titled “Annuity Transactions; Requirements,” the bill was introduced Feb. 4, passed the Arizona Senate Feb. 20 by a 26-0 vote, with four senators not voting, and is now in the House.
The state Assembly passed a bill 78-0 last week banning STOLI and sent it to the Senate, which previously introduced the legislation. The Democratic caucus is leading the effort in both houses and Gov. Phil Murphy, D, is likely to sign the final product.Read more