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A BILL TO BE ENTITLED
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AN ACT
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relating to annuities registered under the Securities Act of 1933. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1115.054(a), Insurance Code, is amended |
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to read and provide as follows: |
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1115.054. Compliance with Certain National Standards. |
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(a) Compliance with the conduct rules of the Financial |
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Industry Regulatory Authority [National Association of Securities
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Dealers] relating to suitability, or the rules of another national |
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organization recognized by the commissioner, satisfies the |
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requirements under this chapter for the recommendation of |
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[variable] annuities registered under the Securities Act of 1933 |
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[15 U.S.C. 77a et seq.] or rules or regulations adopted under that |
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Act. |
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SECTION 2. This legislation shall become effective |
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September 1, 2009. |