House Bill 1660
DIGEST OF HB1660 (Updated February 28, 2005 8:08 pm - DI 84)
Securities division. Makes various amendments to the law concerning securities regulation. Changes the time that an application for registration by coordination automatically becomes effective from ten days to 30 days. Provides that if an Indiana office of a registered broker-dealer submits a compliance report indicating material noncompliance with Indiana securities laws, the securities division may conduct a follow-up examination to examine the areas of noncompliance identified in the report. Changes the requirements for certain exemptions from registration. Provides that: (1) enforcement attorneys and prosecution assistance unit attorneys are members of the enforcement department of the securities division; (2) employees of the securities division may disclose information to other law enforcement agencies; (3) a person who violates the securities law and has not filed a consent with the secretary of state is considered to appoint the secretary of state as an agent for service of process concerning noncriminal actions or proceedings against the person; (4) the securities commissioner may adopt rules and issue orders regarding service of process for nonregistered persons; (5) the securities commissioner shall determine the amount of a bond for an appeal; (6) an appellant shall pay costs associated with the certifying and delivering of transcripts; and (7) a court may consider only issues of law for an appeal of an order by the securities commissioner. Provides that it is an unfair and deceptive act or practice for an insurance producer or an insurer to recommend to a senior consumer the purchase or exchange of an annuity that results in another transaction unsuitable for the consumer on the basis of the consumer's: (1) investments and other insurance products; and (2) financial situation and needs. Allows the commissioner of the department of insurance (the "commissioner") to conduct investigations and enforce actions to ensure compliance with state laws and rules concerning the sale of variable annuity contracts. Allows the commissioner to consult with the securities commissioner and use the resources of the securities commissioner in making a final determination concerning compliance.
Latest Printing (PDF)
|Passed 2nd reading - first House|
House Bill (PDF)
Senate Committee Reports
Conference Committee Reports