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Bill

S 5307

Relates to expanding the authority to issue group annuity contracts

2025 Regular Session Introduced by Jamaal Bailey

Expands the authority to issue group annuity contracts, boosting flexibility for insurers and employers and potentially widening access to group retirement plans for employees.

REFERRED TO INSURANCE
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Bill Summary · S 5307

Summary of Bill S 5307

Overview and purpose

  • Bill number: S 5307
  • Title: Relates to expanding the authority to issue group annuity contracts
  • Purpose (as stated in title): To expand the authority to issue group annuity contracts
  • Primary sponsor: Jamaal Bailey
  • Introduced: February 20, 2025
  • Current status: Referred to the Senate Insurance Committee

Key provisions (as provided)

  • The available information indicates the bill’s core aim is to expand the authority to issue group annuity contracts. Specific statutory changes, definitions, eligibility criteria, or regulatory requirements are not included in the provided summary.
  • Because the text of the bill is not included here, detailed provisions (such as which entities could issue these contracts, underwriting standards, reserve requirements, consumer protections, or effective date) are not enumerated.

Affected parties and potential impact

  • Likely affected groups:
    • Insurance issuers and entities authorized to issue annuity products.
    • Employers and other organizations that offer or sponsor group annuity contracts.
    • Individuals participating in group annuity plans (e.g., employees whose benefits are funded through these contracts).
    • The state insurance regulator and Department of Insurance (or equivalent agency) responsible for oversight.
  • Potential impacts:
    • Increased flexibility or capacity for issuing group annuity contracts, which could affect product availability, pricing, and terms.
    • Possible changes to regulatory or supervisory framework governing these contracts.
    • Implications for employers, plan sponsors, and participants in group retirement solutions.
  • Note: Without the bill text, the specific practical effects (rates, eligibility, protections, or reporting requirements) cannot be confirmed.

Procedural and timeline aspects

  • Legislative actions recorded:
    • 2025-02-20: Referred to Insurance (listed twice in the record)
  • Next steps typically include committee hearings, potential amendments, and voting by the full chamber, followed by cross-chamber consideration and enactment if approved. The absence of further actions in this summary means no additional committee or floor actions are currently listed.

Sponsors and related legislation

  • Sponsor: Jamaal Bailey (primary)
  • Related bills from prior sessions (indicating ongoing interest in group annuity contract authority):
    • S 6562 (prior-session)
    • S 707 (prior-session)
    • S 3503 (prior-session)
    • S 3768 (prior-session)
    • S 2793 (prior-session)

Next steps for readers

  • To understand the full scope and implications, review the bill’s text and fiscal notes once published.
  • Monitor updates from the Insurance Committee for hearings, amendments, and votes.
  • Compare S 5307 with related prior-session bills (S 6562, S 707, S 3503, S 3768, S 2793) to gauge how the proposal has evolved.

Compiled from official sources — confirm details with the bill’s official record.

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