BILL · 2023–24 SESSION

HB 1120: Annuity transactions

Concerning the best interest standard for annuity transactions.

Summary

Adopts a best interest standard of conduct for producers and insurers recommending and selling annuities based on model guidelines adopted by the National Association of Insurance Commissioners.
Requires producers recommending and selling annuities to act in the best interest of the consumer, to not place their financial interest ahead of the consumer's interest, and act with reasonable diligence, care, and skill in making recommendations.
Includes four areas of obligation that are owed to consumers and sets forth regulations for each: care, disclosure, conflict of interest, and documentation.
Expands safe harbor provisions to any producer that is regulated as a broker-dealer, investment advisor, or plan fiduciary.

From the House Bill Report (HB 1120), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 64, Laws of 2023

AN ACT Relating to the best interest standard for annuities in Washington;

Passed February 2, 2023

Version voted on: HB 1120

97 Yea 0 Nay 0 Absent 1 Excused

Party	Yea	Nay	Absent	Excused
Democrat	57	0	0	1
Republican	40	0	0	0

How each member voted

Passed March 29, 2023

Version voted on: HB 1120

49 Yea 0 Nay 0 Absent 0 Excused

Party	Yea	Nay	Absent	Excused
Democrat	29	0	0	0
Republican	20	0	0	0

How each member voted

Apr 13, 2023Effective date 1/1/2024.
Apr 13, 2023Chapter 64, 2023 Laws.
Apr 13, 2023Governor signed.
Apr 7, 2023Delivered to Governor.
Apr 3, 2023President signed.
Mar 31, 2023Speaker signed.
Mar 29, 2023Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0.
Mar 29, 2023Rules suspended. Placed on Third Reading.
Mar 24, 2023Placed on second reading consent calendar.
Mar 15, 2023Passed to Rules Committee for second reading.
Mar 14, 2023BFGT - Majority; do pass.
Feb 6, 2023First reading, referred to Business, Financial Services, Gaming & Trade.
Feb 2, 2023Third reading, passed; yeas, 97; nays, 0; absent, 0; excused, 1.
Feb 2, 2023Rules suspended. Placed on Third Reading.
Feb 1, 2023Rules Committee relieved of further consideration. Placed on second reading.
Jan 23, 2023Referred to Rules 2 Review.
Jan 20, 2023CPB - Executive action taken by committee.
Jan 20, 2023Minority; without recommendation.
Jan 20, 2023CPB - Majority; do pass.
Jan 9, 2023First reading, referred to Consumer Protection & Business.
Jan 4, 2023Prefiled for introduction.

Bill numbers restart every two years, so the same number is a different bill in each session.

HB 1120 (2025–26) School staff salary alloc. · Did not pass · died in committee
HB 1120 (2021–22) Long-term services/emergency · Enacted · Chapter 203, Laws of 2021
HB 1120 (2019–20) State learning standards · Did not pass · passed House, stalled in Senate
HB 1120 (2017–18) Regulatory fairness act · Enacted · Chapter 53, Laws of 2017
HB 1120 (2015–16) School bus driver immunity · Did not pass · died in committee
HB 1120 (2013–14) Voluntr fire dept chaplains · Did not pass · died in committee
HB 1120 (2011–12) Family leave insurance prog. · Did not pass · died in committee
HB 1120 (2009–10) Uniform law commission · Enacted · Chapter 218, Laws of 2009