BILL · 2023–24 SESSION · LATEST VERSION SSB 5210

SB 5210: 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 Substitute House Bill Analysis 2023 (SSB 5210), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House

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

Passed February 1, 2023

Version voted on: SSB 5210

48 Yea 0 Nay 1 Absent 0 Excused

Party	Yea	Nay	Absent	Excused
Democrat	28	0	1	0
Republican	20	0	0	0

How each member voted

Jan 8, 2024Senate Rules "X" file. (SSB 5210)
Jan 8, 2024By resolution, reintroduced and retained in present status. (SSB 5210)
Apr 23, 2023By resolution, returned to Senate Rules Committee for third reading. (SSB 5210)
Feb 3, 2023First reading, referred to Consumer Protection & Business. (SSB 5210)
Feb 1, 2023Third reading, passed; yeas, 48; nays, 0; absent, 1; excused, 0. (SSB 5210)
Feb 1, 2023Rules suspended. Placed on Third Reading. (SSB 5210)
Feb 1, 20231st substitute bill substituted. (SSB 5210)
Feb 1, 20231st substitute bill substituted.
Jan 25, 2023Placed on second reading consent calendar. (SSB 5210)
Jan 25, 2023Placed on second reading consent calendar.
Jan 20, 2023Passed to Rules Committee for second reading. (SSB 5210)
Jan 20, 2023Passed to Rules Committee for second reading.
Jan 19, 2023BFGT - Majority; 1st substitute bill be substituted, do pass. (SSB 5210)
Jan 19, 2023BFGT - Majority; 1st substitute bill be substituted, do pass.
Jan 9, 2023First reading, referred to Business, Financial Services, Gaming & Trade.
Jan 6, 2023Prefiled for introduction.

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

SB 5210 (2025–26) Ninth grade success grants · Did not pass · died in committee
SB 5210 (2021–22) Comp. restoration orders · Did not pass · passed Senate, stalled in House
SB 5210 (2019–20) Hearing instruments/notices · Enacted · Chapter 183, Laws of 2019
SB 5210 (2017–18) Student loan bill of rights · Did not pass · died in committee
SB 5210 (2015–16) Life annuity benefit/WSPRS · Enacted · Chapter 111, Laws of 2015
SB 5210 (2013–14) Mortgage brokers · Enacted · Chapter 30, Laws of 2013
SB 5210 (2011–12) Water commission/creation · Did not pass · died in committee
SB 5210 (2009–10) Promotional prize advrtising · Did not pass · stalled on the Senate floor