SENATE, No. 619

By Ms. Murray, a petition (accompanied by bill, Senate, No. 619) of Therese Murray, Pamela P. Resor, Karen E. Spilka, Steven A. Tolman and other members of the General Court for legislation relative to equitable coverage for annuity policies. Financial Services

The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Five.


AN ACT RELATIVE TO EQUITABLE COVERAGE FOR ANNUITY POLICIES

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.

Chapter 175 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by inserting after section 120E the following new section:—
Section 120F. No company, and no officer or agent thereof, shall make or permit any distinction, classification, discrimination, or otherwise recognize any difference in life expectancy, on the basis of race, color, religion, sex, marital status, or national origin, \or in any of the other terms or conditions of any group or individual annuity or pure endowment contract issued or delivered within or without the commonwealth which covers one or more residents of the commonwealth. Any violation of this section shall constitute an unfair method of competition or an unfair or deceptive act or practice in violation of chapter 176D.

SECTION  2. Section 132B of chapter 175 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by striking, in line 25, the word “sex,”.

SECTION  3. Section 9 of chapter 175 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended in subsection 2(a) subpart Third by adding the following to the end of the subpart:- ; provided, however, for any contract issued on or after January first, two thousand and seven, that any mortality table shall only be applied to an individual or group annuity or pure endowment contract on a gender-neutral or gender-blended basis in accordance with regulations promulgated by the commissioner.

SECTION  4. Section 9 of chapter 175 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended in subsection 2(a) subpart Fourth by adding the following to the end of the subpart:- : provided, however, for any contract issued on or after January first, two thousand and seven, that any mortality table shall only be applied to an individual or group annuity or pure endowment contract on a gender-neutral or gender-blended basis in accordance with regulations promulgated by the commissioner.

SECTION  5. Section 9 of Chapter 175 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended in subsection 2(b) by adding the following to the end of the first paragraph:- ; provided, however, for any contract issued on or after January first, two thousand and seven, that any mortality table shall only be applied to an individual or group annuity or pure endowment contract on a gender-neutral or gender-blended basis in accordance with regulations promulgated by the commissioner.