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FOR IMMEDIATE RELEASE |
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State
Rep. Tony DeLuca |
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House passes DeLuca consumer protection bill
HARRISBURG, June 17 – State Rep. Tony DeLuca, D-Allegheny, said the House of Representatives has passed his legislation that would protect consumers, including senior citizens, from unscrupulous investment sales by insurance annuity agents and companies in Pennsylvania.
DeLuca, chairman of the House Insurance Committee, said the legislation (H.B. 1119) would prohibit insurance agents and brokers from selling annuities that would act to the detriment of consumers.
"My bill would protect consumers from being sold investments that would not necessarily benefit the best interests of the consumer," DeLuca said. "The agent or company trying to make the sale would have to take into account the customer's financial information and status before a transaction can be completed."
DeLuca said the agent and the company would take into account the consumer's financial status, tax status, investment objectives and all other relevant information before a financial sale can be finalized.
DeLuca said the Pennsylvania Department of Insurance would enforce the penalties which would range from $5,000 for each violation to license suspension or revocation.
The legislation now moves to the Senate for consideration.