republic-os/legislation/us/states/ca/20232024/sb-263.md

---
type: "Bill"
title: "Insurance: annuities and life insurance policies."
description: "Existing law generally regulates classes of insurance, including life insurance and annuities. Existing law requires insurers to establish a system to supervise recommendations and set standards and procedures for recommendations for annuity products, which applies to any recommendation to purchase, exchange, or replace an annuity made to a consumer that results in the purchase, exchange, or replacement that was recommended. Existing law requires an insurance producer recommending the purchase or exchange of an annuity to have reasonable grounds for believing that the recommendation is suitable for the consumer, as specified."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20232024"
identifier: "SB 263"
citation: "California SB 263 (20232024)"
classification: ["bill"]
subjects: ["Insurance", "annuities and life insurance policies"]
status: "enacted"
primary_sponsors: ["Dodd"]
version_count: 9
action_count: 31
vote_count: 8
first_action: "2023-01-30"
last_action: "2024-02-29"
source: "openstates"
source_identifier: "ocd-bill/d298501a-4e77-43aa-aeba-302404fc4233"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB263"
source_hash: "a4f2259c080a7572c2e64a470d07553b4dc729337092164e8d8437842ad62677"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ca"]
---

# California SB 263 (20232024) — Insurance: annuities and life insurance policies.

Existing law generally regulates classes of insurance, including life insurance and annuities. Existing law requires insurers to establish a system to supervise recommendations and set standards and procedures for recommendations for annuity products, which applies to any recommendation to purchase, exchange, or replace an annuity made to a consumer that results in the purchase, exchange, or replacement that was recommended. Existing law requires an insurance producer recommending the purchase or exchange of an annuity to have reasonable grounds for believing that the recommendation is suitable for the consumer, as specified.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **01/30/23 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26399INT)
2. **02/08/24 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26394AMD)
3. **02/29/24 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26392CHP)
4. **03/07/23 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26398AMD)
5. **04/17/23 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26397AMD)
6. **05/02/23 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26396AMD)
7. **06/21/23 - Amended Assembly** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26395AMD)
8. **SB263** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB263)
9. **02/21/24 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=202320240SB263&version=20230SB26393ENR)

## Votes

- 3rd Reading — **33–0** (pass) · upper
- Do pass — **6–0** (pass) · upper
- SB 263 Dodd Senate Third Reading By Calderon — **70–0** (pass) · lower
- Do pass and be re-referred to the Committee on [Appropriations] — **13–0** (pass) · lower
- Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations] — **4–0** (pass) · upper
- Do pass. — **15–0** (pass) · lower
- Placed on suspense file — **7–0** (pass) · upper
- Unfinished Business SB263 Dodd Motions Concurrence — **37–0** (pass) · upper

## Sponsors

- Dodd — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2023-01-30** Introduced. Read first time. To Com. on RLS. for assignment. To print. `introduction, reading-1`
- **2023-01-31** From printer. May be acted upon on or after March 2.
- **2023-02-09** Referred to Com. on RLS. `referral-committee`
- **2023-03-07** From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS. `amendment-passage, committee-passage, reading-1, reading-2, referral-committee`
- **2023-03-15** Re-referred to Com. on INS. `referral-committee`
- **2023-03-30** Set for hearing April 26.
- **2023-04-17** From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS. `amendment-passage, committee-passage, reading-1, reading-2, referral-committee`
- **2023-05-01** From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 891.) (April 26). `amendment-passage, committee-passage, committee-passage-favorable`
- **2023-05-02** Read second time and amended. Re-referred to Com. on APPR. `amendment-passage, reading-1, reading-2, referral-committee`
- **2023-05-05** Set for hearing May 15.
- **2023-05-15** May 15 hearing: Placed on APPR suspense file.
- **2023-05-16** Set for hearing May 18.
- **2023-05-18** From committee: Do pass. (Ayes 6. Noes 0. Page 1163.) (May 18). `committee-passage, committee-passage-favorable`
- **2023-05-18** Read second time. Ordered to third reading. `reading-1, reading-2`
- **2023-05-30** Read third time. Passed. (Ayes 33. Noes 0. Page 1345.) Ordered to the Assembly. `passage, reading-1, reading-3`
- **2023-05-31** In Assembly. Read first time. Held at Desk. `reading-1`
- **2023-06-08** Referred to Com. on INS. `referral-committee`
- **2023-06-21** From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS. `amendment-passage, committee-passage, reading-1, reading-2, referral-committee`
- **2023-06-28** From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (June 28). Re-referred to Com. on APPR. `committee-passage, committee-passage-favorable, referral-committee`
- **2023-08-16** August 16 set for first hearing. Placed on suspense file.
- **2023-09-01** September 1 hearing postponed by committee.
- **2024-01-18** From committee: Do pass. (Ayes 15. Noes 0.) (January 18). `committee-passage, committee-passage-favorable`
- **2024-01-22** Read second time. Ordered to third reading. `reading-1, reading-2`
- **2024-02-08** Read third time and amended. `amendment-passage, reading-1, reading-3`
- **2024-02-08** Ordered to third reading.
- **2024-02-12** Read third time. Passed. (Ayes 70. Noes 0. Page 4059.) Ordered to the Senate. `passage, reading-1, reading-3`
- **2024-02-12** In Senate. Concurrence in Assembly amendments pending.
- **2024-02-20** Assembly amendments concurred in. (Ayes 37. Noes 0. Page 3186.) Ordered to engrossing and enrolling. `amendment-passage, committee-passage-favorable`
- **2024-02-23** Enrolled and presented to the Governor at 2 p.m.
- **2024-02-29** Approved by the Governor. `executive-signature`
- **2024-02-29** Chaptered by Secretary of State. Chapter 2, Statutes of 2024. `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/d298501a-4e77-43aa-aeba-302404fc4233`. Confidence: reported (aggregated from official California legislature records).