SB 1014 - This act modifies provisions relating to the powers of the Secretary of State. SUBPOENA POWER OF THE SECRETARY OF STATE
(Section 28.215)
This act authorizes the Secretary of State to subpoena books, papers, correspondence, memoranda, contracts, agreements, and other records, insofar as necessary to carry out any duties assigned to the Secretary of State under election laws.
APPROVAL OF VARIABLE ANNUITY CONTRACTS
(Sections 375.012, 375.018, 376.675 and 409.1-102)
This act requires any variable annuity contract to be filed and approved by the Secretary of State. Furthermore, the Secretary of State is given regulatory authority identical to that given to the Director of the Department of Commerce and Insurance as provided under current law.
INVESTIGATION OF SECURITIES VIOLATIONS
(Sections 409.114 and 409-6-602)
Under current law, the Commissioner of Securities, appointed by the Secretary of State, may conduct investigations into violations of state securities laws.
This act authorizes the Secretary of State, along with the appointed Commissioner of Securities, to compel witnesses and the production of records and documents when conducting investigations of violations of state securities and insurance laws.
SCOTT SVAGERA