Under the SB 483 annuity provisions applicants must reveal any interest the applicant or spouse has in an annuity and requires the Department to inform applicants and beneficiaries that the state will become a remainder beneficiary in certain types of annuities. Further, the annuity provisions also:

• Specify those annuities owned by an individual or an individual's spouse in which the state may become a remainder beneficiary; defines transactions that are subject to these rules; specifies the notice process to the issuer.
• Specify those annuities that are exempt from the DRA requirements, including annuities purchased with the community spouse's CSRA, work-related pension annuities, and annuities that are irrevocable and nonassignable, actuarially sound, and that provide for fixed, equal payments over the term of the annuity, with no deferral and no balloon payments.