Regulation · State guide
Washington annuity rules
Top 5-year MYGA
6.30%
B++ or better, yield to surrender
- FIA S&P cap
- 17.00%
- As of
- Oct 27
What Washington law says
Free-look period
If the annuity you bought replaced an existing policy or contract, Washington gives you at least 20 days from delivery to return it and get an unconditional refund of your premium.
WAC 284-23-455(4), Washington Administrative Code 284-23-455 — duties of insurers that use insurance producers in a life insurance or annuity sale, right to a refund on replacementVerified 2026-08-25
What your agent owes you
A producer recommending an annuity in Washington must act in your best interest and may not put their own or the insurer's financial interest ahead of yours.
RCW 48.23.015, Revised Code of Washington § 48.23.015 — best interest obligations for annuity recommendationsVerified 2026-08-25
How Washington taxes annuity income
Washington has no state tax on personal income today, so annuity payments are not taxed at the state level — though a new 9.9% tax on adjusted gross income above $1 million a year begins in 2028 under Senate Bill 6346.
Wash. Dep't of Revenue, Income Tax (2026 Senate Bill 6346), Washington Department of Revenue — Income Tax, current status and 2028 high-earner taxVerified 2026-08-25
Who regulates annuities in Washington
Fixed annuities are insurance products, so they are overseen by the state insurance department rather than by the SEC. The department licenses the carriers and the producers who sell them, and it takes consumer complaints.
The Washington guaranty association
Every state has a life and health insurance guaranty association that steps in when a member insurer fails. Coverage terms are set by state law and differ by state and by product. Contact the association directly for what applies to a specific contract.
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This page is educational and is not legal, tax, or insurance advice. State rules change. Verify anything here with the Washington insurance department before acting.
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