Attachment I: Annuities Products
& Practices (Continued)
Year: 1998
SB 1718 (Calderon, Chapter 386), Life insurance.
An act to amend Sections 10509.6 and 10541 of the Insurance Code, relating to life insurance.
- Existing law provides that every life insurer that uses an agent shall, among other things, when a replacement of insurance is involved, provide a notice delivered with the policy that the applicant has a right to an unconditional refund of all premiums, which right may be exercised within 20 days of the date of delivery of the policy. Existing law contains other provisions applicable to variable annuity contracts, variable life insurance contracts, and modified guaranteed contracts that authorize the return of the contract during the cancellation period. This bill adds the latter provision to the previous provisions requiring the applicant to be given notice of a right to an unconditional refund, and changes the 20-day period for the exercise of the right to obtain a refund to a 30-day period.
- Existing law permits certain insurers to issue funding agreements and provides that this authorization does not affect the priority of claims against insolvent insurers. This bill corrects a cross-reference relating to this priority of claims.
Year: 1997
SB 203 (Lewis, Chapter 28), Insurers: mortality tables.
An act to amend Sections 10163.2, 10489.2, and 10489.3 of the Insurance Code, relating to insurance.
- Existing law regulates the types of benefits to be paid under a policy of life insurance in the event of a default in premium payments or upon surrender of the policy, and also regulates the manner in which reserves are to be maintained by insurers issuing life insurance policies and annuity and pure endowment contracts.
- Existing law provides for insurers to use certain mortality tables for these purposes that have been approved by the Insurance Commissioner through promulgation of a regulation. This bill alternatively allows the Commissioner to approve mortality tables through issuance of a bulletin.
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