The purpose of this act is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a retained asset account if a life insurance company offers consumers a retained asset account or establishes such an account as an alternative to the receipt of insurance proceeds by a single payment made directly to the beneficiary that satisfies all of the benefits owed to the beneficiary.
(Added by Stats. 2011, Ch. 130, Sec. 1. (SB 713) Effective January 1, 2012.)
Last modified: October 25, 2018