California Insurance Code CHAPTER 12 - Grants and Annuities Societies

• Section 11520.
  The following organizations and persons may receive transfers of property, conditioned upon their agreement to pay an annuity to the transferor or the transferor’s nominee,...
• Section 11520.5.
  A person shall not transact in this state the business described in this chapter without first procuring a certificate of authority from the commissioner for...
• Section 11520.6.
  (a) Before granting a certificate of authority or amended certificate of authority as a grants and annuities society to any applicant, the commissioner shall consider the...
• Section 11521.
  Upon granting to such organization or person a certificate of authority to receive such transfers, the commissioner shall require it to establish and maintain a...
• Section 11521.1.
  (a) The funds and other property, together with interest and dividends thereon and proceeds therefrom, conditioned upon issuance of the certificate holder’s contracts to pay annuities,...
• Section 11521.2.
  (a) The reserve required by the table of commensurate values for each annuity contract issued must be invested in investments specified in Sections 1170 through 1182...
• Section 11521.3.
  (a) Prior to admission each applicant shall file with the commissioner an accurate and complete financial statement consisting of a balance sheet and income and expense...
• Section 11521.4.
  The commissioner may, in his discretion and after hearing, require the disposal of any investment made in violation of the provisions of this chapter; pending...
• Section 11521.5.
  The commissioner may adopt reasonable rules and regulations as may be necessary to carry out the provisions of this chapter pursuant to the provisions of...
• Section 11521.6.
  Nothing contained in Section 11521, 11521.1, 11521.2, 11521.4, 11523.6, or paragraph (6) of subdivision (a) of Section 11523 shall apply to any grants and annuities...
• Section 11522.
  Every organization or person holding a certificate of authority to receive transfers under this chapter shall make and file with the commissioner information regarding each...
• Section 11523.
  (a)  The annuity agreement shall show each of the following:(1) The value of the property transferred.(2) The amount of annuity agreed to be paid to the transferor...
• Section 11523.5.
  Any person holding a certificate of authority under this chapter may reinsure its total liability under an annuity agreement (as defined in Section 11523) with...
• Section 11523.6.
  No grants and annuities society applying for admission to this state, or transacting in this state, the business described in this chapter shall transact or...
• Section 11524.
  Except as prescribed in this chapter, such organization or person shall be otherwise exempt from the provisions of this code and other insurance laws of...

Last modified: October 22, 2018