California Insurance Code CHAPTER 5.5 - Life Insurance Policy Illustrations

Section 10509.950.
In order to protect consumers and foster consumer education, this chapter shall govern the regulation of life insurance policy illustrations. It is the intent of...
Section 10509.952.
This chapter shall apply to all group and individual life insurance policies and certificates except as follows:(a) Variable life insurance.(b) Individual and group annuity contracts.(c) Credit life insurance.(d) Life...
Section 10509.953.
As used in this chapter:(a) “Actuarial Standards Board” means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.(b) “Contract...
Section 10509.954.
(a) Each insurer marketing policies to which this chapter is applicable shall notify the commissioner whether a policy form is to be marketed with or without...
Section 10509.955.
(a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled “life insurance illustration,”...
Section 10509.956.
(a) A basic illustration shall conform with the following requirements:(1) The illustration shall be labeled with the date on which it was prepared.(2) Each page, including any explanatory...
Section 10509.957.
(a) A supplemental illustration may be provided if it meets all of the following requirements:(1) It is appended to, accompanied by, or preceded by a basic illustration...
Section 10509.958.
(a) (1) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy...
Section 10509.959.
(a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual...
Section 10509.960.
(a) The board of directors of each insurer shall appoint one or more illustration actuaries.(b) The illustration actuary shall certify that the disciplined current scale used in...
Section 10509.961.
In addition to any other penalties provided by law, an insurer or producer that violates any provision of this chapter shall be subject to Section...
Section 10509.962.
The provisions of this chapter are severable. If any provision of this chapter or its application is held invalid, that invalidity shall not affect other...
Section 10509.963.
If the commissioner has reason to believe that any insurer has violated this chapter, the commissioner may request and the insurer shall file both of...
Section 10509.964.
Review by the commissioner of illustrations, supporting materials, certifications, and any and all other materials prepared pursuant to this chapter shall be subject to Section...
Section 10509.965.
This chapter shall become effective on and after July 1, 1997, and shall apply to policies sold on or after that date.(Added by Stats. 1996,...

Last modified: October 22, 2018