California Insurance Code ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies

• Section 10509.
  The purpose of this article is the following:(a) To regulate the activities of insurers and agents with respect to the replacement of existing life insurance and...
• Section 10509.1.
  This article is applicable to all individual life insurance and annuity policies.(Added by Stats. 1990, Ch. 963, Sec. 1.)
• Section 10509.2.
  (a) “Replacement” means any transaction in which new life insurance or a new annuity is to be purchased, and it is known or should be known...
• Section 10509.3.
  (a) Unless otherwise specifically included, this article does not apply to the following:(1) Credit life insurance.(2) Group life insurance or group annuities.(3) An application to the existing insurer that...
• Section 10509.4.
  (a) Each agent who accepts an application shall submit to the insurer with which an application for life insurance or annuity is presented, or as part...
• Section 10509.5.
  Every life insurer shall do the following:(a) Inform its field representatives or other personnel responsible for compliance with this article of the requirements of this article.(b) Require...
• Section 10509.6.
  Every life insurer that uses an agent in a life insurance or annuity sale shall do the following:(a) Require with or as part of each completed...
• Section 10509.7.
  (a) If in the solicitation of a direct response sale, an insurer does not propose the replacement, and a replacement is involved, the insurer shall send...
• Section 10509.8.
  (a) A violation of this article shall occur if an agent or insurer recommends the replacement or conservation of an existing policy by use of a...
• Section 10509.9.
  (a) Any agent or other person or entity engaged in the business of insurance, other than an insurer, who violates this article is liable for an...

Last modified: October 22, 2018