reglab/housing_qa huggingface dataset:
CA Ins Code § 10507.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 6 - Investment Return Assurance|Section 10507.1.

10507.1.  The commissioner shall require the payment of three hundred seventy-four dollars ($374), as a fee for the determination of qualification required by Section 10507. Upon completion of the determination of qualification, and whether authorization to issue policies providing investment return benefits is granted or denied, the commissioner shall require the payment of those additional amounts from the requesting insurer as may be necessary to defray all administrative costs in excess of three hundred seventy-four dollars ($374) incurred by the commissioner in making that determination.(Amended by Stats. 2017, Ch. 534, Sec. 64. (AB 1699) Effective January 1, 2018.)
CA Ins Code § 10507.2 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 6 - Investment Return Assurance|Section 10507.2.

10507.2.  An investment return assurance policy evidencing such insurance, shall not be issued or delivered in this state until a copy of the form thereof is filed with the commissioner, the fees required by Section 12973.9 are paid, and the commissioner has given written approval of the form.(Amended by Stats. 1983, Ch. 142, Sec. 88.)
CA Ins Code § 10507.3 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 6 - Investment Return Assurance|Section 10507.3.

10507.3.  No policy of investment return assurance shall be delivered or issued for delivery to any person in this state unless each such policy does all of the following:(a) Includes a statement on the first page thereof in boldface type that, in the event that the investment covered by the policy exceeds the benefit provided under the policy, there shall be no benefit.(b) Provides for both of the following:(1) The reserves for all investment return assurance policies shall be computed and maintained on a basis which shall place an actuarially sound value on the liabilities under such policies. To provide a basis for the determination of such actuarially sound values, the commissioner, from time to time, shall adopt rules requiring the use of appropriate tables of morbidity, mortality, interest rates, and valuation methods for such reserves.(2) Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the ratio of the number of years the policy has been in force to the total premium-paying period times the present value of benefits payable had the policy been kept in full force and effect for the total premium-paying period.(Added by Stats. 1971, Ch. 1566.)
CA Ins Code § 10507.4 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 6 - Investment Return Assurance|Section 10507.4.

10507.4.  In furtherance of the purpose of this article, the commissioner may make reasonable rules and regulations. The rules and regulations shall be adopted, amended, or repealed in accordance with the procedure provided in Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code.(Amended by Stats. 1985, Ch. 106, Sec. 99.)
CA Ins Code § 10508.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 7 - Records|Section 10508.5.

10508.5.  It shall be the obligation of each life, life and disability, and disability insurance agent and any other agent and insurer to preserve and maintain all applicable records defined in Section 10508 in his or her possession, in addition to those records transmitted to the insurer, at his or her principal place of business for a minimum of five years. The records shall be kept in an orderly manner so that the information therein is readily available, and shall be open to inspection or examination by the commissioner at all times.(Added by Stats. 1989, Ch. 631, Sec. 3.)
CA Ins Code § 10508.6 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 7 - Records|Section 10508.6.

10508.6.  (a) The Legislature finds and declares that there is no statutory authority for the commissioner to gather information or data on life insurance, annuity, or disability products for the purpose of evaluating trends in the marketplace or the uses these contracts serve.(b) The commissioner may collect, compile, analyze, and report data relating to life and disability insurance, annuity contracts, and related contracts offered, issued, delivered, or renewed in this state through any method of marketing.(c) Any officer, manager, agent, or employee of any institution offering life and disability insurance, annuity contracts, or related contracts, shall, upon request by the commissioner, exhibit to the commissioner all books, records, accounts, documents, or agreements governing its method of operation, together with all data, statistics, and information of every kind and character collected or considered by the institution in the conduct of its operations.(d) The commissioner may adopt reasonable rules and regulations requiring an annual reporting of the data authorized for collection under this section.(e) The commissioner may, for the purpose of furthering the uniform administration of regulatory laws, exchange information and data with law enforcement officials of this and other states relating to the implementation of the reporting requirements imposed by this section, and may consult with those officials regarding that information and data.(Added by Stats. 2003, Ch. 166, Sec. 2. Effective January 1, 2004.)
CA Ins Code § 10508.7 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 7 - Records|Section 10508.7.

10508.7.  A person subject to the requirements of Section 10508.6 who submits any false information in connection with a request for information or data pursuant to that section shall be liable for a civil penalty not to exceed one hundred thousand dollars ($100,000). A person subject to the requirements of Section 10508.6 who fails to comply with a request for information or data pursuant to that section shall be liable for a civil penalty not to exceed five thousand dollars ($5,000) for each 30-day period in which the person fails to comply. If the failure to comply is willful, the person shall be liable for a civil penalty not to exceed ten thousand dollars ($10,000) for each 30-day period in which the person fails to comply, but not to exceed an aggregate amount of one hundred thousand dollars ($100,000). In determining the penalty, the commissioner shall consider the good faith of the person and any similar prior violations by the person under this code.(Added by Stats. 2003, Ch. 166, Sec. 3. Effective January 1, 2004.)
CA Ins Code § 10508.8 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 7 - Records|Section 10508.8.

10508.8.  The commissioner shall ensure, to the furthest extent possible, that any data call issued by him or her does not conflict with any similar data call or data collection request, including, but not limited to, a request issued by the National Association of Insurance Commissioners.(Added by Stats. 2003, Ch. 166, Sec. 4. Effective January 1, 2004.)
CA Ins Code § 10509 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.

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 annuities. (b) To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement transactions by the following: (1) Assuring that the purchaser receives information with which a decision can be made in his or her own best interest. (2) Reducing the opportunity for misrepresentation and incomplete disclosures. (3) Establishing penalties for failure to comply with the requirements of this article.(Amended by Stats. 1991, Ch. 380, Sec. 1.5.)
CA Ins Code § 10509.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.1.

10509.1.  This article is applicable to all individual life insurance and annuity policies.(Added by Stats. 1990, Ch. 963, Sec. 1.)
CA Ins Code § 10509.2 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.2.

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 to the proposing agent, or to the proposing insurer if there is no agent, that by reason of that transaction, the existing life insurance or annuity has been or is to be any of the following: (1) Lapsed, forfeited, surrendered, or otherwise terminated. (2) Converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits or other policy values. (3) Amended so as to effect either a reduction in benefits or in the term for which coverage would otherwise remain in force or for which benefits would be paid. (4) Reissued with any reduction in cash value. (5) Pledged as collateral or subjected to borrowing, whether in a single loan or under a schedule of borrowing over a period of time for amounts in the aggregate exceeding 25 percent of the loan value set forth in the policy. (b) “Conservation” means any attempt by the existing insurer or its agent to dissuade a policyowner from the replacement of existing life insurance or annuity. Conservation does not include routine administrative procedures such as late payment reminders, late payment offers, or reinstatement offers. (c) “Direct-response sales” means any sale of life insurance or annuity where the insurer does not utilize an agent in the sale or delivery of the policy. (d) “Existing insurer” means the insurer whose policy is or will be changed or terminated in such a manner as described within the definition of “replacement.” (e) “Existing life insurance or annuity” means any life insurance or annuity in force including life insurance under a binding or conditional receipt or a life insurance policy that is within an unconditional refund period. (f) “Replacing insurer” means the insurer that issues a new policy which is a replacement of existing life insurance or annuity. (g) “Registered contract” means variable annuities, investment annuities, variable life insurance under which the death benefits and cash values vary in accordance with unit values of investments held in a separate account, or any other contracts issued by life insurers which are registered with the Federal Securities and Exchange Commission.(Amended by Stats. 1991, Ch. 380, Sec. 2.)
CA Ins Code § 10509.3 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.3.

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 issued the existing life insurance when a contractual change or a conversion privilege is being exercised, or when a term conversion privilege is exercised among corporate affiliates.(4) Proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same insurer.(5) Transactions where the replacing insurer and the existing insurer are the same; provided, however, that agents proposing replacement shall:(A) Comply with the requirements of subdivisions (a) and (d) of Section 10509.4.(B) Provide and leave with the applicant a written statement containing information relating to premiums, cash values, death benefits, and outstanding indebtedness, and dividends and dividend accumulations, if any, for the existing policy, both immediately before and after replacement, and for the proposed life insurance or annuity.(b) Registered contracts shall be exempt from the requirements of paragraphs (2) and (3) of subdivision (b) of Section 10509.6 requiring provision of policy summary or ledger statement information; however, premium or contract contribution amounts and identification of the appropriate prospectus or offering circular shall be required in lieu thereof.(c) “Term conversion privilege” means an option afforded by contract to certain holders of term life insurance policies that permits the policy to be converted into permanent insurance, including whole life insurance, universal life insurance, or variable life insurance, regardless of the insured’s physical condition and without a medical examination. The holder of a term life insurance policy with a term conversion privilege shall not be denied coverage or charged an additional premium for any health problems and premiums for the permanent policy shall be based on the same underwriting class as the term policy, regardless of any changes of health since the term policy was issued.(d) “Corporate affiliate” means the same as “affiliate” as defined in Section 1215.(Amended by Stats. 2008, Ch. 463, Sec. 1. Effective January 1, 2009.)
CA Ins Code § 10509.4 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.4.

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 of each application, both of the following:(1) A statement signed by the applicant as to whether replacement of existing life insurance or annuity is involved in the transaction.(2) A signed statement as to whether or not the agent knows replacement is or may be involved in the transaction.(b) Where a replacement is involved, the agent shall do all of the following:(1) Present to the applicant, not later than at the time of taking the application, a “Notice Regarding Replacement of Life Insurance” in the form as described in subdivision (d). The notice shall be signed by both the applicant and the agent and left with the applicant. Obtain with or as part of each application a list of all existing life insurance or annuities to be replaced and properly identified by name of insurer, the insured and contract number. If a contract number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.(2) Leave with the applicant the original or a copy of all printed communications used for presentation to the applicant.(3) Submit to the replacing insurer with the application a copy of the replacement notice.(c) Every agent who uses written or printed communications in conservation shall leave with the applicant the originals of any materials used.(d) Each agent or broker shall present to an applicant the following notice: NOTICE REGARDING REPLACEMENT  REPLACING YOUR LIFE INSURANCE POLICY OR ANNUITY? Are you thinking about buying a new life insurance policy or annuity and discontinuing or changing an existing one? If you are, your decision could be a good one—or a mistake. You will not know for sure unless you make a careful comparison of your existing benefits and the proposed benefits.Make sure you understand the facts. You should ask the company or agent that sold you your existing policy to give you information about it.Hear both sides before you decide. This way you can be sure you are making a decision that is in your best interest.We are required by law to notify your existing company that you may be replacing their policy.(applicant)(agent)(date) _____ _____ (Amended by Stats. 1991, Ch. 380, Sec. 4.)
CA Ins Code § 10509.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.5.

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 with, or as part of, each completed application for life insurance or annuity a statement signed by the applicant as to whether such proposed insurance or annuity will replace existing life insurance or annuity.(Added by Stats. 1990, Ch. 963, Sec. 1.)
CA Ins Code § 10509.7 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.7.

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 to the applicant with the policy a replacement notice as described in subdivision (d) of Section 10509.4 or other substantially similar form approved by the commissioner. In those instances the insurer may delete the last sentence and the reference to signatures from the form without having to obtain approval of the form from the commissioner.(b) If the insurer proposed the replacement it shall do the following:(1) Provide to applicants or prospective applicants with or as part of the application a replacement notice as described in subdivision (d) of Section 10509.4.(2) Request from the applicant with or as part of the application, a list of all existing life insurance or annuities to be replaced and properly identified by name of insurer and insured.(3) Comply with the requirements of paragraph (2) of subdivision (b) of Section 10509.6, if the applicant furnishes the names of the existing insurers, and the requirements of subdivision (c) of Section 10509.6, except that it need not maintain a replacement register.(Amended by Stats. 2017, Ch. 417, Sec. 29. (AB 1696) Effective January 1, 2018.)
CA Ins Code § 10509.8 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.8.

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 materially inaccurate presentation or comparison of an existing contract’s premiums and benefits or dividends and values, if any, or recommends that an insured 65 years of age or older purchase an unnecessary replacement annuity.(b) For purposes of this section, “unnecessary replacement” means the sale of an annuity to replace an existing annuity that requires that the insured will pay a surrender charge for the annuity that is being replaced and that does not confer a substantial financial benefit over the life of the policy to the purchaser so that a reasonable person would believe that the purchase is unnecessary.(c) Patterns of action by policyowners who purchase replacement policies from the same agent after indicating on applications that replacement is not involved, shall constitute a rebuttable presumption of the agent’s knowledge that replacement was intended in connection with the sale of those policies, and such patterns of action shall constitute a rebuttable presumption of the agent’s intent to violate this article. (d) This article does not prohibit the use of additional material other than that which is required that is not in violation of this article or any other statute or regulation.(Amended by Stats. 2003, Ch. 547, Sec. 8. Effective January 1, 2004.)
CA Ins Code § 10509.9 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 8 - Requirements for Replacement of Life Insurance and Annuity Policies|Section 10509.9.

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 administrative penalty of no less than one thousand dollars ($1,000) for the first violation.(b) Any agent or other person or entity engaged in the business of insurance, other than an insurer, who engages in practices prohibited by this chapter a second or subsequent time or who commits a knowing violation of this article, is liable for an administrative penalty of no less than five thousand dollars ($5,000) and no more than fifty thousand dollars ($50,000) for each violation.(c) Any insurer who violates this article is liable for an administrative penalty of ten thousand dollars ($10,000) for the first violation.(d) Any insurer who violates this article with a frequency as to indicate a general business practice or commits a knowing violation of this article, is liable for an administrative penalty of no less than thirty thousand dollars ($30,000) and no more than three hundred thousand dollars ($300,000) for each violation.(e) After a hearing conducted in accordance with Chapter 4.5 (commencing with Section 11400) and Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, the commissioner may suspend or revoke the license of any person or entity that violates this article.(f) Nothing in this section shall be deemed to affect any other authority provided by law to the commissioner.(Amended by Stats. 2003, Ch. 546, Sec. 6. Effective January 1, 2004.)
CA Ins Code § 10509.910 (2021)
2021 California Code|Insurance Code - INS|DIVISION 2 - CLASSES OF INSURANCE|PART 2 - LIFE AND DISABILITY INSURANCE|CHAPTER 5 - General Regulation of Life Insurers|ARTICLE 9 - Suitability Requirements for Annuity Transactions|Section 10509.910.

10509.910.  The purpose of this article is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in transactions involving annuity products, so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed.(Added by Stats. 2011, Ch. 295, Sec. 2. (AB 689) Effective January 1, 2012.)