reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.4 - Valuation of Universal Life Insurance Policies › Section 2545.3 - Life Insurance Surrender Cost Index Defined. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 6-9-78; effective thirtieth day thereafter (Register 78, No.
					 23).
2. Repealer filed 4-28-94; operative 11-24-94 (Register 94, No.
					 17).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.4 - Valuation of Universal Life Insurance Policies › Section 2545.4 - Limitations. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 filed 6-9-78; effective thirtieth day thereafter (Register 78, No.
					 23).
2. Repealer filed 4-28-94; operative 11-24-94 (Register 94, No.
					 17).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.4 - Valuation of Universal Life Insurance Policies › Section 2545.5 - Applicability. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
					 of subsection (b)7 filed 6-9-78; effective thirtieth day thereafter (Register
					 78, No. 23).
2. Repealer filed 4-28-94; operative 11-24-94 (Register
					 94, No. 17).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.6 - Life Insurance Yield Comparison Index and Net Payment Cost Comparison Index [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New article
				  12.6 (sections
				  2546-2546.8) and section filed
				  4-28-94; operative 11-24-94 (Register 94, No. 17).
2. Change without
				  regulatory effect repealing article 12.6 (sections
				  2546-2546.8) filed 3-24-2006
				  pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 2006, No. 12).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547 - Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
These regulations are promulgated pursuant to the authority
					 granted to the Insurance Commissioner under the provisions of Section
					 790.10 of
					 the Insurance Code.
1. New
					 Article 12.7 (Sections
					 2547,
					 2547.1-2547.11) filed 8-13-75;
					 effective thirtieth day thereafter (Register 75, No.
					 33).
Note: Authority cited: Section
						790.10,
						Insurance Code. Reference: Section
						790.03,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.1 - Purpose

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The purpose of these regulations is to set forth minimum
					 standards and guidelines to assure a full and truthful disclosure to the public
					 of all material and relevant information in the advertising of life insurance
					 policies and annuity contracts.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.2 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For the purpose of these regulations:
(a) "Policy" shall include any policy, plan,
				  certificate, contract, agreement, statement of coverage, rider or endorsement
				  which provides for life insurance or annuity benefits.
(b) "Insurer" shall include any organization
				  or person which issues life insurance or annuities to residents of this
				  state.
(c) "Advertisement" shall be
				  material designed to create public interest in life insurance or annuities or
				  in an insurer, or to induce the public to purchase, increase, modify, reinstate
				  or retain a policy including:
(1) printed and
				  published material, audiovisual material, and descriptive literature of an
				  insurer used in direct mail, newspapers, magazines, radio and television
				  scripts, billboards and similar displays;
(2) descriptive literature and sales aids of
				  all kinds issued by an insurer or agent, including but not limited to
				  circulars, leaflets, booklets, depictions, illustrations and form
				  letters;
(3) material used for the
				  recruitment, training, and education of an insurer's sales personnel, agents,
				  solicitors and brokers which is designed to be used or is used to induce the
				  public to purchase, increase, modify, reinstate or retain a policy;
(4) prepared sales talks, presentations, and
				  material for use by sales personnel, agents, solicitors and
				  brokers.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.3 - Applicability

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) These
				  regulations shall apply to any life insurance or annuity advertisement intended
				  for dissemination in this State.
(b) Every insurer shall establish and at all
				  times maintain a system of control over the content, form and method of
				  dissemination of all advertisements of its policies. All such advertisements,
				  regardless of by whom written, created, designed or presented, shall be the
				  responsibility of the insurer.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.4 - Form and Content of Advertisements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Advertisements shall be truthful and not
				  misleading in fact or by implication. The form and content of an advertisement
				  of a policy shall be sufficiently complete and clear so as to avoid deception.
				  It shall not have the capacity or tendency to mislead or deceive. Whether an
				  advertisement has the capacity or tendency to mislead or deceive shall be
				  determined by the Insurance Commissioner from the overall impression that the
				  advertisement may be reasonably expected to create upon a person of average
				  education or intelligence within the segment of the public to which it is
				  directed.
(b) No advertisement
				  shall use the terms "investment," "investment plan," "founder's plan," "charter
				  plan," "expansion plan," "profit," "profits," "profit sharing," "interest
				  plan," "savings," "savings plan," or other similar terms in connection with a
				  policy in a context or under such circumstances or conditions as to have the
				  capacity or tendency to mislead a purchaser of such policy to believe that he
				  will receive, or that it is possible that he will receive, something other than
				  a policy or some benefit not available to other persons of the same class and
				  equal expectation of life.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.6 - Identity of Insurer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				  name of the insurer shall be clearly identified, and if any specific individual
				  policy is advertised it shall be identified either by form number or other
				  appropriate description. An advertisement shall not use a trade name, an
				  insurance group designation, name of the parent company of the insurer, name of
				  a particular division of the insurer, service mark, slogan, symbol or other
				  device or reference without disclosing the name of the insurer, if the
				  advertisement would have the capacity or tendency to mislead or deceive as to
				  the true identity of the insurer or create the impression that a company other
				  than the insurer would have any responsibility for the financial obligation
				  under a policy.
(b) No
				  advertisement shall use any combination of words, symbols or physical materials
				  which by their content, phraseology, shape, color or other characteristics are
				  so similar to a combination of words, symbols or physical materials used by a
				  governmental program or agency or otherwise appear to be of such a nature that
				  they tend to mislead prospective insureds into believing that the solicitation
				  is in some manner connected with such governmental program or agency.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.7 - Jurisdictional Licensing and Status of Insurer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An advertisement which is intended to be
				  seen or heard beyond the limits of the jurisdiction in which the insurer is
				  licensed shall not imply licensing beyond such limits.
(b) An advertisement may state that an
				  insurer is licensed in the state where the advertisement appears, provided it
				  does not exaggerate such fact or suggest or imply that competing insurers may
				  not be so licensed.
(c) An
				  advertisement shall not create the impression that the insurer, its financial
				  condition or status, the payment of its claims, or the merits, desirability or
				  advisability of its policy forms or kinds of plans of insurance are recommended
				  or endorsed by any governmental entity. However, where a governmental entity
				  has recommended or endorsed a policy form or plan, such fact may be stated if
				  the entity authorizes its recommendation or endorsement to be used in an
				  advertisement.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.8 - Statements About the Insurer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An advertisement shall not contain statements, pictures or
					 illustrations which are false or misleading, in fact or by implication, with
					 respect to the assets, liabilities, insurance in force, corporate structure,
					 financial condition, age or relative position of the insurer in the insurance
					 business. An advertisement shall not contain a recommendation by any commercial
					 rating system unless it clearly defines the scope and extent of the
					 recommendation.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.9 - Enforcement Procedures

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Each insurer shall maintain at its home or principal office a complete file
				  containing a specimen copy of every printed, published or prepared
				  advertisement of its individual policies and specimen copies of typical
				  printed, published or prepared advertisements of its blanket, franchise and
				  group policies, hereafter disseminated in this State with a notion indicating
				  the manner and extent of distribution and the form number of any policy
				  advertised. Such file shall be subject to inspection by this Department. All
				  such advertisements shall be maintained in said file for a period of either
				  four years or until the filing of the next regular report on examination of the
				  insurer, whichever is the longer period of time.
(b) Each insurer subject to the provisions of
				  these regulations shall file with this Department with its Annual Statement a
				  certificate of compliance executed by an authorized officer of the insurer
				  wherein it is stated that, to the best of his knowledge, information and
				  belief, the advertisements which were disseminated by or on behalf of the
				  insurer in this State during the preceding statement year, or during the
				  portion of such year when these regulations were in effect, complied or were
				  made to comply in all respects with the provisions of these regulations and the
				  insurance laws of this State as interpreted by these regulations.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.10 - Conflict with Other Regulations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
It is not intended that these regulations conflict with or
					 supersede any regulations currently in force or subsequently adopted in this
					 State governing specific aspects of the sale or replacement of life insurance
					 including, but not limited to, rules dealing with life insurance cost
					 comparison indices, deceptive practices in the sale of life insurance and
					 replacement of life insurance policies. Consequently, no disclosure required
					 under any such regulations shall be deemed to be an advertisement within the
					 meaning of these regulations.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.7 - Life Insurance Advertisements › Section 2547.11 - Severability Provision

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If any Section or portion of a Section of these regulations
					 or the applicability thereof to any person or circumstance is held invalid by a
					 court, the remainder of the regulations or the applicability of such provision
					 to other persons or circumstances, shall not be affected
					 thereby.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.1 - Authority and Purpose

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
These regulations are effective pursuant to the authority
					 granted to the Insurance Commissioner by Insurance Code section
					 10113.35.
					 The purpose of these regulations is to implement and clarify Insurance Code
					 sections
					 10113.1,
					 10113.2 and
					 10113.3.
1. New
					 article 12.9 (sections
					 2548.1-2548.8) and section filed
					 12-22-2006; operative 1-21-2007 (Register 2006, No. 51).
2. Repealer
					 of article 12.9 (sections
					 2548.1-2548.8) and section and new
					 article 12.9 (sections
					 2548.1-2548.31) and section filed
					 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall
					 remain in effect, not to be repealed by the Office of Administrative Law,
					 unless repealed by the Department of Insurance pursuant to Insurance Code
					 section
					 10113.35
					 (Register 2010, No. 31).
3. Change without regulatory effect
					 amending article heading, section and NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections
						10113.1,
						10113.2 and
						10113.3,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.2 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) As used in this
				  article:
(1) Broker. A life settlement broker
				  as defined at Insurance Code section
				  10113.1(b).
(2) Insured. The person covered under the
				  policy to be settled as defined at Insurance Code section
				  10113.1(h).
(3) Life Insurance Producer. A life insurance
				  producer as defined at Insurance Code section
				  10113.1(j).
(4) Life Settlement Contract. A life
				  settlement contract as defined at Insurance Code Section
				  10113.1(k).
(5) Owner. A life insurance owner as defined
				  at Insurance Code section
				  10113.1(m)
(6) Provider. A life settlement provider as
				  defined at Insurance Code section
				  10113.1(r).
(7) Purchaser. A life settlement purchaser as
				  defined at Insurance Code section
				  10113.1(s).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.3 - Licensing of Provider

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Any
				  person acting as a provider in California pursuant to Insurance Code section
				  10113.2(b)(1)
				  shall submit to the California Insurance Commissioner an application for a
				  license on the application form referenced at Section
				  2548.16, along with the
				  application fee of $3,848. The Commissioner shall have the authority to require
				  Applicant to fully disclose the identification of all stockholders who hold
				  more than 10 percent of the shares of the company, as well as all partners,
				  directors, members and key management personnel. The Commissioner may refuse to
				  issue a license to the entity if the Commissioner believes that any
				  stockholder, partner, director, member or person in a key management position
				  fails to meet the standards of Insurance Code sections
				  10113.2(b)(1)
				  and
				  10113.2(b)(2).
(b) The Commissioner's issuance of a
				  provider's license to a legal entity authorizes all officers, partners, and key
				  management personnel to act as a provider.
(c) On each year following the issuance of
				  the original license, a provider shall pay the renewal fee of $241 and shall
				  renew its license.
1. New
					 section filed 12-22-2006; operative 1-21-2007 (Register 2006, No.
					 51).
2. Repealer and new section filed 7-29-2010 as an emergency;
					 operative 7-29-2010. Emergency regulation shall remain in effect, not to be
					 repealed by the Office of Administrative Law, unless repealed by the Department
					 of Insurance pursuant to Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
3. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
4. Change without regulatory
					 effect amending subsections (a) and (c) and NOTE filed 7-3-2013 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 2013, No. 27).
5. Change without regulatory
					 effect amending subsections (a) and (c) filed 8-14-2014 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2014, No. 33).
Note: Authority cited: Sections
						10113.35
						and
						12978,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.4 - Grandfathered Viatical Settlement Providers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any natural person or business entity licensed to act as a
					 viatical settlement provider as of December 31, 2009, that was issued by the
					 Commissioner a provider's license effective July 1, 2010, is subject to the
					 renewal requirements for such license as if the person or entity were
					 originally licensed as a life settlement provider.
1. New
					 section filed 12-22-2006; operative 1-21-2007 (Register 2006, No.
					 51).
2. Repealer and new section filed 7-29-2010 as an emergency;
					 operative 7-29-2010. Emergency regulation shall remain in effect, not to be
					 repealed by the Office of Administrative Law, unless repealed by the Department
					 of Insurance pursuant to Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
3. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
4. Amendment of section heading
					 and section filed 11-25-2014; operative 1-1-2015 (Register 2014, No.
					 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.5 - Sale of Shares or Change in Control of Provider

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The provider shall provide to the Commissioner new or
					 revised information about officers, stockholders or owners who hold more than
					 10 percent of the shares or ownership of the company, partners, directors, or
					 key management personnel within 30 days of change. Furthermore, those providers
					 that are either organized in California or otherwise conducting at least five
					 percent of their life settlement business within this state shall submit a new
					 life settlement application to the Commissioner if such provider sells or
					 transfers 10 percent or more of its stock or ownership to another entity that
					 is not, at the time of the transfer, licensed as a California provider. The
					 provider may transact new business within the state during the Commissioner's
					 review of the new provider application. For purposes of determining whether a
					 provider has conducted at least five percent of its "life settlement business
					 within the state," California business reported in section
					 5(d) of the Life
					 Settlement Provider Annual Statement in any of the annual reports filed in the
					 three years preceding the sale or transfer shall be used.
1. New
					 section filed 12-22-2006; operative 1-21-2007 (Register 2006, No.
					 51).
2. Repealer and new section filed 7-29-2010 as an emergency;
					 operative 7-29-2010. Emergency regulation shall remain in effect, not to be
					 repealed by the Office of Administrative Law, unless repealed by the Department
					 of Insurance pursuant to Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
3. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
4. Amendment filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.6 - Provider Escrow Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Within three (3) business days of a provider's receipt of documents to effect
				  the transfer of a legal or beneficial interest in the life insurance policy
				  which is the subject of the life settlement agreement, the provider shall
				  deposit the proceeds payable to the owner under the life settlement into an
				  escrow or trust account in a state or federally chartered financial institution
				  whose deposits are insured by the Federal Deposit Insurance Corporation
				  (FDIC).
(b) The escrow or trust
				  account shall be managed by a trustee or escrow agent independent of the
				  parties to the life settlement contract and shall be pursuant to a written
				  agreement signed by the provider and the owner. An attorney or law firm
				  representing the provider shall not be the escrow agent for the
				  provider.
(c) All persons receiving
				  any form of compensation under the escrow or trust agreement must be clearly
				  identified, including the name, business address, telephone number, tax
				  identification number and compensation amount.
(d) The trustee or escrow agent shall
				  transfer the proceeds to the owner within three (3) business days following
				  provider's receipt of acknowledgement of the transfer of ownership or
				  beneficial rights to the insurance policy.
1. New
					 section filed 12-22-2006; operative 1-21-2007 (Register 2006, No.
					 51).
2. Repealer and new section filed 7-29-2010 as an emergency;
					 operative 7-29-2010. Emergency regulation shall remain in effect, not to be
					 repealed by the Office of Administrative Law, unless repealed by the Department
					 of Insurance pursuant to Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
3. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.3,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.9 - Licensing of Broker; Life Insurance Producer Notification of Brokering Life Settlements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Any person acting as a broker in California pursuant to Insurance Code sections
				  10113.2(b)(1)
				  or
				  10113.2(b)(1)(D)(ii)
				  shall submit to the Commissioner an application for a one-year life settlement
				  broker's license as referenced at Section
				  2548.18 or a two-year life
				  settlement broker notification as referenced at Section
				  2548.20 herein. Persons who have
				  not been licensed as either a resident or non-resident California life agent
				  for at least one year shall submit the life settlement broker application
				  referenced at Section
				  2548.18 herein. Life agents who
				  have been licensed in California for at least one year may submit the life
				  settlement broker notification referenced at Section
				  2548.20 herein.
(b) Any natural person or business entity
				  licensed to act as a viatical settlement broker as of December 31, 2009, that
				  was issued by the Commissioner a broker's license effective July 1, 2010, is
				  subject to the renewal requirements for such license as if the person or entity
				  were originally licensed as a life settlement broker.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.9 to section
					 2548.10 and renumbering and
					 amendment of former section
					 2548.7 to new section
					 2548.9 filed 11-25-2014; operative
					 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.10 - Provider and Broker Form Filing Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All providers and brokers including life
				  producers complying with the notification procedure in Insurance Code section
				  10113.2(b)(1)(D)(ii)
				  shall file all forms used in this State with the Commissioner. Providers shall
				  file such forms by filling out and submitting the cover sheet referenced in
				  section 2548.27 herein ("Life Settlement
				  Form Filing Cover Sheet, California Insurance Code, section
				  10113.2(c)"),
				  along with a copy of the form/s to be filed with the Commissioner. The cover
				  sheet and a copy of the form/s shall be submitted to the Commissioner by
				  uploading the documents utilizing the OASIS system located on the Department of
				  Insurance's website at
www.insurance.ca.gov
or a similar system the
				  Department should adopt in the future.
(b) Life settlement brokers shall file such
				  forms by filling out and submitting the cover sheet referenced in section
				  2548.27 herein ("Life Settlement
				  Form Filing Cover Sheet, California Insurance Code, section
				  10113.2(c)"),
				  along with a copy of the form/s to be filed with the Commissioner. The cover
				  sheet and a copy of the form/s shall be submitted to the Commissioner by
				  uploading the documents utilizing the OASIS system located on the Department of
				  Insurance's website at
www.insurance.ca.gov
or a similar system the
				  Department should adopt in the future.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.10 to section
					 2548.11 and renumbering and
					 amendment of former section
					 2548.9 to new section
					 2548.10 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.11 - Provider and Broker Records Retention Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All providers transacting business in
				  this State shall retain copies of all records as further defined at Insurance
				  Code section
				  10113.2(s).
(b) All brokers shall retain copies of all
				  records reflecting the transaction of their life settlement business in this
				  State for not less than five years. Such records shall include, but not be
				  limited to the disclosures pursuant to Insurance Code sections
				  10113.2(d) and
				  (f), documentation of the broker's efforts to
				  shop the market to obtain a competitive provider bid, and a copy of the
				  executed life settlement purchase agreement.
(c) All records required to be maintained
				  pursuant to this section shall be made available to the Commissioner for
				  inspection during reasonable business hours. The Commissioner may initiate
				  proceedings to revoke, suspend or refuse to renew the license of any licensee
				  failing to comply with the Commissioner's request to review the
				  records.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.11 to section
					 2548.12 and renumbering and
					 amendment of former section
					 2548.10 to new section
					 2548.11 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.12 - Disclosures Required at the Time of Application

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any person brokering a life settlement shall provide the
					 disclosures listed at Insurance Code section
					 10113.2(d)
					 no later than the time of an owner's application for a life settlement. The
					 life settlement broker may but is not required to use the form captioned "Life
					 Settlement Licensee Disclosure to Life Settlement Applicant" at section
					 2548.28 herein. For those
					 transactions in which there is no life settlement broker, the provider shall
					 provide the disclosures listed in Insurance Code section
					 10113.2(d)
					 and may, but is not required to use the form at section
					 2548.28 herein.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.12 to section
					 2548.13 and renumbering and
					 amendment of former section
					 2548.11 to new section
					 2548.12 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.13 - Disclosures Required Prior to Execution of Contract

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Any person brokering a life settlement
				  shall provide the disclosures listed at Insurance Code section
				  10113.2(f)
				  prior to the time of an owner's execution of a life settlement contract. The
				  broker may but is not required to use the form captioned "Life Settlement
				  Broker Disclosure to Owner and Insured" at Section
				  2548.29 herein.
(b) Prior to the execution of the life
				  settlement contract, the provider shall provide the disclosures listed at
				  Insurance Code section
				  10113.2(e).
				  The provider may but is not required to use the form captioned "Life Settlement
				  Provider Disclosure to Owner" referenced at Section
				  2548.30 herein.
(c) If the provider elects to use its own
				  form, such form shall include a clear itemization of the following amounts paid
				  in a life settlement transaction: the gross purchase price the provider is
				  paying for the policy, the amount of the purchase price to be paid to the
				  owner, and the amount of the purchase price to be paid to the owner's life
				  settlement broker.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.13 to section
					 2548.14 and renumbering and
					 amendment of former section
					 2548.12 to new section
					 2548.13 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.14 - Provider's Obligation to Notify Insured of Sale of Policy

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If the provider transfers ownership or changes the
					 beneficiary of the insurance policy, the provider shall communicate in writing
					 the change in ownership or beneficiary to the insured within 20 days after the
					 change. The written communication shall identify the new owner or
					 beneficiary.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.14 to section
					 2548.15 and renumbering of former
					 section 2548.13 to new section
					 2548.14 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections
						10113.1,
						10113.2 and
						10113.3,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.16 - Verification of Coverage Form

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Providers shall file verification of coverage forms with
					 the Commissioner for approval pursuant to Insurance Code section
					 10113.3(b).
					 If the licensee uses the form referenced at Section
					 2548.32 herein, the Commissioner's
					 approval shall be deemed, and the licensee can use such form without receiving
					 formal notification from the Commissioner as to its approval. If the licensee
					 instead opts to use a form other than that referenced in section
					 2548.32, it shall file such form
					 with the Commissioner for approval and shall use the procedure identified in
					 section 2548.10 herein.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.16 to section
					 2548.17 and renumbering and
					 amendment of former section
					 2548.15 to new section
					 2548.16 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections
						10113.2 and
						10113.3,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.17 - Life Settlement Provider Application

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
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1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.17 to section
					 2548.18 and renumbering and
					 amendment of former section
					 2548.16 to new section
					 2548.17 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
4. Change without
					 regulatory effect amending Form LIC 441-19 and NOTE filed 7-26-2023 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 2023, No. 30).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); and 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections
						10113.1,
						10113.2 and
						10113.3,
						Insurance Code; and Section
						7920.000 et seq., Government
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.18 - Application for Life Settlement Broker's License

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
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1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.18 to section
					 2548.19 and renumbering and
					 amendment of former section
					 2548.17 to new section
					 2548.18 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section
						10113.2,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.19 - Required Fingerprinting for Life Settlement Provider's and Broker's License Applicants

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  All officers, directors, partners, and key management personnel of, and
				  individuals owning more than a 10 percent interest of applicants for a life
				  settlement provider's license who have not submitted fingerprints to the
				  California Department of Insurance within the previous 12 months for other
				  licensing purposes, and all applicants for a life settlement broker's license
				  who do not currently hold an active California life agent license and have not
				  submitted fingerprints to the California Department of Insurance within the
				  previous 12 months for other licensing purposes are required to submit
				  fingerprint impressions by following the procedure specified below.
(1) The individual submitting fingerprints
				  must obtain a hardcopy of the Department's Live Scan request form either from
				  the Department's contracted Live Scan vendor, in the event the applicant has
				  made an appointment with that vendor, or by downloading and printing the form
				  from the Department's website:
www.insurance.ca.gov
.
(2) The individual submitting fingerprints
				  must complete the applicant's portion of the Department's Live Scan request
				  form by providing on the form the following information:
A. Full legal name;
B. Any former names or aliases;
C. Date of birth;
D. Gender;
E. Height;
F. Weight;
G. Eye Color;
H. Hair Color;
I. Place of Birth;
J. Social Security number;
K. Driver's license number;
L. Daytime telephone number; and,
M. Resident address.
(3) The individual submitting fingerprints
				  must present to a Live Scan vendor the completed Live Scan request form and
				  obtain from that vendor the requisite fingerprint impression
				  services.
(4) The individual
				  submitting fingerprints must retain, until the license is issued, the
				  information that will be provided on the Department's Live Scan request form by
				  the Live Scan vendor, including but not limited to the Applicant Transmission
				  Identifier (ATI).