DIVISION 2. CLASSES OF INSURANCE 1880-12880.5›PART 2. LIFE AND DISABILITY INSURANCE 10110-11549›CHAPTER 5. General Regulation of Life Insurers 10430-10509.938›ARTICLE 11. Life Insurance Proceeds Disclosure Act of 2011 10509.930-10509.938
§ 10509.932
California Insurance Code · 2018-11 edition · updated 2026-10-04 · California
The purpose of this act is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a retained asset account if a life insurance company offers consumers a retained asset account or establishes such an account as an alternative to the receipt of insurance proceeds by a single payment made directly to the beneficiary that satisfies all of the benefits owed to the beneficiary.
(Added by Stats. 2011, Ch. 130, Sec. 1. (SB 713) Effective January 1, 2012.)
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