California Insurance Code

§ 10110.4

INS § 10110.4 Effective Jan 1, 2004Div. 2 · Part 2 · Ch. 1 · Art. 1

Statute text

(a)Except as allowed in subdivision (c), an insurer may not issue or deliver a corporate-owned life insurance policy.

(b)“Corporate-owned life insurance policy” means a life insurance policy that is purchased by a California employer, that designates the employer as the beneficiary of the policy, and that insures the life of a California resident who is a current or former employee of the employer.

(c)This section does not apply to a policy insuring the life of a current or former exempt employee. An exempt employee is an administrative, executive, or professional employee who is exempt under Section 515 of the Labor Code and the regulations adopted pursuant thereto.

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Legislative history

Added by Stats. 2003, Ch. 328, Sec. 2. Effective January 1, 2004.