California Insurance Code

§ 10113.70

INS § 10113.70 Effective Jan 1, 2019Div. 2 · Part 2 · Ch. 1 · Art. 1

Statute text

(a)(1) Whenever a flexible premium life insurance policy is subject to an adverse change in the current scale of nonguaranteed elements, as soon as practicable, but no later than 90 days before the effective date of the adverse change in the current scale of nonguaranteed elements, the insurer shall provide a summary notice and, if the policy is designated as one for which illustrations shall be used, an inforce illustration of current and future benefits and values. The illustration or illustrations shall be based on the insurer’s illustrated scale after the effective date of the adverse change in the current scale of nonguaranteed elements.

(2)An inforce illustration provided pursuant to this section shall comply with the requirements of subdivisions (a) and (b) of Section 10509.955 and subdivisions (a) and (e) of Section 10509.956.

(b)The summary notice shall be in no less than 12-point type, and the illustration and summary notice shall contain the following language in boldface type: “IMPORTANT: NOTICE OF CHANGE IN NONGUARANTEED ELEMENTS OF YOUR POLICY.”

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Legislative history

Added by Stats. 2018, Ch. 545, Sec. 1. (AB 2634) Effective January 1, 2019.