California Insurance Code

§ 10164.2

INS § 10164.2 Effective Jan 1, 2018Div. 2 · Part 2 · Ch. 1 · Art. 3a

Statute text

(a)For a policy of individual life insurance that is surrendered by the policy owner, the insurer shall return to the owner all moneys due in relation to that policy as expeditiously as possible, but in no event more than 45 days from the date the surrender is effective as provided in subdivision (b). However, this section does not supersede the provisions of subdivision (f) of Section 10160 empowering an insurer to defer payment of cash surrender value for up to six months, to the extent that deferral is necessary to assure the solvency of the insurer.

(b)Unless a later date permitted by the policy, but not later than 45 days after the request is received, is requested by the policy owner, a surrender of a life insurance policy is effective on the date the request is received, if the request is made to the insurer or servicing agent authorized by the insurer in writing to receive these requests on the insurer’s behalf and contains the elements specified by the insurer in the contract. The insurer may require the request be in writing. The insurer may require some or all of the following elements, but shall not require more:

(1)A statement that makes it clear that the policy owner intends to surrender, in whole or in part, the contract in question.

…

Legislative history

Amended by Stats. 2017, Ch. 417, Sec. 27. (AB 1696) Effective January 1, 2018.