California Insurance Code

§ 10168.45

INS § 10168.45 Effective Jan 1, 2019Div. 2 · Part 2 · Ch. 1 · Art. 3b

Statute text

(a)(1) For an individual annuity contract subject to this article that is surrendered by the contract owner, the insurer shall return to the owner all moneys due in relation to that contract as expeditiously as possible but not later than 45 days from the date the surrender is effective as provided in subdivision (b).

(2)An insurer may defer payment of cash surrender value for up to six months if the approval described in subdivision (b) of Section 10168.1 has been received by the insurer.

(b)(1) (A) A surrender of a contract 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 requests for surrender on the insurer’s behalf, and contains the elements specified by the insurer in the contract.

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Legislative history

Amended by Stats. 2018, Ch. 231, Sec. 14. (AB 2045) Effective January 1, 2019.