California Insurance Code

§ 10203.10

INS § 10203.10Div. 2 · Part 2 · Ch. 2

Statute text

(a)Life insurance conforming to all of the following conditions is another form of group life insurance:

(1)Written under a policy issued and delivered in connection with the payment of benefits against the risk of loss in the value of redeemable securities of the insured investor issued by an investment company or companies operating under the Investment Company Act of 1940, as amended, and whose redeemable securities are registered under the Securities Act of 1933, as amended. For the purposes of this section, such benefits shall be referred to as group investment return assurance.

(2)Covering the lives of every eligible member of a group of persons who are or become investors in an investment company or companies.

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Legislative history

Added by Stats. 1971, Ch. 1565.