California Insurance Code

§ 10234.86

INS § 10234.86 Effective Jan 1, 2012Div. 2 · Part 2 · Ch. 2.6 · Art. 3.7

Statute text

(a)Every insurer shall maintain records for each agent of that agent’s amount of replacement sales as a percent of the agent’s total annual sales and the amount of lapses of long-term care insurance policies sold by the agent as a percent of the agent’s total annual sales.

(b)Every insurer shall report annually by June 30, the 10 percent of its agents in the state with the greatest percentage of lapses and replacements as measured by subdivision (a).

(c)Every insurer shall report annually by June 30, the number of lapsed policies as a percent of its total annual sales in the state, as a percent of its total number of policies in force in the state, and as a total number of each policy form in the state, as of the end of the preceding calendar year.

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Legislative history

Amended by Stats. 2011, Ch. 426, Sec. 7. (SB 712) Effective January 1, 2012.