California Insurance Code
§ 10235.50
INS § 10235.50 Effective Jan 1, 2023Div. 2 · Part 2 · Ch. 2.6 · Art. 4
Statute text
View on leginfo.ca.gov(a)A policy or certificate shall include a provision that gives the policyholder or certificate holder the right, exercisable any time after the first year, to retain the policy or certificate while reducing coverage and lowering the premium.
(1)The policyholder or certificate holder shall have the option to reduce coverage and lower the premium in the following ways:
(A)Reducing the lifetime maximum benefit.
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Legislative history
Amended by Stats. 2022, Ch. 534, Sec. 1. (AB 2604) Effective January 1, 2023.