California Insurance Code

§ 10295.4

INS § 10295.4 Effective Jan 1, 2014Div. 2 · Part 2 · Ch. 4 · Art. 2.1

Statute text

An insurer shall file with the commissioner an actuarial memorandum prepared, dated, and signed by a member of the American Academy of Actuaries that includes all of the following information:

(a)A description of the accelerated death benefit, including the effects of payment of the accelerated death benefit on all life insurance policy benefits and any subsequent accelerated death benefits, premium payments, cost of insurance rates, and values, including any outstanding loan, if applicable, for all types of forms with which the accelerated death benefit will be used.

(b)A description of, and justification for, expense charges associated with the accelerated death benefit and the maximum expense charges.

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Legislative history

Added by Stats. 2013, Ch. 345, Sec. 7. (SB 281) Effective January 1, 2014.