California Insurance Code

§ 10506.5

INS § 10506.5 Effective Jan 1, 2002Div. 2 · Part 2 · Ch. 5 · Art. 5

Statute text

(a)For the purposes of this section, “guaranteed living benefit” means a benefit in a variable annuity or a variable life insurance contract providing that one or more benefit amounts available to a living contractholder, under specified conditions, will be enhanced should it fall below a given level, in the absence of the guaranteed living benefit.

(b)An insurer may deliver or issue for delivery contracts containing, or riders to variable contracts providing, guaranteed living benefits if all the following requirements are met:

(1)The insurer is authorized to deliver, or issue for delivery, variable insurance products in this state.

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Legislative history

Amended by Stats. 2001, Ch. 159, Sec. 149. Effective January 1, 2002.