California Insurance Code

§ 10509.9203

INS § 10509.9203 Effective Jan 1, 2025Div. 2 · Part 2 · Ch. 5 · Art. 9.5

Statute text

(a)For purposes of this article:

(1)“Annuity” means an annuity that is an insurance product under California law that is individually solicited, whether the product is classified as an individual or group annuity.

(2)“Cash compensation” means any discount, concession, fee, service fee, commission, sales charges, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from a consumer.

…

Legislative history

Added by Stats. 2024, Ch. 2, Sec. 6. (SB 263) Effective January 1, 2025.