California Insurance Code

§ 10509.937

INS § 10509.937 Effective Jan 1, 2012Div. 2 · Part 2 · Ch. 5 · Art. 11

Statute text

The insurer shall provide the following written disclosures to the beneficiary before the retained asset account is established, unless the insurer has already provided these disclosures pursuant to Section 10509.934:

(a)Payment of the full benefit is accomplished by delivery of the draft book or checkbook.

(b)One draft or check may be written to access the entire amount, including interest, of the retained asset account at any time.

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Legislative history

Added by Stats. 2011, Ch. 130, Sec. 1. (SB 713) Effective January 1, 2012.