California Insurance Code

§ 11122.1

INS § 11122.1 Effective Jan 1, 1996Div. 2 · Part 2 · Ch. 10 · Art. 7

Statute text

A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue contracts on a variable basis to persons as specified in Section 11041, subject to compliance with the applicable laws. To the extent a society finds it necessary to comply with federal or state law, or regulations issued under state or federal law, a society may do the following:

(a)Adopt special procedures for conducting the business of the separate account.

(b)Provide special voting and other rights for a person with a beneficial interest in the special account, including, but not limited to, rights and procedures relating to investment policy, investment advisory services, selecting certified public accountants, and selecting a committee to manage the account.

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Legislative history

Added by Stats. 1995, Ch. 166, Sec. 12. Effective January 1, 1996.