California Insurance Code

§ 789.9

INS § 789.9 Effective Jan 1, 2004Div. 1 · Part 2 · Ch. 1 · Art. 6.3

Statute text

(a)In addition to any other reasons that a sale of an individual annuity to a senior may violate any provision of law, an annuity shall not be sold to a senior in any of the following circumstances:

(1)The senior’s purpose in purchasing the annuity is to affect Medi-Cal eligibility and either of the following is true:

(A)The purchaser’s assets are equal to or less than the community spouse resource allowance established annually by the State Department of Health Services pursuant to the Medi-Cal Act (Chapter 7 (commencing with Section 14000) of Part 3 of Division 9 of the Welfare and Institutions Code).

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Legislative history

Added by Stats. 2003, Ch. 547, Sec. 2. Effective January 1, 2004.