The purpose of this act is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a retained asset account if a life insurance company offers consumers a retained asset account or establishes such an account as an alternative to the receipt of insurance proceeds by a single payment made directly to the beneficiary that satisfies all of the benefits owed to the beneficiary.
Cal. Ins. Code § 10509.932
Life Insurance Proceeds Disclosure Act of 2011
Known as the Life Insurance Proceeds Disclosure Act
The act spans §§ 10509–10509 (9 sections).
Added by Stats. 2011, Ch. 130, Sec. 1
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.