Title INS — California Ins. Code
0 chapters · 3,633 sections in this title.
Ins. Code § 10430 Section 10430
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An admitted life insurer shall not issue or deliver in this State, any securities or any special or advisory board or other contracts of any kind promising returns and profits as an inducement to insurance nor shall it permit its agents, officers or employees to do so. (Enacted b…
Ins. Code § 10431 Section 10431
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A life insurer which, as an inducement to insurance, issues or permits its agents, officers, or employees to issue any such securities or contracts in this State or any other State shall not be admitted. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10432 Section 10432
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A corporation or stock company, acting as agent of a life insurer and its agents, officers, or employees shall not sell, agree or offer to sell, or give or offer to give, directly or indirectly, any such securities or contracts as an inducement to insurance or in connection there…
Ins. Code § 10433 Section 10433
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Upon proof, after notice and hearing, that any such insurer or agent has violated any of the provisions of sections 10430, 10431, or 10432, the commissioner shall revoke the certificate of authority or license of the insurer or agent so offending. (Enacted by Stats. 1935, Ch. 145…
Ins. Code § 10434 Section 10434
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(a) An admitted life insurer shall not pay or contract to pay, directly or indirectly, to any of the parties specified in subdivision (b) any commission or other compensation contingent upon any of the following acts: (1) The writing or procuring of any policy of life, disability…
Ins. Code § 10435 Section 10435
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Whenever any insurer violates Section 10434, the commissioner may revoke its certificate of authority or refuse to issue a certificate of authority to that insurer.
Ins. Code § 10436 Section 10436
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An admitted life insurer may issue a rider to a policy of life insurance for the purpose of providing coverage for long-term care, if the rider has been reviewed and approved, in a manner similar to that of other long-term care insurance products, by the commissioner.
Ins. Code § 10440 Section 10440
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In any meeting of members of a domestic mutual insurer writing classes of insurance which include life or disability insurance, the presence in person or by proxy or written vote of 5 percent of the members entitled to vote shall constitute a quorum for the transaction of busines…
Ins. Code § 10441 Section 10441
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The provisions of Section 10440 shall not apply to any of the transactions, meetings, or votes described in Sections 1001, 1103, and 1900 of the Corporations Code.
Ins. Code § 10442 Section 10442
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Except as otherwise provided in this article or in the other provisions of this code, the internal affairs of every domestic mutual insurer writing classes of insurance which include life or disability insurance shall be governed by Division 1 of Title 1 of the Corporations Code.…
Ins. Code § 10450 Section 10450
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Any insurer transacting life insurance in this State on September 30, 1939, may register its policies with the commissioner in the manner and subject to the restrictions set forth in this article.
Ins. Code § 10450.5 Section 10450.5
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An insurer which is not registering its policies pursuant to the provisions of this article on September 30, 1939, shall not thereafter be permitted to register its policies.
Ins. Code § 10450.6 Section 10450.6
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Any insurer registering its policies pursuant to this article on June 30, 1939, which fails prior to September 1, 1941, to file with the commissioner an election to cease such registration on or before December 31, 1941, shall thereafter continue to register all life policies iss…
Ins. Code § 10451 Section 10451
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When an insurer elects to register any of its policies, it shall register every policy thereafter issued by it until it discontinues registration. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10452 Section 10452
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Such registration shall in each case show the name and age of the insured, number and date of the policy and the kind and amount of insurance. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10454 Section 10454
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An insurer registering policies shall maintain a special deposit of securities with the commissioner for the benefit of such registered policies. Such securities shall be of the character specified in Articles 3, 4 and 6 of Chapter 2, Part 2, Division 1, or specified in sections …
Ins. Code § 10455 Section 10455
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The commissioner shall give his receipt for the securities and the State shall be responsible for the custody and safe return of any securities so deposited. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10456 Section 10456
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Such deposit shall be maintained in an amount equal to the full net value of all policies registered up to the time of making the deposit, less the amount loaned on such registered policies. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10457 Section 10457
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Upon receipt of such securities, the commissioner shall immediately deposit them in the State Treasury in accordance with the provisions of Sections 940 to 946, inclusive, where they shall remain as a special security for the benefit of such registered policies.
Ins. Code § 10458 Section 10458
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Such insurer may at any time withdraw any excess of such securities above the required amount upon satisfying the commissioner by written proof that such excess exists. It may receive the interest on all securities deposited, and exchange such securities by substituting other sec…
Ins. Code § 10459 Section 10459
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If such insurer owns the building in which it has its principal office and the land upon which it stands, or if it owns other real property located in this State and requisite for its accommodation in the convenient transaction of its business, it may, with the permission of the …
Ins. Code § 10460 Section 10460
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Such mortgage may be deposited in the State treasury as part of the securities required by this article. Such mortgage is withdrawable in like manner with other securities in the deposit. The commissioner shall require the mortgage to be recorded before acceptance for deposit. (E…
Ins. Code § 10461 Section 10461
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The commissioner may release any such mortgage or may foreclose it in case such foreclosure becomes necessary. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10462 Section 10462
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Should any insurer thus registering policies become insolvent, the commissioner may reinsure all or any part of such registered policies, using the securities thus deposited for that purpose. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10463 Section 10463
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The commissioner shall require in advance, in lawful money of the United States, as a fee for registering each policy as provided by this article, twenty-five cents.
Ins. Code § 10478 Section 10478
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This article is applicable only to policies and contracts issued prior to the operative date as to such policies or contracts of Article 3a, Chapter 1, Part 2, Division 2.
Ins. Code § 10479 Section 10479
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The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every admitted life insurer, except that in the case of an alien insurer suc…
Ins. Code § 10479.5 Section 10479.5
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When the commissioner has valued the reserve liabilities of an insurer as provided by this article, he or she may upon request of the insurer issue his or her official certificate or certificates describing the reserve liability and the valuation thereof as he or she has determin…
Ins. Code § 10480 Section 10480
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On or before the first day of March of each year every domestic incorporated life insurer shall furnish the commissioner the necessary data for determining the valuation of all its policies outstanding on the last preceding thirty-first of December.
Ins. Code § 10481 Section 10481
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Every admitted foreign life insurer shall, upon the written demand of the commissioner, furnish him or her, at such time as he designates, the requisite data for determining the valuation of all its policies then outstanding.
Ins. Code § 10482 Section 10482
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Except as provided in Sections 10484 and 10485, and except as provided in Section 10489.7 for benefits purchased under group annuity and pure endowment contracts subject to this article, valuations of life policies must be based on the standards set forth in Section 986.
Ins. Code § 10483 Section 10483
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When the laws of any other State require a valuation of the outstanding policies of a domestic life insurer by any standard of valuation different from that named in this article, the commissioner may make such valuation for use in such other State, and issue his certificate in a…
Ins. Code § 10484 Section 10484
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In the case of insurance issued by a domestic insurer authorized to do business in a foreign country upon the lives of residents of that country, the commissioner may vary the mortality standard to a standard applicable to that country. (Enacted by Stats. 1935, Ch. 145.)
Ins. Code § 10485 Section 10485
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Any life insurer issuing policies of group life insurance may value such policies on any accepted table of mortality with interest assumption adopted by the insurer for that purpose if such standard is not lower than the American Men Ultimate Table of Mortality with interest assu…
Ins. Code § 10486 Section 10486
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All policies of group insurance shall be segregated by the insurer into a separate class and the mortality experience kept separate. The number of policies, amount of insurance, reserves, premiums and payments to policyholders thereunder, together with the mortality table and int…
Ins. Code § 10486.9 Section 10486.9
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(a) As prescribed in subdivision (b), an insurer may maintain reserves on a one year preliminary term basis on a life, term or endowment policy if by its terms such policy expressly provides that the first year’s insurance under such policy is term insurance purchased by part or …
Ins. Code § 10488 Section 10488
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Reserves for all policies and contracts to which this article applies may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by this article.
Ins. Code § 10489 Section 10489
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Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this article or Article 3a of this chapter may, with the approval of the commissioner, adopt any low…
Ins. Code § 10489.1 Section 10489.1
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(a) This article shall be known as the Standard Valuation Law. (b) For the purposes of this article, the following definitions shall apply: (1) “Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting f…
Ins. Code § 10489.12 Section 10489.12
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(a) For policies and contracts issued prior to the operative date of the valuation manual, both of the following shall be satisfied: (1) The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life in…
Ins. Code § 10489.15 Section 10489.15
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(a) Each of the following shall apply to actuarial opinions submitted prior to the operative date of the valuation manual: (1) For an actuarial opinion, every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whethe…
Ins. Code § 10489.2 Section 10489.2
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For a computation of minimum standard, except as provided in Sections 10489.3, 10489.4, and 10489.95, the minimum standard for the valuation of policies and contracts issued prior to the effective date of the amendments to this section shall be that provided by the laws in effect…
Ins. Code § 10489.3 Section 10489.3
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(a) Except as provided in Section 10489.4, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the operative date of this section and for annuities and pure endowments purchased on or after that operative date under group annui…
Ins. Code § 10489.4 Section 10489.4
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(a) The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this section: (1) Life insurance policies issued in a particular calendar year, on or after the operative…
Ins. Code § 10489.5 Section 10489.5
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(a) Except as otherwise provided in Sections 10489.6, 10489.9, and 10489.95, reserves according to the commissioners reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of unifor…
Ins. Code § 10489.6 Section 10489.6
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(a) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietors…
Ins. Code § 10489.7 Section 10489.7
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(a) A company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, shall not be less than the aggregate reserves calculated in accordance with the methods set forth in Sections 10489.5, 10489.6, 10489.9, and 10489.93 and the mo…
Ins. Code § 10489.8 Section 10489.8
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(a) Reserves for any category of policies, contracts, or benefits established by the commissioner may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum st…
Ins. Code § 10489.9 Section 10489.9
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(a) If in any contract year the gross premium charged by any life insurer on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mort…
Ins. Code § 10489.93 Section 10489.93
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In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of a nature that …