Title INS, California Ins. Code

(a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled “life insurance illustration,” and include, but not be limited to, the following information: (1) Name of insurer. (2) Name and business a…

(a) A basic illustration shall conform with the following requirements: (1) The illustration shall be labeled with the date on which it was prepared. (2) Each page, including any explanatory notes or pages, shall be numbered and show its relationship to the total number of pages …

(a) A supplemental illustration may be provided if it meets all of the following requirements: (1) It is appended to, accompanied by, or preceded by a basic illustration that complies with this chapter. (2) The nonguaranteed elements shown are not more favorable to the policy own…

(a) (1) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this chapter, shall be su…

(a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall include, but not be limited to, the following information: (1) For universal life policies,…

(a) The board of directors of each insurer shall appoint one or more illustration actuaries. (b) The illustration actuary shall certify that the disciplined current scale used in illustrations is in conformity with the Actuarial Standard of Practice for Compliance with the NAIC M…

In addition to any other penalties provided by law, an insurer or producer that violates any provision of this chapter shall be subject to Section 790.06. (Added by Stats. 1996, Ch. 1106, Sec. 1. Effective January 1, 1997. Section operative July 1, 1997, pursuant to Section 10509…

The provisions of this chapter are severable. If any provision of this chapter or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application. (Added by Stats. 1996, Ch. 1…

If the commissioner has reason to believe that any insurer has violated this chapter, the commissioner may request and the insurer shall file both of the following: (a) An example of the annual report to the policy owner with notice of adverse change in nonguaranteed elements. (b…

Review by the commissioner of illustrations, supporting materials, certifications, and any and all other materials prepared pursuant to this chapter shall be subject to Section 736. (Added by Stats. 1996, Ch. 1106, Sec. 1. Effective January 1, 1997. Section operative July 1, 1997…

This chapter shall become effective on and after July 1, 1997, and shall apply to policies sold on or after that date. (Added by Stats. 1996, Ch. 1106, Sec. 1. Effective January 1, 1997. Note: This section prescribes a delayed effective (operative) date of July 1, 1997, for Chapt…