California § 10509. 10509. (Amended by Stats. 1991, Ch. 380, Sec. 1.5.)

California Statutes

§ 10509. — 10509. (Amended by Stats. 1991, Ch. 380, Sec. 1.5.)

California § 10509.

JurisdictionCalifornia

Code INSInsurance Code - INS

Div. 2.DIVISION 2. CLASSES OF INSURANCE

Part 2.PART 2. LIFE AND DISABILITY INSURANCE

Ch. 5.CHAPTER 5. General Regulation of Life Insurers

Art. 8.ARTICLE 8. Requirements for Replacement of Life Insurance and Annuity Policies

This text of California § 10509. (10509. (Amended by Stats. 1991, Ch. 380, Sec. 1.5.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Insurance Code - INS Code § 10509. (2026).

Text

The purpose of this article is the following:

(a)To regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities.

(b)To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement transactions by the following:

(1)Assuring that the purchaser receives information with which a decision can be made in his or her own best interest.

(2)Reducing the opportunity for misrepresentation and incomplete disclosures.

(3)Establishing penalties for failure to comply with the requirements of this article.

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The purpose of this article is the following:
(a)
To regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities.
(b)
To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement transactions by the following:
(1)
Assuring that the purchaser receives information with which a decision can be made in his or her own best
interest.
(2)
Reducing the opportunity for misrepresentation and incomplete disclosures.
(3)
Establishing penalties for failure to comply with the requirements of this article.