California Statutes
§ 10509.916. — 10509.916. (Added by Stats. 2011, Ch. 295, Sec. 2.)
California·Code INS Insurance 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. 9. ARTICLE 9. Suitability Requirements for Annuity Transactions before January 1, 2025
(a)An insurer is responsible for compliance with this article. If a violation occurs, either because of the action or inaction of the insurer or its insurance producer, the commissioner may, in addition to any other available penalties, remedies, or administrative actions, order any or all of the following:
(1)An insurer to take reasonably appropriate corrective action for any consumer harmed by the insurer’s, or by its insurance producer’s, violation of this article.
(2)A managing general agent or an insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer’s violation
of this article.
(3)Penalties and sanctions pursuant to Section 10509.9. For purposes of Section 10509.9, this article shall be deemed to be part of Arti
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California § 10509.916. (10509.916. (Added by Stats. 2011, Ch. 295, Sec. 2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2011, Ch. 295, Sec. 2. (AB 689) Effective January 1, 2012.