California § 10509.9206. 10509.9206. (Added by Stats. 2024, Ch. 2, Sec. 6.)

California Statutes

§ 10509.9206. — 10509.9206. (Added by Stats. 2024, Ch. 2, Sec. 6.)

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. 9.5. ARTICLE 9.5. Suitability Requirements for Annuity Transactions on or after 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 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 harm caused by a violation of this article by the insurer, by its producer, or by its intermediary or by an entity that is contracted to perform the insurer’s supervisory duties.

(2)A general agency, independent agency, or producer to take reasonably appropriate corrective action for any consumer harmed by the producer’s violation of this article.

(3)Penalties and sanctions pursuant to Section 10509.9. For

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(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 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 harm caused by a violation of this article by the insurer, by its producer, or by its intermediary or by an entity that is contracted to perform the insurer’s supervisory duties.
(2)
A general agency, independent agency, or producer to take reasonably appropriate corrective action for any consumer
harmed by the 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 Article 8 (commencing with Section 10509), and the commissioner may in a single enforcement action seek penalties for a first and a second or subsequent violation.
(b)
Nothing in this article shall affect any obligation of an insurer for acts of its agents, or any consumer remedy or cause of action that is otherwise provided for.

California § 10509.9206. (10509.9206. (Added by Stats. 2024, Ch. 2, Sec. 6.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.