California § 10509.9207. 10509.9207. (Added by Stats. 2024, Ch. 2, Sec. 6.)

California Statutes

§ 10509.9207. — 10509.9207. (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)Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for five years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of a producer.

(b)Records required to be maintained by this article may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces the actual document.

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(a)
Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for five years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of a producer.
(b)
Records required to be maintained by this article may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces the actual document.

California § 10509.9207. (10509.9207. (Added by Stats. 2024, Ch. 2, Sec. 6.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.