§ 11523. — 11523. (Amended by Stats. 2005, Ch. 253, Sec. 4.)

California § 11523.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 2.: PART 2. LIFE AND DISABILITY INSURANCE
• Ch. 12.: CHAPTER 12. Grants and Annuities Societies

Text

(a)
The annuity agreement shall show each of the following:
(1)
The value of the property transferred.
(2)
The amount of annuity agreed to be paid to the transferor or his nominee.
(3)
The manner in which, and the intervals at which, the annuity is to be paid.
(4)
The age, in years, at or nearest the date of the agreement, of the person during whose life the annuity is to be paid.
(5)
The effective date of the agreement.
(6)
The signature of each donor.
(7)
The following clause, in at least 12-point boldface type, located on the same page as and in the immediate proximity of the donor signature line: “Annuities are subject to regulation by the State of California. Payments under this agreement, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association.
(b)
Every organization or person holding a certificate of authority to receive transfers under this chapter shall annually certify to the commissioner that all agreements entered into during the time period covered by the certification show all of the information set forth in subdivision (a). The certification shall be in the number, form, and format, by the method, and at the time prescribed by the commissioner. The commissioner may from time to time as he or she deems necessary require that a copy of each agreement be submitted to the department.

Legislative History

Amended by Stats. 2005, Ch. 253, Sec. 4. Effective September 22, 2005. Operative January 1, 2006, by Sec. 5 of Ch. 253.