{"code":"INS","codeName":"Insurance Code","section":"11122.1","citation":"Ins. Code, § 11122.1","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 2. CLASSES OF INSURANCE [1880. - 12880.8.]","url":"https://blackletter.si/insurance-code/division-2"},{"name":"PART 2. LIFE AND DISABILITY INSURANCE [10110. - 11549.]","url":"https://blackletter.si/insurance-code/division-2/part-2"},{"name":"CHAPTER 10. Fraternal Benefit Societies [10970. - 11165.]","url":"https://blackletter.si/insurance-code/division-2/part-2/chapter-10"},{"name":"ARTICLE 7. Financial Matters [11120. - 11146.]","url":"https://blackletter.si/insurance-code/division-2/part-2/chapter-10/article-7"}],"history":"Added by Stats. 1995, Ch. 166, Sec. 12.   Effective January 1, 1996.","effective":"1996-01-01","html":"<p>A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue contracts on a variable basis to persons as specified in Section <a href=\"/ins/11041\">11041</a>, subject to compliance with the applicable laws. To the extent a society finds it necessary to comply with federal or state law, or regulations issued under state or federal law, a society may do the following:</p><p>(a) Adopt special procedures for conducting the business of the separate account.</p><p>(b) Provide special voting and other rights for a person with a beneficial interest in the special account, including, but not limited to, rights and procedures relating to investment policy, investment advisory services, selecting certified public accountants, and selecting a committee to manage the account.</p><p>(c) Issue contracts on a variable basis that are exempted from the requirements of Sections <a href=\"/ins/11062\">11062</a>, <a href=\"/ins/11064\">11064</a>, and <a href=\"/ins/11065\">11065</a>.</p>","text":"A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue contracts on a variable basis to persons as specified in Section 11041, subject to compliance with the applicable laws. To the extent a society finds it necessary to comply with federal or state law, or regulations issued under state or federal law, a society may do the following: (a) Adopt special procedures for conducting the business of the separate account. (b) Provide special voting and other rights for a person with a beneficial interest in the special account, including, but not limited to, rights and procedures relating to investment policy, investment advisory services, selecting certified public accountants, and selecting a committee to manage the account. (c) Issue contracts on a variable basis that are exempted from the requirements of Sections 11062, 11064, and 11065.","otherVersions":[],"url":"https://blackletter.si/insurance-code/financial-matters-11122-1","source":"California Legislative Information bulk export (pubinfo)"}