ARTICLE 8. Requirements for Replacement of Life Insurance and Annuity Policies [10509. - 10509.9.]

Article 8 added by Stats. 1990, Ch. 963, Sec. 1.

§§ 10509–10509.9 · 10 sections

• § 10509 The purpose of this article is the following: (a) To regulate the activities of insurers and agents with respect to the replacement of existing life insurance…
• § 10509.1 This article is applicable to all individual life insurance and annuity policies.
• § 10509.2 (a) “Replacement” means any transaction in which new life insurance or a new annuity is to be purchased, and it is known or should be known to the proposing…
• § 10509.3 (a) Unless otherwise specifically included, this article does not apply to the following: (1) Credit life insurance. (2) Group life insurance or group…
• § 10509.4 (a) Each agent who accepts an application shall submit to the insurer with which an application for life insurance or annuity is presented, or as part of each…
• § 10509.5 Every life insurer shall do the following: (a) Inform its field representatives or other personnel responsible for compliance with this article of the…
• § 10509.6 Every life insurer that uses an agent in a life insurance or annuity sale shall do the following: (a) Require with or as part of each completed application for…
• § 10509.7 (a) If in the solicitation of a direct response sale, an insurer does not propose the replacement, and a replacement is involved, the insurer shall send to the…
• § 10509.8 (a) A violation of this article shall occur if an agent or insurer recommends the replacement or conservation of an existing policy by use of a materially…
• § 10509.9 (a) Any agent or other person or entity engaged in the business of insurance, other than an insurer, who violates this article is liable for an administrative…