ARTICLE 11. Life Insurance Proceeds Disclosure Act of 2011 [10509.930. - 10509.938.]

Article 11 added by Stats. 2011, Ch. 130, Sec. 1.

§§ 10509.930–10509.938 · 9 sections

• § 10509.930 This act shall be known and may be cited as the Life Insurance Proceeds Disclosure Act of 2011.
• § 10509.931 The Legislature finds and declares all of the following: (a) The occasion of the death of a spouse, parent, child, partner, or other loved one is a difficult…
• § 10509.932 The purpose of this act is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a retained asset…
• § 10509.933 For the purposes of this article, the following terms have the following definitions: (a) “Insurer” means an insurance company that delivers or issues for…
• § 10509.934 The insurer shall provide the beneficiary of life insurance proceeds, at the time a claim is made, written information describing the settlement options…
• § 10509.935 If the insurer settles life insurance benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that…
• § 10509.936 If the life insurance benefits are placed in a retained asset account, the insurer shall send the beneficiary at least one statement per quarter, and a…
• § 10509.937 The insurer shall provide the following written disclosures to the beneficiary before the retained asset account is established, unless the insurer has already…
• § 10509.938 An insurer that fails to conform to the requirements provided under this article shall be subject to Article 6.5 (commencing with Section 790) of Chapter 1 of…