Ins. Code, § 10509 · Article 8. Requirements for Replacement of Life Insurance and Annuity Policies
Ins. Code, § 10509
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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 and annuities.
(b) To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement transactions by the following:
(1) Assuring that the purchaser receives information with which a decision can be made in his or her own best interest.
(2) Reducing the opportunity for misrepresentation and incomplete disclosures.
(3) Establishing penalties for failure to comply with the requirements of this article.
Notes and commentary — not statutory text
History
Amended by Stats. 1991, Ch. 380, Sec. 1.5.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=10509.
- Text hash
- sha256 db11db7fd48dd66d23e67ac99e3f28836ab3f006b6580b13f6f08923ee72e804
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.