Ins. Code, § 10509.912 · Article 9. Suitability Requirements for Annuity Transactions before January 1, 2025
Ins. Code, § 10509.912
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
Unless otherwise specifically included, this article shall not apply to transactions involving any of the following:
(a) Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this article.
(b) Contracts used to fund any of the following:
(1) An employee pension or welfare benefit plan that is covered by the federal Employee Retirement Income Security Act (ERISA) of 1974 (29 U.S.C. Sec. 1001 et seq.).
(2) A plan described by Section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as amended, if established or maintained by an employer.
(3) A government or church plan defined in Section 414 of the IRC, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under Section 457 of the IRC.
(4) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.
(5) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process.
(6) Formal prepaid funeral contracts.
Notes and commentary — not statutory text
History
Amended by Stats. 2012, Ch. 162, Sec. 114. (SB 1171) Effective January 1, 2013.
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=10509.912.
- Text hash
- sha256 e1415f07c62e3220a9a90dd0ad02c0c70a415bb507395d66e81cd7ff32e04634
- 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.