Ins. Code, § 10509.933 · Article 11. Life Insurance Proceeds Disclosure Act of 2011
Ins. Code, § 10509.933
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
For the purposes of this article, the following terms have the following definitions:
(a) “Insurer” means an insurance company that delivers or issues for delivery in this state any policy of individual or group life insurance.
(b) “Retained asset account” means any mechanism where the settlement of proceeds payable under a life insurance policy is accomplished by the insurer, or an entity acting on behalf of the insurer, by depositing the proceeds into an account with check or draft writing privileges, and where those proceeds are retained by the insurer, pursuant to a supplemental contract not involving annuity benefits.
Notes and commentary — not statutory text
History
Added by Stats. 2011, Ch. 130, Sec. 1. (SB 713) Effective January 1, 2012.
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=10509.933.
- Text hash
- sha256 0d3dd37baeb84650c9a0f699dd1ec632f60f276c80046692bcd514970b5c5698
- 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.