Christine Kehoe
- Democratic
Author
Existing law provides that life insurance may be made payable, among other things, on the death of the insured, on his or her surviving for a specified period of time, or periodically as long as he or she lives. This bill would require that all life insurance benefits be paid in the form of a lump-sum payment to the beneficiary or by another settlement option that is clearly described in the claim form. If the beneficiary does not choose one of the available settlement options, a retained-asset account would be authorized to be the default option only if the claim form provides a prominent disclosure, as prescribed, that in the absence of a choice by the beneficiary, payment of policy benefits would be made through establishment of a retained-asset account on the beneficiary's behalf. Any life insurance benefits settlement an insurer offers or recommends, other than for a lump-sum payment, would be required to conform to specified conditions. The bill would authorize the Insurance Commissioner to adopt regulations specifying reasonable requirements for the form of agreements entered into and written disclosures provided by these provisions. The bill would only become operative if SB 713 of the 2011–12 Regular Session is enacted and becomes effective.
Chaptered by Secretary of State. Chapter 423, Statutes of 2011.
Approved by the Governor.
Enrolled and presented to the Governor at 9:45 a.m.
Assembly amendments concurred in. (Ayes 36. Noes 0. Page 2242.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 78. Noes 0. Page 2741.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Ordered to third reading.
Read third time and amended. (Page 2639.)
Ordered to third reading.
From consent calendar.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 17).
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (June 22).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Read third time. Passed. (Ayes 37. Noes 1. Page 1039.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to third reading.
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
Set for hearing May 16.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 860.) (May 3). Re-referred to Com. on APPR.
Set for hearing May 3.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 5. Noes 3. Page 808.) (April 27). Re-referred to Com. on JUD.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Set for hearing April 27.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Hearing postponed by committee.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Set for hearing April 13.
Hearing postponed by committee.
Set for hearing March 23.
From printer. May be acted upon on or after March 20.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB599 | HTML |
| 02/17/11 - Introduced | |
| 04/04/11 - Amended Senate | |
| 04/14/11 - Amended Senate | |
| 04/25/11 - Amended Senate | |
| 06/16/11 - Amended Assembly | |
| 06/28/11 - Amended Assembly | |
| 08/29/11 - Amended Assembly | |
| 09/02/11 - Enrolled | |
| 10/02/11 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.