Calderon
Author
Existing law requires insurers to fulfill certain requirements with regard to life insurance policies. This bill, the Life Insurance Proceeds Disclosure Act of 2011, would require insurers to provide written disclosures to life insurance beneficiaries, as specified, at the time a claim is made and before a retained asset account, as defined, is selected or established as the benefit payment. The bill would require an insurer that settles life insurance benefits through a retained asset account to provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract. The bill would also require, if the life insurance benefits are placed in a retained asset account, the insurer to send the beneficiary at least one statement per quarter, and a statement for any month in which there has been any account activity other than the crediting of interest. The bill would provide that an insurer that fails to conform to the requirements of the above provisions would be subject to provisions of existing law that provide for the imposition of a civil penalty against any person who engages in any unfair method of competition or any unfair or deceptive act or practice in the business of insurance, as provided. The bill would become operative only if SB 599 of the 2011–12 Regular Session is enacted and becomes effective.
Chaptered by Secretary of State. Chapter 130, Statutes of 2011.
Approved by the Governor.
Enrolled and presented to the Governor at 10 a.m.
Assembly amendments concurred in. (Ayes 37. Noes 0. Page 1785.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
Read third time. Passed. (Ayes 62. Noes 0. Page 2163.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 9. Noes 0.) (June 28).
From committee: Do pass and re-refer to Com. on JUD. (Ayes 11. Noes 0.) (June 22). Re-referred to Com. on JUD.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.
Read third time. Passed. (Ayes 39. Noes 0. Page 1068.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Ordered to special consent calendar.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 5. Noes 0. Page 950.) (May 10).
Set for hearing May 10.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 8. Noes 0. Page 809.) (April 27). Re-referred to Com. on JUD.
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.
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 22.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB713 | HTML |
| 02/18/11 - Introduced | |
| 03/31/11 - Amended Senate | |
| 04/04/11 - Amended Senate | |
| 04/13/11 - Amended Senate | |
| 04/28/11 - Amended Senate | |
| 05/17/11 - Amended Senate | |
| 06/15/11 - Amended Assembly | |
| 07/12/11 - Enrolled | |
| 07/26/11 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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