Ed Chau
- Democratic
Author
Existing law requires an insurer transacting life insurance in California to register its policies with the Insurance Commissioner and comply with specified provisions of the Insurance Code relating to, among others, reserve liabilities, capital requirements, and disclosure requirements for replacement of life insurance policies. Existing law regulates illustrations used in the sale of a life insurance policy. Existing law requires an insurer to provide notice to the policyholder of a life insurance policy upon an increase of premium if that policy provides for premium changes, as specified. For a policy in effect on or after April 1, 2019, this bill would require an insurer to provide a summary notice to a policyholder of a flexible premium life insurance policy whenever the policy is subject to an adverse change in the current scale of nonguaranteed elements, as defined. The bill would require the summary notice to include specified information and language about the adverse change. The bill would also require an insurer, for a flexible premium life insurance policy for which illustrations are used in effect on or after April 1, 2019, to provide an inforce illustration of current and future benefits and values whenever the policy is subject to an adverse change in the current scale of nonguaranteed elements. The bill would impose the notice requirements to an adverse change that is scheduled to take effect on or after July 1, 2019, and would impose the illustration requirement to an adverse change that is scheduled to take effect on or after July 1, 2020.
Chaptered by Secretary of State - Chapter 545, Statutes of 2018.
Approved by the Governor.
Enrolled and presented to the Governor at 2:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 6839.).
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 5804.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 29 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time and amended. Ordered to third reading.
From committee: Amend, and do pass as amended. (Ayes 12. Noes 0.) (June 27).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on INS.
In committee: Set, first hearing. Hearing canceled at the request of author.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 0. Page 5129.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 13. Noes 0.) (May 2).
From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.
From printer. May be heard in committee March 18.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB2634 | HTML |
| 02/15/18 - Introduced | |
| 04/24/18 - Amended Assembly | |
| 06/18/18 - Amended Senate | |
| 07/03/18 - Amended Senate | |
| 08/20/18 - Amended Senate | |
| 08/31/18 - Enrolled | |
| 09/19/18 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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