California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.9 - Life Settlements
Section 2548.13 - Disclosures Required Prior to Execution of Contract
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Any person brokering a life settlement shall provide the disclosures listed at Insurance Code section 10113.2(f) prior to the time of an owner's execution of a life settlement contract. The broker may but is not required to use the form captioned "Life Settlement Broker Disclosure to Owner and Insured" at Section 2548.29 herein.
(b) Prior to the execution of the life settlement contract, the provider shall provide the disclosures listed at Insurance Code section 10113.2(e). The provider may but is not required to use the form captioned "Life Settlement Provider Disclosure to Owner" referenced at Section 2548.30 herein.
(c) If the provider elects to use its own form, such form shall include a clear itemization of the following amounts paid in a life settlement transaction: the gross purchase price the provider is paying for the policy, the amount of the purchase price to be paid to the owner, and the amount of the purchase price to be paid to the owner's life settlement broker.
1. New section
filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall
remain in effect, not to be repealed by the Office of Administrative Law, unless
repealed by the Department of Insurance pursuant to Insurance Code section
10113.35
(Register 2010, No. 31).
2. Change without regulatory effect amending
NOTE filed 1-24-2012 pursuant to section
100, title 1, California Code of
Regulations (Register 2012, No. 4).
3. Renumbering of former section
2548.13 to section
2548.14 and renumbering and amendment
of former section
2548.12 to new section 2548.13 filed
11-25-2014; operative 1-1-2015 (Register 2014, No.
48).
Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section 10113.2, Insurance Code.
