California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.9 - Life Settlements
Section 2548.29 - Life Settlement Broker Disclosure to Owner and Insured

Universal Citation: 10 CA Code of Regs 2548.29

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

State of California Department of Insurance Life Settlement Broker Disclosure to Owner and Insured (To be provided prior to the execution of the life settlement contract)

IMPORTANT: READ THIS DISCLOSURE FORM BEFORE SIGNING ANY LIFE SETTLEMENT CONTRACT.

The Commissioner may consider any failure to provide the disclosures in this form as a basis for suspending or revoking a broker's license. You should carefully read all of the following and seek financial, insurance, tax and other advice where appropriate.

1. The name, business address, and telephone number of the life settlement broker are as follows:

Broker's (printed) name: ______________________________

Address: ______________________________

Telephone number: ______________________________

2. A full, complete, and accurate description of all the offers, counteroffers, acceptances, and rejections relating to the proposed life settlement contract (including name of party, date made, price and any other material terms) is:

[] Attached.

[] As follows:

___________________________

___________________________

___________________________

3. The following affiliation or contractual arrangements exists between the broker and the provider making an offer in connection with the life settlement arrangement:

[] None

[] As follows:

___________________________

___________________________

___________________________

4. To be provided only where the owner of the policy is also the insured: the following life expectancy estimates were provided in connection with the life settlement:

___________________________LE Provider ___________________________ Life Expectancy Estimate
___________________________LE Provider ___________________________ Life Expectancy Estimate
___________________________LE Provider ___________________________ Life Expectancy Estimate

LIFE INSURANCE POLICY INSURED AND OWNER'S ACKNOWLEDGMENT: I have read and fully understand this disclosure form and have received a copy to keep for my records.

LIFE SETTLEMENT BROKER
By:___________________________
Printed Name:___________________________
Date:___________________________
LIFE INSURANCE POLICY INSURED LIFE INSURANCE POLICY OWNER
By:___________________________ By:___________________________
Printed Name:___________________________ Printed Name:___________________________
Date:___________________________ Date:___________________________

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 2548.29 to section 2548.30 and renumbering and amendment of former section 2548.28 to new section 2548.29 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.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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