Cal. Insurance Code § 10509.932

California · California Insurance Code · Status: effective · Effective 2012-01-01

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Citation: Cal. Insurance Code § 10509.932, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/880321
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The purpose of this act is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a retained asset account if a life insurance company offers consumers a retained asset account or establishes such an account as an alternative to the receipt of insurance proceeds by a single payment made directly to the beneficiary that satisfies all of the benefits owed to the beneficiary.