Cal. Insurance Code § 10540
Cal. Insurance Code § 10540
California · California Insurance Code · Status: effective
Cite this
- Citation
- Cal. Insurance Code § 10540, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/880367
- Permanent ID
ys:prov:880367@1- SHA-256
5d846839df6c69ce4f7d43ec14d6f33eefde507bf2430ff1d601bc7da0035eca
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
An incorporated life insurer issuing life insurance policies on the reserve basis may collect premiums in advance. Such insurers may also accept moneys for the payment of future premiums related to any policies issued by it. No such insurer may accept such moneys in an amount to exceed (1) the sum of future unpaid premiums on any such policy or (2) the sum of 10 such future unpaid annual premiums on any such policy if such sum is less than the sum of future unpaid premiums on any such policy. This section shall not limit the right of such insurers to accept funds under an agreement which provides for an accumulation of such funds for the purpose of purchasing annuities at future dates.