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CA SB1242
Bill
AI Summary
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Removes requirement that life settlement license applicants provide any information the commissioner may require; makes all application information confidential and exempt from the Public Records Act.
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Eliminates life expectancy estimates from required disclosures that brokers must provide to policy owners and insureds before executing life settlement contracts.
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Changes commissioner's regulatory authority from governing life settlement transactions broadly to implementing and enforcing only the express provisions of the act.
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Clarifies that life settlement provisions do not authorize the commissioner to enforce state securities laws or regulate the assignment, transfer, or sale of settled policies.
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Removes previous language extending the deadline for California Insurance Guarantee Association bonds for workers' compensation claims to January 1, 2013.
Legislative Description
Insurance: life settlements.
Last Action
From committee: Do pass, but first be re-referred to Com. on APPR. (Ayes 12. Noes 0.) Re-referred to Com. on APPR. (Heard in committee on June 23.)
6/23/2010