CA AB387

Authorizes the Insurance Commissioner to develop and publish procedural requirements, guidelines, and standard insurance contract language for streamlining the Department of Insurance's file review process for life and disability insurance forms.

Requires an expanded cover letter in a department-specified format to document and demonstrate compliance with published standards in order to expedite file review, and mandates these standards be made available on the department's Internet website.

Requires the Commissioner to request that a multistate regulatory support organization commission a study by January 1, 2017 examining whether uniform standards developed by the Interstate Insurance Product Regulation Commission provide consumer protections equivalent to those under state law for annuity, life, disability income, and long-term care insurance products.

Requires the Commissioner to submit the completed study to the Legislature and permits the Commissioner to submit written comments on the study results, with no General Fund or Insurance Fund moneys permitted for implementation.

Increases the filing period for disability policies from 30 calendar days to 120 calendar days before a policy can be issued or delivered, unless the Commissioner gives written approval prior to that time.