CA AB1398

Requires insurers to return all moneys due for individual annuity contracts surrendered on or after January 1, 2019 within 45 days from the effective date of surrender.

Permits insurers to require surrender requests in writing containing specified elements such as contract number, owner name and address, payment instructions, and owner signature (wet or electronic).

Allows insurers to require a completion of an administrative form; if completed within 14 days of surrender request, payment deadline is reduced to 30 days from effective date of surrender.

Requires individual annuity contracts to include language or be accompanied by a notice setting forth permitted requirements for surrender of the contract.

Establishes procedures for logging receipt of surrender requests and creates presumptions about receipt dates if proper logging procedures are not maintained.