AB 2045 Summary

• Requires insurers to send or mail annuity surrender administrative forms to contract owners within two business days of request, rather than merely making forms available.

• Establishes certificate of authority renewal requirements for firefighters', police officers', and peace officers' benefit and relief associations, with initial renewal by July 1, 2019, then every five years thereafter.

• Authorizes the Insurance Commissioner to revoke certificates of authority for associations that fail to renew, have dissolved or inactive status with the Secretary of State, or otherwise fail to comply with requirements.

• Removes the definition of bail bond services from motor club provisions in the Insurance Code.

• Makes various technical, nonsubstantive amendments throughout the Insurance Code including gender-neutral language updates and corrected cross-references.