CA SB927

Requires life insurance agents to complete 4 hours of training before selling nonterm life insurance and 2 hours before each license renewal for variable life insurance, with training to be approved by the Insurance Commissioner and effective January 1, 2024.

Reduces the minimum free-look cancellation period for life insurance policies and annuities from 30 days to a range of 10-30 days, while clarifying that policy owners may review any illustrations, disclosures, or information when deciding whether to cancel.

Requires life insurance agents to provide prominent written disclosures to prospective policyholders regarding their compensation, whether it is contingent on sales, and advising consumers to consult independent professionals, with signed copies required.

Mandates that illustrations and policies disclose all fees and charges in both narrative and numerical forms, including a "policy fees and charges report" showing fees under current and maximum scenarios with different crediting rates.

Requires insurers or agents making statements about potential tax benefits to disclose that tax advantages typically require the policy to remain in force until the insured's death, potentially many years in the future, and that cost of insurance and fees may increase substantially with age.