Life and disability insurance contracts.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Rules
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill makes minor, technical adjustments to the California Insurance Code regarding insurable interest in life and disability insurance contracts. Specifically, it clarifies language to ensure clarity and consistency within the existing law. The changes focus on improving the readability and precision of the definition of insurable interest. It does not alter the fundamental requirements for establishing an insurable interest.
Key provisions
- Clarifies language in Section 10110 of the Insurance Code.
- Updates references to ‘he’ and ‘him’ to ‘themselves’ for consistency.
- Revises wording related to dependence for education or support.
- Addresses legal obligations for payment of money or property.
- Modifies language concerning estates and interests.
Who is affected
- Life insurance companies
- Disability insurance companies
- Individuals purchasing life and disability insurance
- Insurance agents and brokers
- The Insurance Commissioner
Notable changes
- The changes are technical and do not significantly alter existing insurance regulations.
Bill text
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Sponsors
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1 on record
Primary sponsor
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