California 2011-2012 Regular Session Status: Enacted

SB 599 — Life insurance: retained-asset account.

Last action — Chaptered by Secretary of State. Chapter 423, Statutes of 2011.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 17, 2011. Enacted.

Prognosis

Likely to advance 78% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 5 sponsors

    1 primary, 4 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law provides that life insurance may be made payable, among other things, on the death of the insured, on his or her surviving for a specified period of time, or periodically as long as he or she lives. This bill would require that all life insurance benefits be paid in the form of a lump-sum payment to the beneficiary or by another settlement option that is clearly described in the claim form. If the beneficiary does not choose one of the available settlement options, a retained-asset account would be authorized to be the default option only if the claim form provides a prominent disclosure, as prescribed, that in the absence of a choice by the beneficiary, payment of policy benefits would be made through establishment of a retained-asset account on the beneficiary's behalf. Any life insurance benefits settlement an insurer offers or recommends, other than for a lump-sum payment, would be required to conform to specified conditions. The bill would authorize the Insurance Commissioner to adopt regulations specifying reasonable requirements for the form of agreements entered into and written disclosures provided by these provisions. The bill would only become operative if SB 713 of the 2011–12 Regular Session is enacted and becomes effective.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 423, Statutes of 2011.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 9:45 a.m.

  4. Assembly amendments concurred in. (Ayes 36. Noes 0. Page 2242.) Ordered to engrossing and enrolling.

  5. In Senate. Concurrence in Assembly amendments pending.

  6. Read third time. Passed. (Ayes 78. Noes 0. Page 2741.) Ordered to the Senate.

  7. Ordered to third reading.

  8. Read third time and amended. (Page 2639.)

  9. Ordered to third reading.

  10. From consent calendar.

  11. Read second time. Ordered to consent calendar.

  12. From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 17).

  13. Read second time and amended. Re-referred to Com. on APPR.

  14. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (June 22).

  15. From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.

  16. Referred to Com. on INS.

  17. In Assembly. Read first time. Held at Desk.

  18. Read third time. Passed. (Ayes 37. Noes 1. Page 1039.) Ordered to the Assembly.

  19. Read second time. Ordered to third reading.

  20. From committee: Be placed on second reading file pursuant to Senate Rule 28.8.

  21. Set for hearing May 16.

  22. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 860.) (May 3). Re-referred to Com. on APPR.

  23. Set for hearing May 3.

  24. From committee: Do pass and re-refer to Com. on JUD. (Ayes 5. Noes 3. Page 808.) (April 27). Re-referred to Com. on JUD.

  25. From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.

  26. Set for hearing April 27.

  27. From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.

  28. Hearing postponed by committee.

  29. From committee with author's amendments. Read second time and amended. Re-referred to Com. on INS.

  30. Set for hearing April 13.

  31. Hearing postponed by committee.

  32. Set for hearing March 23.

  33. Referred to Coms. on INS. and JUD.

  34. From printer. May be acted upon on or after March 20.

  35. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Calderon · Cosponsor
  • Kehoe · Primary
  • Lieu · Cosponsor
  • Price · Cosponsor
  • Bonnie Lowenthal · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 4 co-sponsors · 117 not signed on · 1 voted No

Sponsors (1)

  • Kehoe

Co-sponsors (4)

Not signed on (117)

117 members have not signed on to this bill.

Show all 117 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Unfinished Business SB599 Kehoe Concurrence

Passed 36 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 33004
Republican 1000
Democratic 2000
Total 36004
% of votes cast 90%0%0%10%
How each member voted (40)
Member Party Vote
Hancock — Yea
Wyland — Yea
Harman — Yea
Hernandez — Yea
Blakeslee — Yea
Huff — Yea
Lieu — Yea
Liu — Yea
Simitian — Yea
Steinberg — Yea
Wolk — Yea
Yee — Yea
Lowenthal — Yea
De León — Yea
Negrete McLeod — Yea
Rubio — Yea
Runner — Yea
Evans — Yea
Cannella — Yea
Fuller — Yea
Alquist — Not Voting
Anderson — Not Voting
Corbett — Yea
Correa — Yea
Dutton — Yea
Price — Yea
Walters — Not Voting
Wright — Yea
Kehoe — Yea
Leno — Yea
Pavley — Yea
Vargas — Yea
Emmerson — Yea
DeSaulnier — Not Voting
Beth Gaines — Yea
Bill Berryhill — Yea
La Malfa — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

SB 599 Kehoe Senate Third Reading By SOLORIO

Passed 78 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 76001
Republican 2000
Democratic 0001
Total 78002
% of votes cast 98%0%0%3%
How each member voted (80)
Member Party Vote
Gorell — Not Voting
Butler — Yea
Feuer — Yea
Yamada — Yea
Allen — Yea
Fuentes — Yea
Furutani — Yea
Bonilla — Yea
Gatto — Yea
Fong — Yea
Fletcher — Yea
Campos — Yea
Gordon — Yea
Halderman — Yea
Hall — Yea
Harkey — Yea
Hayashi — Yea
Beall — Yea
Conway — Yea
Davis — Yea
Huffman — Yea
Mendoza — Yea
Monning — Yea
Morrell — Yea
Nestande — Yea
Nielsen — Yea
Norby — Yea
Silva — Yea
Smyth — Yea
Solorio — Yea
Torres — Yea
Carter — Yea
Cedillo — Yea
Chesbro — Yea
Hagman — Yea
John A. Pérez — Yea
Mitchell — Yea
Atkins — Yea
Hill — Yea
Huber — Yea
Jeffries — Yea
Cook — Yea
Portantino — Yea
Dickinson — Yea
Donnelly — Yea
Logue — Yea
Miller — Yea
Pan — Yea
Achadjian — Yea
Alejo — Yea
Ammiano — Yea
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Hueso — Yea
Knight — Yea
Lara — Yea
Ma — Yea
Mansoor — Yea
Olsen — Yea
Perea — Yea
Skinner — Yea
Swanson — Yea
Valadao — Yea
Wagner — Yea
Wieckowski — Yea
Williams — Yea
Eng — Yea
Galgiani — Yea
Garrick — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Calderon, Lisa Democratic Not Voting
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass, to Consent Calendar.

Passed 17 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 16000
Democratic 1000
Total 17000
% of votes cast 100%0%0%0%
How each member voted (17)
Member Party Vote
Hall — Yea
Campos — Yea
Mitchell — Yea
Harkey — Yea
Hill — Yea
Blumenfield — Yea
Davis — Yea
Lara — Yea
Bradford — Yea
Nielsen — Yea
Norby — Yea
Solorio — Yea
Wagner — Yea
Donnelly — Yea
Fuentes — Yea
Gatto — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on Appropriations.

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 10000
Republican 1000
Democratic 0001
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Hagman — Yea
Feuer — Yea
Hayashi — Yea
Miller — Yea
Olsen — Yea
Torres — Yea
Wieckowski — Yea
Skinner — Yea
Solorio — Yea
Carter — Yea
Calderon, Lisa Democratic Not Voting
Grove, Shannon Republican Yea

Official roll call →

3rd Reading

Passed 37 Yea · 1 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 34102
Republican 1000
Democratic 2000
Total 37102
% of votes cast 93%3%0%5%
How each member voted (40)
Member Party Vote
Yee — Yea
Evans — Yea
Wyland — Yea
Fuller — Yea
Runner — Yea
Lowenthal — Yea
De León — Yea
Hancock — Yea
Negrete McLeod — Yea
Harman — Yea
Cannella — Yea
Huff — Yea
Kehoe — Yea
Lieu — Yea
Pavley — Yea
Simitian — Yea
Steinberg — Yea
Vargas — Yea
Wolk — Yea
Rubio — Yea
Hernandez — Not Voting
Leno — Yea
Alquist — Yea
Dutton — Yea
Walters — Not Voting
Anderson — Nay
Blakeslee — Yea
Liu — Yea
Price — Yea
Wright — Yea
Corbett — Yea
Emmerson — Yea
Correa — Yea
DeSaulnier — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
La Malfa — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Subjects

finance health-insurance
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Frequently asked questions

What does SB 599 do?
Existing law provides that life insurance may be made payable, among other things, on the death of the insured, on his or her surviving for a specified period of time, or periodically as long as he or she lives. This bill would require that all life insurance benefits be paid in the form of a lump-sum payment to the beneficiary or by another settlement option that is clearly described in the claim form. If the beneficiary does not choose one of the available settlement options, a retained-asset account would be authorized to be the default option only if the claim form provides a prominent disclosure, as prescribed, that in the absence of a choice by the beneficiary, payment of policy benefits would be made through establishment of a retained-asset account on the beneficiary's behalf. Any life insurance benefits settlement an insurer offers or recommends, other than for a lump-sum payment, would be required to conform to specified conditions. The bill would authorize the Insurance Commissioner to adopt regulations specifying reasonable requirements for the form of agreements entered into and written disclosures provided by these provisions. The bill would only become operative if SB 713 of the 2011–12 Regular Session is enacted and becomes effective.
Who sponsors SB 599?
SB 599 is sponsored by Calderon, Kehoe, Lieu, Price, and Bonnie Lowenthal.
What is the current status of SB 599?
This bill has been enacted into law. Introduced February 17, 2011. Enacted.
Where can I track SB 599?
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