AB 387 — Insurance: life and disability policies.

Summary

Existing law authorizes the Insurance Commissioner to promulgate, from time to time as conditions warrant, after notice and hearing, reasonable rules and regulations, and amendments and additions to those rules and regulations, as are necessary or advisable in order to establish and maintain a procedure for the filing and approval of specified documents prior to their issuance, delivery, or use in this state. This bill would authorize the commissioner to develop and publish procedural requirements, guidelines, and standard insurance contract language for the purpose of streamlining and expediting the Department of Insurance's file review process for life and disability insurance forms. The bill would require an expanded cover letter to be used to clearly document and demonstrate compliance with those published standards, as specified, in order to expedite review. The bill would require the department to make those published standards available on the department's Internet Web site, as specified. Existing law provides various protections for consumers of annuity, life, disability income, and long-term care insurance products, such as the requirement that the recommendation of an insurer or an entity marketing an annuity or long-term care insurance product regarding the purchase of those products be based on suitability standards that are designed to ensure that the individual consumer's needs are met. This bill would require the commissioner to request that a multistate regulatory support organization commission a study to examine and report on the extent to which consumer protections for annuity, life, disability income, and long-term care insurance products differ from uniform standards developed by the Interstate Insurance Product Regulation Commission. The bill would prohibit the use of moneys from the General Fund or the Insurance Fund to carry out the study. The bill would authorize the commissioner to comment on the final study and would require the commissioner to submit the study to the Legislature, as specified, upon its completion. Existing law provides for the licensing and regulation of disability insurers by the Department of Insurance. Existing law prohibits a disability policy from being issued until certain requirements are met. One of these conditions is if either (1) 30 days pass without notice from the Insurance Commissioner after a copy of the policy is filed with the commissioner; or (2) the commissioner gives written approval prior to the expiration of the 30 days. This bill would increase that time period to 120 calendar days.

Bill Text

• Chaptered 10/09/15 - Chaptered Current pdf October 09, 2015
• Enrolled 09/16/15 - Enrolled pdf September 16, 2015
• Amended 09/02/15 - Amended Senate pdf September 02, 2015
• Amended 08/31/15 - Amended Senate pdf August 31, 2015
• Amended 06/29/15 - Amended Senate pdf June 29, 2015
• Amended 04/30/15 - Amended Assembly pdf April 30, 2015
• Introduced 02/18/15 - Introduced pdf February 18, 2015
• AB387 View text html

Action History

1. October 09, 2015

   Chaptered by Secretary of State - Chapter 691, Statutes of 2015.

2. October 09, 2015

   Approved by the Governor.

3. September 23, 2015

   Enrolled and presented to the Governor at 4 p.m.

4. September 11, 2015

   Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 3128.).

5. September 10, 2015

   From committee: That the Senate amendments be concurred in. (Ayes 8. Noes 0.) (September 10).

6. September 09, 2015

   Joint Rule 62(a), file notice suspended. (Page 3032.)

7. September 09, 2015

   Re-referred to Com. on INS. pursuant to Assembly Rule 77.2.

8. September 08, 2015

   In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 10 pursuant to Assembly Rule 77.

9. September 08, 2015

   Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 2586.).

10. September 03, 2015

    Read second time. Ordered to third reading.

11. September 02, 2015

    Read third time and amended. Ordered to second reading.

12. August 31, 2015

    Read second time and amended. Ordered to third reading.

13. August 27, 2015

    From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (August 27).

14. August 17, 2015

    In committee: Referred to APPR. suspense file.

15. July 08, 2015

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (July 8). Re-referred to Com. on APPR.

16. June 29, 2015

    From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on INS.

17. May 28, 2015

    Referred to Com. on INS.

18. May 14, 2015

    In Senate. Read first time. To Com. on RLS. for assignment.

19. May 14, 2015

    Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 1452.)

20. May 07, 2015

    Read second time. Ordered to Consent Calendar.

21. May 06, 2015

    From committee: Do pass. To Consent Calendar. (Ayes 13. Noes 0.) (May 6).

22. May 04, 2015

    Re-referred to Com. on INS.

23. April 30, 2015

    From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.

24. March 05, 2015

    Referred to Com. on INS.

25. February 19, 2015

    From printer. May be heard in committee March 21.

26. February 18, 2015

    Read first time. To print.

Sponsors

• McCarty · Primary

Votes

Subjects