Section 2548.13 - Disclosures Required Prior to Execution of Contract(a) Any person brokering a life settlement shall provide the disclosures listed at Insurance Code section 10113.2(f) prior to the time of an owner's execution of a life settlement contract. The broker may but is not required to use the form captioned "Life Settlement Broker Disclosure to Owner and Insured" at Section 2548.29 herein.(b) Prior to the execution of the life settlement contract, the provider shall provide the disclosures listed at Insurance Code section 10113.2(e). The provider may but is not required to use the form captioned "Life Settlement Provider Disclosure to Owner" referenced at Section 2548.30 herein.(c) If the provider elects to use its own form, such form shall include a clear itemization of the following amounts paid in a life settlement transaction: the gross purchase price the provider is paying for the policy, the amount of the purchase price to be paid to the owner, and the amount of the purchase price to be paid to the owner's life settlement broker.Cal. Code Regs. Tit. 10, § 2548.13
1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).
2. Change without regulatory effect amending NOTE filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).
3. Renumbering of former section 2548.13 to section 2548.14 and renumbering and amendment of former section 2548.12 to new section 2548.13 filed 11-25-2014; operative 1-1-2015 (Register 2014, No. 48). Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section 10113.2, Insurance Code.
1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).
2. Change without regulatory effect amending Note filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).
3. Renumbering of former section 2548.13 to section 2548.14 and renumbering and amendment of former section 2548.12 to new section 2548.13 filed 11-25-2014; operative 1/1/2015 (Register 2014, No. 48).