Cal. Code Regs. tit. 10 § 2548.29

Current through Register 2025 Notice Reg. No. 2, January 10, 2025

Section 2548.29 - Life Settlement Broker Disclosure to Owner and Insured

State of California Department of Insurance Life Settlement Broker Disclosure to Owner and Insured (To be provided prior to the execution of the life settlement contract)

IMPORTANT: READ THIS DISCLOSURE FORM BEFORE SIGNING ANY LIFE SETTLEMENT CONTRACT.

The Commissioner may consider any failure to provide the disclosures in this form as a basis for suspending or revoking a broker's license. You should carefully read all of the following and seek financial, insurance, tax and other advice where appropriate.

1. The name, business address, and telephone number of the life settlement broker are as follows:

Broker's (printed) name: ______________________________

Address: ______________________________

Telephone number: ______________________________

2. A full, complete, and accurate description of all the offers, counteroffers, acceptances, and rejections relating to the proposed life settlement contract (including name of party, date made, price and any other material terms) is:

[] Attached.

[] As follows:

___________________________

___________________________

___________________________

3. The following affiliation or contractual arrangements exists between the broker and the provider making an offer in connection with the life settlement arrangement:

[] None

[] As follows:

___________________________

___________________________

___________________________

4. To be provided only where the owner of the policy is also the insured: the following life expectancy estimates were provided in connection with the life settlement:

	___________________________LE Provider	___________________________ Life Expectancy Estimate
	___________________________LE Provider	___________________________ Life Expectancy Estimate
	___________________________LE Provider	___________________________ Life Expectancy Estimate

LIFE INSURANCE POLICY INSURED AND OWNER'S ACKNOWLEDGMENT: I have read and fully understand this disclosure form and have received a copy to keep for my records.

		LIFE SETTLEMENT BROKER
		By:___________________________
		Printed Name:___________________________
		Date:___________________________
LIFE INSURANCE POLICY INSURED		LIFE INSURANCE POLICY OWNER
By:___________________________		By:___________________________
Printed Name:___________________________		Printed Name:___________________________
Date:___________________________		Date:___________________________

Cal. Code Regs. Tit. 10, § 2548.29

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 2548.29 to section 2548.30 and renumbering and amendment of former section 2548.28 to new section 2548.29 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 2548.29 to section 2548.30 and renumbering and amendment of former section 2548.28 to new section 2548.29 filed 11-25-2014; operative 1/1/2015 (Register 2014, No. 48).