{"id":6346,"date":"2022-05-24T17:44:03","date_gmt":"2022-05-24T17:44:03","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=6346"},"modified":"2022-05-24T18:24:12","modified_gmt":"2022-05-24T18:24:12","slug":"insurance-code-ins-11523","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/insurance-code-ins-11523\/","title":{"rendered":"Insurance Code &#8211; INS 11523"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l3kg23ro-047d0e165b075debd393dbeb79267b69\">\n#top .av-special-heading.av-l3kg23ro-047d0e165b075debd393dbeb79267b69{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l3kg23ro-047d0e165b075debd393dbeb79267b69 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l3kg23ro-047d0e165b075debd393dbeb79267b69 .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l3kg23ro-047d0e165b075debd393dbeb79267b69 av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Insurance Code &#8211; INS \u00a7 11523<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad\">\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchform_wrapper{\nborder-color:#edae44;\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #s.av-input-field{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon.avia-svg-icon svg:first-child{\nfill:#edae44;\nstroke:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l3kg5cjn-34bca154073bcd37dbe3a810e8a26ac7 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div class=\"row\">\n<div class=\"subsection\"><\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p><span class=\"added-material\">(a)\u2002The<\/span>\u00a0annuity agreement\u00a0<span class=\"added-material\">shall<\/span>\u00a0show\u00a0<span class=\"added-material\">each of the following<\/span>:<\/p>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(1)<\/span>\u2002The value of the property transferred.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(2)<\/span>\u2002The amount of annuity agreed to be paid to the transferor or his nominee.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(3)<\/span>\u2002The manner in which, and the intervals at which,\u00a0<span class=\"added-material\">the<\/span>\u00a0annuity is to be paid.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(4)<\/span>\u2002The age, in years, at or nearest the date of\u00a0<span class=\"added-material\">the<\/span>\u00a0agreement, of the person during whose life the annuity is to be paid.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(5)\u2002The effective date of the agreement.<\/span><\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(6)\u2002The signature of each donor.<\/span><\/p>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(7)\u2002The following clause, in at least 12-point boldface type, located on the same page as and in the immediate proximity of the donor signature line: \u2009\u201cAnnuities are subject to regulation by the State of California. \u2002Payments under this agreement, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p><span class=\"added-material\">(b)\u2002Every organization or person holding a certificate of authority to receive transfers under this chapter shall annually certify to the commissioner that all agreements entered into during the time period covered by the certification show all of the information set forth in subdivision (a). \u2002The certification shall be in the number, form, and format, by the method, and at the time prescribed by the commissioner. \u2002The commissioner may from time to time as he or she deems necessary require that a copy of each agreement be submitted to the department.<\/span><\/p>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-6346","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Insurance Code - INS 11523 - California Statutes<\/title>\n<meta name=\"robots\" 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