Existing law generally regulates classes of insurance, including life insurance and annuities. Existing law prohibits the transaction of life or disability insurance by anyone other than a corporation, unless the person has a valid and unrevoked certificate of exemption issued by the Insurance Commissioner. Existing law authorizes a certificate to be procured from the commissioner by filing specified documents, including articles of incorporation, bylaws, and a statement of financial condition and income, as the commissioner finds necessary to make their determination. Existing law requires the commissioner to issue a certificate of exemption to an applicant if the commissioner finds that the applicant has met applicable requirements, and that the applicant is not formed, conducted, or operated for profit or as a commercial insurance enterprise for the benefit of any group or person rather than the relatively equal benefit of its members. Existing law authorizes the commissioner, at any time, to notify a person possessing a certificate of exemption that the commissioner has grounds to believe the person has violated the Insurance Code or is not operating in strict conformity with the documents filed with the commissioner as a basis of its application for the certificate of exemption. Existing law requires the notice to fix the time of the hearing at no less than 15 days and no more than 60 days after the date of notice.
This bill would decrease the maximum amount of time a hearing may be fixed after the date of notice to no more than 45 days.

Statutes affected:
AB2596: 10499 INS, 10499 INS
03/21/24 - Amended Assembly: 10499 INS, 10499 INS