10508. (a) It is the obligation of every insurer admitted in this
state to transact life or disability insurance, or both, to maintain
certain records specified in this article pertaining to the
activities of its life, life and disability, and disability agents
and any other agents for the inspection and examination of the
commissioner.
(b) The original or certified copies of the records shall be
delivered to the commissioner within a period of 30 days following
receipt of written demand therefor.
(c) The records required to be maintained or made available in
this state may be in the form of originals, carbon, or facsimile
copies, microfilm copies, or electronic data-processing records if
printouts are available within a reasonable period of time, and shall
include, to the extent the data are pertinent and available for each
insurance transaction, the names, dates, amounts and policy numbers
involved. The records are composed of all of the following:
(1) The original application for each insurance policy or contract
sold in this state.
(2) Records showing, for each insurance policy or contract issued,
the premiums received by the insurer.
(3) Production records showing all insurance policies or contracts
sold by each agent or other agent in the expired portion of the
current calendar year and the whole of each of the preceding five
calendar years.
(4) Records showing, for each insurance policy or contract issued,
the amount of commissions paid and to whom.
(5) Records or memoranda identifying any agent other, than the
agent whose name appears on the application who, to the actual
knowledge of the insurer, handled any part of an insurance
transaction for which the other agent was not compensated.
(6) Correspondence, written solicitations or proposals, or other
written communications sent by the insurer to a prospect, applicant,
or insured, or received from him or her by the insurer, excluding
printed material in general use distributed by the insurer, either
directly or indirectly through its life agents.
(7) Correspondence, written proposals, notices, a statement of
reasons, or other written communications, if any, pertaining to the
recision, termination, or nonrenewal of a policy or contract, or the
election of nonforfeiture values thereunder, sent by an insurer to a
policyholder or contractholder or received from him or her by an
insurer.
(8) A copy of a written comparison of benefits, limitations,
exclusions, and costs of existing accident, sickness, or long-term
care coverage and proposed coverage.
(9) A copy of the outline of coverage or disclosure statement
required by law or regulation.
(10) Copies of any correspondence between the policyholder or
prospective policyholder and the agent or insurer.
(11) Copies of correspondence between anyone acting on behalf of
the policyholder or prospective policyholder and the agent or
insurer.
(d) Except as otherwise provided, the records shall be maintained
for a minimum period of five years following the actual delivery of
the insurance policy or contract to which each pertains, or, if no
policy or contract was issued, for a minimum period of five years
after the date of the application therefor.
10508.5. It shall be the obligation of each life, life and
disability, and disability insurance agent and any other agent and
insurer to preserve and maintain all applicable records defined in
Section 10508 in his or her possession, in addition to those records
transmitted to the insurer, at his or her principal place of business
for a minimum of five years. The records shall be kept in an orderly
manner so that the information therein is readily available, and
shall be open to inspection or examination by the commissioner at all
times.
10508.6. (a) The Legislature finds and declares that there is no
statutory authority for the commissioner to gather information or
data on life insurance, annuity, or disability products for the
purpose of evaluating trends in the marketplace or the uses these
contracts serve.
(b) The commissioner may collect, compile, analyze, and report
data relating to life and disability insurance, annuity contracts,
and related contracts offered, issued, delivered, or renewed in this
state through any method of marketing.
(c) Any officer, manager, agent, or employee of any institution
offering life and disability insurance, annuity contracts, or related
contracts, shall, upon request by the commissioner, exhibit to the
commissioner all books, records, accounts, documents, or agreements
governing its method of operation, together with all data,
statistics, and information of every kind and character collected or
considered by the institution in the conduct of its operations.
(d) The commissioner may adopt reasonable rules and regulations
requiring an annual reporting of the data authorized for collection
under this section.
(e) The commissioner may, for the purpose of furthering the
uniform administration of regulatory laws, exchange information and
data with law enforcement officials of this and other states relating
to the implementation of the reporting requirements imposed by this
section, and may consult with those officials regarding that
information and data.
10508.7. A person subject to the requirements of Section 10508.6
who submits any false information in connection with a request for
information or data pursuant to that section shall be liable for a
civil penalty not to exceed one hundred thousand dollars ($100,000).
A person subject to the requirements of Section 10508.6 who fails to
comply with a request for information or data pursuant to that
section shall be liable for a civil penalty not to exceed five
thousand dollars ($5,000) for each 30-day period in which the person
fails to comply. If the failure to comply is willful, the person
shall be liable for a civil penalty not to exceed ten thousand
dollars ($10,000) for each 30-day period in which the person fails to
comply, but not to exceed an aggregate amount of one hundred
thousand dollars ($100,000). In determining the penalty, the
commissioner shall consider the good faith of the person and any
similar prior violations by the person under this code.
10508.8. The commissioner shall ensure, to the furthest extent
possible, that any data call issued by him or her does not conflict
with any similar data call or data collection request, including, but
not limited to, a request issued by the National Association of
Insurance Commissioners.
10508. (a) It is the obligation of every insurer admitted in this
state to transact life or disability insurance, or both, to maintain
certain records specified in this article pertaining to the
activities of its life, life and disability, and disability agents
and any other agents for the inspection and examination of the
commissioner.
(b) The original or certified copies of the records shall be
delivered to the commissioner within a period of 30 days following
receipt of written demand therefor.
(c) The records required to be maintained or made available in
this state may be in the form of originals, carbon, or facsimile
copies, microfilm copies, or electronic data-processing records if
printouts are available within a reasonable period of time, and shall
include, to the extent the data are pertinent and available for each
insurance transaction, the names, dates, amounts and policy numbers
involved. The records are composed of all of the following:
(1) The original application for each insurance policy or contract
sold in this state.
(2) Records showing, for each insurance policy or contract issued,
the premiums received by the insurer.
(3) Production records showing all insurance policies or contracts
sold by each agent or other agent in the expired portion of the
current calendar year and the whole of each of the preceding five
calendar years.
(4) Records showing, for each insurance policy or contract issued,
the amount of commissions paid and to whom.
(5) Records or memoranda identifying any agent other, than the
agent whose name appears on the application who, to the actual
knowledge of the insurer, handled any part of an insurance
transaction for which the other agent was not compensated.
(6) Correspondence, written solicitations or proposals, or other
written communications sent by the insurer to a prospect, applicant,
or insured, or received from him or her by the insurer, excluding
printed material in general use distributed by the insurer, either
directly or indirectly through its life agents.
(7) Correspondence, written proposals, notices, a statement of
reasons, or other written communications, if any, pertaining to the
recision, termination, or nonrenewal of a policy or contract, or the
election of nonforfeiture values thereunder, sent by an insurer to a
policyholder or contractholder or received from him or her by an
insurer.
(8) A copy of a written comparison of benefits, limitations,
exclusions, and costs of existing accident, sickness, or long-term
care coverage and proposed coverage.
(9) A copy of the outline of coverage or disclosure statement
required by law or regulation.
(10) Copies of any correspondence between the policyholder or
prospective policyholder and the agent or insurer.
(11) Copies of correspondence between anyone acting on behalf of
the policyholder or prospective policyholder and the agent or
insurer.
(d) Except as otherwise provided, the records shall be maintained
for a minimum period of five years following the actual delivery of
the insurance policy or contract to which each pertains, or, if no
policy or contract was issued, for a minimum period of five years
after the date of the application therefor.
10508.5. It shall be the obligation of each life, life and
disability, and disability insurance agent and any other agent and
insurer to preserve and maintain all applicable records defined in
Section 10508 in his or her possession, in addition to those records
transmitted to the insurer, at his or her principal place of business
for a minimum of five years. The records shall be kept in an orderly
manner so that the information therein is readily available, and
shall be open to inspection or examination by the commissioner at all
times.
10508.6. (a) The Legislature finds and declares that there is no
statutory authority for the commissioner to gather information or
data on life insurance, annuity, or disability products for the
purpose of evaluating trends in the marketplace or the uses these
contracts serve.
(b) The commissioner may collect, compile, analyze, and report
data relating to life and disability insurance, annuity contracts,
and related contracts offered, issued, delivered, or renewed in this
state through any method of marketing.
(c) Any officer, manager, agent, or employee of any institution
offering life and disability insurance, annuity contracts, or related
contracts, shall, upon request by the commissioner, exhibit to the
commissioner all books, records, accounts, documents, or agreements
governing its method of operation, together with all data,
statistics, and information of every kind and character collected or
considered by the institution in the conduct of its operations.
(d) The commissioner may adopt reasonable rules and regulations
requiring an annual reporting of the data authorized for collection
under this section.
(e) The commissioner may, for the purpose of furthering the
uniform administration of regulatory laws, exchange information and
data with law enforcement officials of this and other states relating
to the implementation of the reporting requirements imposed by this
section, and may consult with those officials regarding that
information and data.
10508.7. A person subject to the requirements of Section 10508.6
who submits any false information in connection with a request for
information or data pursuant to that section shall be liable for a
civil penalty not to exceed one hundred thousand dollars ($100,000).
A person subject to the requirements of Section 10508.6 who fails to
comply with a request for information or data pursuant to that
section shall be liable for a civil penalty not to exceed five
thousand dollars ($5,000) for each 30-day period in which the person
fails to comply. If the failure to comply is willful, the person
shall be liable for a civil penalty not to exceed ten thousand
dollars ($10,000) for each 30-day period in which the person fails to
comply, but not to exceed an aggregate amount of one hundred
thousand dollars ($100,000). In determining the penalty, the
commissioner shall consider the good faith of the person and any
similar prior violations by the person under this code.
10508.8. The commissioner shall ensure, to the furthest extent
possible, that any data call issued by him or her does not conflict
with any similar data call or data collection request, including, but
not limited to, a request issued by the National Association of
Insurance Commissioners.
10508. (a) It is the obligation of every insurer admitted in this
state to transact life or disability insurance, or both, to maintain
certain records specified in this article pertaining to the
activities of its life, life and disability, and disability agents
and any other agents for the inspection and examination of the
commissioner.
(b) The original or certified copies of the records shall be
delivered to the commissioner within a period of 30 days following
receipt of written demand therefor.
(c) The records required to be maintained or made available in
this state may be in the form of originals, carbon, or facsimile
copies, microfilm copies, or electronic data-processing records if
printouts are available within a reasonable period of time, and shall
include, to the extent the data are pertinent and available for each
insurance transaction, the names, dates, amounts and policy numbers
involved. The records are composed of all of the following:
(1) The original application for each insurance policy or contract
sold in this state.
(2) Records showing, for each insurance policy or contract issued,
the premiums received by the insurer.
(3) Production records showing all insurance policies or contracts
sold by each agent or other agent in the expired portion of the
current calendar year and the whole of each of the preceding five
calendar years.
(4) Records showing, for each insurance policy or contract issued,
the amount of commissions paid and to whom.
(5) Records or memoranda identifying any agent other, than the
agent whose name appears on the application who, to the actual
knowledge of the insurer, handled any part of an insurance
transaction for which the other agent was not compensated.
(6) Correspondence, written solicitations or proposals, or other
written communications sent by the insurer to a prospect, applicant,
or insured, or received from him or her by the insurer, excluding
printed material in general use distributed by the insurer, either
directly or indirectly through its life agents.
(7) Correspondence, written proposals, notices, a statement of
reasons, or other written communications, if any, pertaining to the
recision, termination, or nonrenewal of a policy or contract, or the
election of nonforfeiture values thereunder, sent by an insurer to a
policyholder or contractholder or received from him or her by an
insurer.
(8) A copy of a written comparison of benefits, limitations,
exclusions, and costs of existing accident, sickness, or long-term
care coverage and proposed coverage.
(9) A copy of the outline of coverage or disclosure statement
required by law or regulation.
(10) Copies of any correspondence between the policyholder or
prospective policyholder and the agent or insurer.
(11) Copies of correspondence between anyone acting on behalf of
the policyholder or prospective policyholder and the agent or
insurer.
(d) Except as otherwise provided, the records shall be maintained
for a minimum period of five years following the actual delivery of
the insurance policy or contract to which each pertains, or, if no
policy or contract was issued, for a minimum period of five years
after the date of the application therefor.
10508.5. It shall be the obligation of each life, life and
disability, and disability insurance agent and any other agent and
insurer to preserve and maintain all applicable records defined in
Section 10508 in his or her possession, in addition to those records
transmitted to the insurer, at his or her principal place of business
for a minimum of five years. The records shall be kept in an orderly
manner so that the information therein is readily available, and
shall be open to inspection or examination by the commissioner at all
times.
10508.6. (a) The Legislature finds and declares that there is no
statutory authority for the commissioner to gather information or
data on life insurance, annuity, or disability products for the
purpose of evaluating trends in the marketplace or the uses these
contracts serve.
(b) The commissioner may collect, compile, analyze, and report
data relating to life and disability insurance, annuity contracts,
and related contracts offered, issued, delivered, or renewed in this
state through any method of marketing.
(c) Any officer, manager, agent, or employee of any institution
offering life and disability insurance, annuity contracts, or related
contracts, shall, upon request by the commissioner, exhibit to the
commissioner all books, records, accounts, documents, or agreements
governing its method of operation, together with all data,
statistics, and information of every kind and character collected or
considered by the institution in the conduct of its operations.
(d) The commissioner may adopt reasonable rules and regulations
requiring an annual reporting of the data authorized for collection
under this section.
(e) The commissioner may, for the purpose of furthering the
uniform administration of regulatory laws, exchange information and
data with law enforcement officials of this and other states relating
to the implementation of the reporting requirements imposed by this
section, and may consult with those officials regarding that
information and data.
10508.7. A person subject to the requirements of Section 10508.6
who submits any false information in connection with a request for
information or data pursuant to that section shall be liable for a
civil penalty not to exceed one hundred thousand dollars ($100,000).
A person subject to the requirements of Section 10508.6 who fails to
comply with a request for information or data pursuant to that
section shall be liable for a civil penalty not to exceed five
thousand dollars ($5,000) for each 30-day period in which the person
fails to comply. If the failure to comply is willful, the person
shall be liable for a civil penalty not to exceed ten thousand
dollars ($10,000) for each 30-day period in which the person fails to
comply, but not to exceed an aggregate amount of one hundred
thousand dollars ($100,000). In determining the penalty, the
commissioner shall consider the good faith of the person and any
similar prior violations by the person under this code.
10508.8. The commissioner shall ensure, to the furthest extent
possible, that any data call issued by him or her does not conflict
with any similar data call or data collection request, including, but
not limited to, a request issued by the National Association of
Insurance Commissioners.
