Bulletin 2009-6: Life and Annuity Protection Fund

STATE OF CALIFORNIA DEPARTMENT OF INSURANCE /45 Fremont Street San Francisco, California 94105.

BULLETIN NO. 2009-6 September 14, 2009

TO: All Admitted Life Insurance Companies and Other Interested Persons

SUBJECT: LIFE AND ANNUITY CONSUMER PROTECTION FUND

The purpose of this Bulletin is to inform affected licensees and interested members of the public of the extension of the operation of the Life and Annuity Consumer Protection Fund.

AB 2316 (Chapter 835, Statutes of 2004) added section 10127.17 of the Insurance Code, relating to insurance and created the Life and Annuity Consumer Protection Fund.

AB 76 (Chapter 75, Statutes of 2009) amends Section 10127.17 of the Insurance Code, relating to life insurance and annuity products and extends the operation of the Life and Annuity Consumer Protection Fund to January 1, 2015. This bill also requires the Insurance Commissioner to annually publish on its Internet Web site a report detailing certain specified aspects of protections for the consumers of insurance products.

The requirement for each admitted life insurer to maintain and report data on each new individual life insurance policy/annuity product that it issues to a California resident with an initial and/or intended face value of $15,000 or more remains. Self-assessments are to continue to be submitted semi-annually (by January 10th and July 10th ) via the California Department of Insurance Internet Life & Annuity Data Collection Application - - ILAD.

Questions regarding this Bulletin may be directed to:

Rachelle Gunther Life & Annuity Consumer Protection Program Analyst California Department of Insurance 45 Fremont Street, 21 st Floor San Francisco, CA 94105 (415) 538-4359 GuntherR@insurance.ca.gov

STEVE POIZNER