Bulletin 2014-4: Life and Annuity Consumer Protection Fund

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

BULLETIN NO. 2014-4 May 14, 2014

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 revisions made to Section 10127.17 of the Insurance Code.

Effective January 1, 2014, SB 476 (Chapter 347, Statutes of 2013) made two substantive revisions to Section 10127.17 of the Insurance Code. The requirement that each individual life insurance policy and each individual annuity product have a value of $15,000 or more in order for the special assessment to apply was deleted. The assessment applies to all newly issued individual life insurance policies and individual annuity products. Additionally, the date of repeal of the Life and Annuity Consumer Protection Fund was deleted.

Self-assessments containing data related to each individual life insurance policy and each individual annuity product issued to a resident of California will begin with the January-June 2014 reporting period (due July 10, 1014). 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 Program Analyst California Department of Insurance 45 Fremont Street, 23rd Floor San Francisco, CA 94105 (415) 538-4359 Rachelle.Gunther@insurance.ca.gov

DAVE JONES Insurance Commissioner