AB 387, as introduced, McCarty. Insurance: disability policy: commissioner approval.
Existing law provides for the licensing and regulation of disability insurers by the Department of Insurance. Existing law prohibits a disability policy from being issued until certain requirements are met. One of these conditions is if either (1) 30 days passes without notice from the Insurance Commissioner after a copy of the policy is filed with the commissioner; or (2) the commissioner gives written approval prior to the expiration of the 30 days.
This bill would clarify that the 30 days are 30 calendar days.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 10290 of the Insurance Code is amended
2to read:
A disability policy shall not be issued or delivered to
4any person in thisbegin delete Stateend deletebegin insert stateend insert untilbegin insert both of the following conditions
5are metend insert:
P2 1(a) A copy of the form thereof and, if more than one class of
2risks is written, of the classification of risks, and the premium rates
3pertaining thereto are filed with the commissioner.
4(b) Eitherbegin insert of the following occursend insert:
5(1) Thirtybegin insert
calendarend insert days expires without notice from the
6commissioner afterbegin delete such copy is filed, or,end deletebegin insert the copy is filed.end insert
7(2) The commissioner gives hisbegin insert or herend insert written approval prior
8to that time.
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