Cal. Code Regs. tit. 10 § 2303.28

Current through Register 2024 Notice Reg. No. 45, November 8, 2024
Section 2303.28 - Term and Universal Life Insurance Reserve Financing, Prohibition Against Avoidance

No insurer that has Covered Policies as to which sections 2303.23 through 2303.28 of this article apply, as set forth in Section 2303.24, shall take any action or series of actions, or enter into any transaction or arrangement or series of transactions or arrangements if the purpose of such action, transaction or arrangement or series thereof is to avoid the re-quirements of this regulation, or to circumvent its purpose and intent, as set forth in Section 2303.23 of this article.

Cal. Code Regs. Tit. 10, § 2303.28

1. New section filed 11-27-2017; operative 1-1-2018 (Register 2017, No. 48). For prior history, see Register 2015, No. 13

Note: Authority cited: Sections 739.9, 922.85, 923, 10489.94 and 12921, Insurance Code; CalFarm Insurance Company v. Deukmejian, 48 Cal. 3d 805 (1989); and 20th Century Insurance Company v. Garamendi, 8 Cal. 4th 216 (1994). Reference: Sections 739, 900, 922.4, 922.5, 922.85, 923, 10489.1, 10489.12, 10489.96 and 12921, Insurance Code.

1. New section filed 11-27-2017; operative 1/1/2018 (Register 2017, No. 48). For prior history, see Register 2015, No. 13