Forms Filing Requirements
Section 10113.2(c) of the California Insurance Code (CIC) states, in part, that a life settlements licensee shall file with the department a copy of all life settlement forms used in this state. No licensee may use any life settlement form in this state unless it has been provided in advance to the commissioner. Forms are to be submitted to the Commissioner by e-mail. Life settlement brokers shall file such forms by filling out and submitting a Life Settlement Form Filing Cover Sheet, form LIC 441-20C, along with copies of all forms to the following e-mail address: LifeSettlementForms@insurance.ca.gov.
Section 10113.2(c) of the CIC also states, in part, that the commissioner may disapprove a life settlement form if, in his or her discretion, the form, or provisions contained therein, are contrary to the interests of the public, or otherwise misleading or unfair to the consumer. In the case of disapproval, the licensee may, within 15 days of notice of the disapproval, request a hearing before the commissioner or his or her designee, and the hearing shall be held within 30 days of the request.