Life and Annuity Consumer Protection Program
The Life and Annuity Consumer Protection Fund (CIC § 10127.17) provides funds to protect consumers of life insurance and annuity products. Revenue generated pursuant to this program is divided between the Department of Insurance and Local Assistance Grants to various county district attorney offices.
In this fifteenth year of grant funding, the Life and Annuity Consumer Protection Program provided $500,000 in grant funds to 6 counties. As a result of a collaborative effort with other allied law enforcement agencies, numerous licensed agents were prosecuted and convicted for theft, financial elder abuse, forgery, and identity theft in the transaction of life insurance and annuities with California consumers.
| Description | Count |
|---|---|
| Opened | 79 |
| Completed | 115 |
| In progress as of June 30, 2021 | 268 |
| Reports of Suspected Violation as of June 30, 2021 | 18 |
| Description | Count |
|---|---|
| Opened consumer complaints reported by Consumer Services Division | 1902 |
| Opened Investigations | 47 |
| Investigations referred to/reported by prosecuting agencies | 15 |
| Administrative or regulatory cases referred to the Department of Insurance's Legal Division | 19 |
| Administrative or regulatory enforcement actions taken by Legal Division | 46 |
To further educate seniors about life insurance and annuity products, the Consumer Education and Outreach Bureau participated in 32 senior events in 2021. The senior events provided information regarding scams committed against seniors, the purchase and use of insurance and annuity products, claim filings, and dispute resolution.
Ongoing relationships with the Contractors State License Board-Senior Scam Stoppers, Department of Consumer Affairs, various legislative offices, senior expos, and health fairs enhance the Department’s ability to get the message out.
The following educational materials were distributed during 2021:
- Annuities - What Seniors Need to Know - English
- Informing Seniors - SIBOR - English
- Driving for Senior - English
- Personal Planning Guide
- Annuities - What Seniors Need to Know - Spanish
- Informing Seniors - SIBOR - Spanish
- Driving for Seniors - Spanish
