Statute · California Insurance Code
Cal. Ins. Code § 11122.1 — Financial Matters
Cal. Ins. Code § 11122.1
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 1996-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue contracts on a variable basis to persons as specified in Section 11041, subject to compliance with the applicable laws. To the extent a society…
Citator
Cal. Ins. Code § 11122.1 — Financial Matters is in force in the current edition of the Code, and nothing recorded condemns it.
A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue contracts on a variable basis to persons as specified in Section 11041, subject to compliance with the applicable laws. To the extent a society finds it necessary to comply with federal or state law, or regulations issued under state or federal law, a society may do the following:
(a) Adopt special procedures for conducting the business of the separate account.
(b) Provide special voting and other rights for a person with a beneficial interest in the special account, including, but not limited to, rights and procedures relating to investment policy, investment advisory services, selecting certified public accountants, and selecting a committee to manage the account.
(c) Issue contracts on a variable basis that are exempted from the requirements of Sections 11062, 11064, and 11065.