Cal. Code Regs. tit. 10 § 2534.27
All modified guaranteed annuity policy forms (the term "policy forms" as used in this Section means any individual policy delivered or issued for delivery in this State and any document attached to and made a part of such policy, and any group policy delivered or issued for delivery in this state and any document attached to and made a part of such group policy and any group certificate delivered pursuant to the provisions of such group policy), including contracts providing fixed dollar benefits as may be included in the operation of any separate account shall be submitted to the Commissioner prior to delivery or issuance for delivery in this State, and no such form shall be delivered or issued for delivery in this State until the use of such form has been approved in writing by the Commissioner. Filings shall include a demonstration in a form satisfactory to the Commissioner that the nonforfeiture provisions of the contracts comply with Section 2534.28(b), as well as a certification by a member of the American Academy of Actuaries as to the compliance with Section 2534.28(b).
The Commissioner may disapprove any policy form which is unfair, unreasonable, or otherwise inconsistent with the provisions of the California Insurance Code. The fees for such approval shall be the fees set forth in California Code of Regulations, Title 10, Chapter 5, Subchapter 2, Section 2202(a)(10). The provisions of California Insurance Code Section 12957 shall be applicable to modified guaranteed annuity forms.
Cal. Code Regs. Tit. 10, § 2534.27
2. Amendment of section and Note filed 11-9-2006; operative 11-9-2006 pursuant to Government Code section 11343.4 (Register 2006, No. 45).
Note: Authority cited: Sections 10506(h) and 10506.3(a), Insurance Code. Reference: Sections 10506(h), 10506.3(a) and 12957, Insurance Code.
2. Amendment of section and Note filed 11-9-2006; operative 11-9-2006 pursuant to Government Code section 11343.4 (Register 2006, No. 45).