California Insurance Code

§ 1758.3

INS § 1758.3 Effective Jan 1, 2021Div. 1 · Part 2 · Ch. 5 · Art. 16

Statute text

The commissioner shall not grant authority to transact variable life and variable annuity unless the life agent or applicant furnishes proof that the person is registered to sell securities in California in accordance with the rules of the United States Securities and Exchange Commission or the Financial Industry Regulatory Authority. Any authority granted to a life agent to transact variable life and variable annuity shall immediately terminate upon the life agent no longer being registered to sell securities in accordance with the rules of the United States Securities and Exchange Commission or the Financial Industry Regulatory Authority.

Legislative history

Amended by Stats. 2020, Ch. 184, Sec. 29. (SB 1255) Effective January 1, 2021.