California Insurance Code

§ 762

INS § 762 Effective Jan 1, 2003Div. 1 · Part 2 · Ch. 1 · Art. 5.2

Statute text

(a)In connection with the initial purchase of an insurance product or annuity by a consumer from a covered person, a covered person shall disclose to the consumer, except to the extent the disclosure would not be accurate, all of the following:

(1)That the insurance product or annuity is not a deposit or other obligation of, or guaranteed by, the depository institution or an affiliate of the depository institution.

(2)That the insurance product or annuity is not insured by the Federal Deposit Insurance Corporation or any other agency of the United States, the depository institution, or, if applicable, an affiliate of the depository institution.

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Legislative history

Added by Stats. 2002, Ch. 203, Sec. 2. Effective January 1, 2003.