Cal. INS § 11122.1
This is the official text of Cal. INS § 11122.1, part of California’s Insurance Code — regulates insurance companies and the insurance policies sold in California.
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Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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