Insurance Code section 11122.1

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.

Source: Section 11122.1, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=INS§ionNum=11122.­1.­ (accessed Apr. 24, 2025).

Last Updated

Apr. 24, 2025

§ 11122.1’s source at ca​.gov