https://pro.genworth.com/riiproweb/productinfo/pdf/215204.pdf?
Reminder for California Insurance Sales to Residents Age 65 or Older
Effective – Immediately
States – CA
The California Insurance Code has specific requirements, which producers must meet when soliciting applications for insurance policies or annuity contracts where the owner is an elder who resides in the state of California. An elder is defined under the CA Insurance Code as any person residing in the state of CA who is 65 years of age or older.
Below is a summary of the information the producer is required to disclose to an elder at the time of soliciting an application for any life insurance policy or annuity contract.
Advisement of Consequences in the Sale or Liquidation of Assets:
I have advised that the sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity or other assets used to fund the purchase of a life or annuity product may involve tax consequences, early withdrawal penalties, or other costs or penalties associated with the sale or liquidation of the assets. I have also advised the applicant to obtain the advice of independent legal or financial counsel before selling any assets and before purchasing the life or annuity product.
Medi-Cal Notice:
If this purchase of a financial product is based on the treatment under the Medi-Cal program I have given the applicant the ‘Notice Regarding Standards for Medi-Cal Eligibility and Recovery ‘form, Form No. DISCLCA2.
At Home Pre-Solicitation Notice:
If the sale of this financial product was conducted in the applicant’s home, I acknowledge that a Pre-Solicitation Notice was provided. The notice was a stand-alone document with the following information:
1) The applicant’s right to contact the Department of Insurance for information or
2) The applicant’s right to contact the Department of Insurance to file a complaint, and
3) The names, title and insurance licenses of all individuals presenting or attending the solicitation meeting.
4) This notice was provided in writing to the applicant:
- If an initial meeting, no less than 24 hours and no more than 14 days prior to the meeting, or
- If an existing relationship and applicant requested a same day meeting, just prior to the meeting.
These forms are available on Genworth.com/pro.
37596 02/21/13 “California Sales to Residents 65 and Over: Agent Acknowledgement of Disclosures and Notifications” is available for use with Annuity applications. This form needs to be signed and dated by the agent and not altered in any way. It is required prior to issue.
DISCLCA2 1/2007 remains unchanged and is not required to be sent to us.
154549 02/08/13 “Pre-Solicitation Notice required by California Law”. A sample letter is available for your use.