Store Research
ASSEMBLY BILL 3239 (LANCASTER – 1990)
CHAPTER 963, STATUTES OF 1990
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Sections 10509, et seq., were added to the Insurance Code in 1990, following legislative passage of Assembly Bill 3239. (See Exhibit A, #1c) Assembly member Bill Lancaster introduced Assembly Bill 3239 on February 26, 1990 at the request of the Association of California Life Insurance Companies to “enact the National Association of Insurance Commissioner [“NAIC”] Model Replacement Law. (See Exhibit A, #1a; #4, document AP-2; and #10, page 2; see generally, Exhibit B)
Assembly Bill 3239 was assigned to the Assembly Committee on Finance and Insurance for consideration of the policy issues raised by the bill. (See Exhibit A, #3) After approval by that Committee, the Assembly Committee on Ways and Means examined its fiscal ramifications. (See Exhibit A, #5) The Assembly amended the bill on May 3, 1990. (See Exhibit A, #1b) Assembly Bill 3239 was approved by the Assembly and forwarded to the Senate on May 31, 1990. (See Exhibit A, #2)
While in the Senate, the Committee on Insurance, Claims, and Corporations heard the policy issues presented by the bill. (See Exhibit A, #7) Subsequent to approval by that Committee, Assembly Bill 3239 was assigned to the Senate Committee on Appropriations that examined its fiscal implications. (See Exhibit A, #2) Assembly Bill 3239 was approved by the Senate without amendment and thereafter returned to the Assembly. (See Exhibit A, #2) The Assembly forwarded Assembly Bill 3239 to Governor George Deukmejian who signed the bill on September 17, 1990. Assembly Bill 3239 was recorded by the Secretary of State on September 18, 1990 as Chapter 963 of the Statutes of 1990. (See Exhibit A, #1c and #2)
The Third Reading analysis of Assembly Bill 3239 as last amended that was prepared by the Office of Senate Floor Analyses described this bill as follows:
DIGEST: This bill would require agents and insurers to provide specific information when selling a replacement for an existing life insurance or annuity policies . . . .
(See Exhibit A, #10, page 1)