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The Senate Insurance Committee heard the following measures this past Wednesday:
SB 1212 (Calderon): This bill would exclude "stranger-originated life insurance" from Insurance Code Section 10110.1 authorizing an individual to take out a policy of insurance on his or her own life and to have that policy made payable to whomsoever he or she pleases. This bill is moving as a vehicle while negotiations continue between interested parties.
SB 1212 passed the committee with a vote of 5-0.
SB 1451 (Calderon): Under existing law, officers, directors, agents, or employees of any fraternal benefit society may not lend, borrow, or make arrangements for the loan of funds of the society. This bill would explicitly exempt policy loans. This bill would also allow a society to lend funds to an agent for the specific purpose of starting a business that sells the society's insurance products.
SB 1451 passed the committee with a vote of 5-0.