§ 10203.9
93 words·~1 min read·
/ca/insurance-code/10203-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the other specific circumstances under which a group life policy may be issued under this chapter a group life policy may be issued to an existing insured to replace an existing valid group life policy if:
(1)it provides the same benefits at the same or a lesser rate as the policy to be replaced:
(2)it offers such benefits to all persons covered by the policy to be replaced; and
(3)90 percent of all persons covered by the policy to be replaced become insured under the new policy.