§ 10232.96
75 words·~1 min read·
/ca/insurance-code/10232-96A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When a policy or certificate holder of an insurance contract issued prior to December 31, 1996, requests a material modification to the contract as defined by federal law or regulations, the insurer, prior to approving such a request, shall provide written notice to the policy or certificate holder that the contract change requested may constitute a material modification that jeopardizes the federal tax status of the contract and appropriate tax advice should therefore be sought.