Life and Annuity Consumer Protection Fund.

Existing law creates the Life and Annuity Consumer Protection Fund as a special account within the Insurance Fund and requires that the moneys deposited therein, from a $1 fee levied against insurers based upon each individual life insurance and annuity product worth $15,000 or more issued to a resident of this state, be dedicated to protecting consumers of insurance products. Under existing law, that provision is repealed as of January 1, 2010. This bill would extend the operation of that provision to January 1, 2015. This bill would also require the Insurance Commissioner to annually publish on its Internet Web site a report detailing certain specified aspects of protections for the consumers of insurance products.