2009: The Last Amendment to Date to Cal Ins Code § 10135. Transfers governed by article; Requirements
In our last 4 articles we discussed how the last two amendments: SB 491 in 1999 and AB 268 in 2001 reshaped Cal Ins Code, particularly to § 10135. The real coup d’état amendment came in 2009, SB No. 510.
2009 Cal SB 510 amended 10134, 10135, 10136, 10137, 10138, 10139, 10139.3, 1.139.5 of the Insurance Code relating to structured settlements.
As far as how § 10135 was amended, subdivision (c), was added (below). Subdivision (c) is the section that talks about residency/jurisdiction at the time of signing the transfer agreement, and whether or not the state of California has jurisdiction over a non-resident at the time of the signing of the transfer agreement in the state of California.
(c) This article is only applicable to transfers of structured settlement payment rights if one of the following requirements is met:
(1) The payee is domiciled in California at the time the transfer agreement is signed by the payee.
(2) The payee is not domiciled in California at the time the transfer agreement is signed and the state where the payee is domiciled does not have a structured settlement transfer statute, but either the structured settlement obligor or annuity issuer is domiciled in California.