CA: Pension Risk Transfer Products (2026-8)

This bulletin establishes new requirements and disclosures for admitted life insurers issuing Pension Risk Transfer (PRT) products from separate accounts with general account guarantees in California, issued pursuant to CIC Section 10506.4 with the same force and effect as regulations. It replaces Bulletin 95-8 (effective January 1, 1995) and responds to increased insurer interest in PRT products, ongoing court cases, and NAIC regulatory activity. The Department goal is to ensure consumers receive the benefits promised by employers who transfer pensions to life insurers, requiring protections for contract holders, plan participants, certificate holders, and vested general account policyholders. Admitted life insurers offering or planning to offer PRT products must implement the new requirements and disclosures to comply.

Source: https://www.insurance.ca.gov/0250-insurers/0300-insurers/0200-bulletins/bulletin-notices-commiss-opinion/upload/Bulletin-2026-8-Pension-Risk-Transfer-Products.pdf