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Is this a violation of CA penal code?
DOI ltr states that in compliance with CA IN Code 12921.1 they find client complaint justified as defined in CA Code of regulations 2694
States that application for annuity statesd that no replacement was involved however cancellation of insurance had taken place.
Viloation of INs Code 10509.4, 781 and CA Code of Regulations 1694(a)(3).
The client cancelled insurance policy and repsoitrioned funds after she had received funds from first insurance company. 30-60 days later she decided to purchase an annuity withthose funds. Therefore application was noted as no replacement as I now understand that uit should have been marked as a replacement (6 months rule).