2009 California Government Code - Section 19999.7 :: Chapter 10. Annuity Contracts

19999.7.  (a) The department may establish and administer the
purchase of annuity contracts which meet the requirements of Section
403(b) of the Internal Revenue Code and shall prescribe regulations
in connection thereto which, among other things, specify standards to
be met by companies or other persons or entities which offer annuity
contracts for sale, including standards to ensure that providers are
rated by a nationally recognized rating service as being within the
three highest rating categories for financial condition and operating
performance. The provisions of Section 770.3 of the Insurance Code
shall not be applicable to the department.
   (b) This section shall apply only to the purchase of annuity
contracts on and after the effective date of this section.