TITLE: Relating to the marketing and sale of accidental death and dismemberment insurance coverage by financial institutions.

SUMMARY: Relating to the marketing and sale of accidental death and dismemberment insurance coverage by financial institutions.

FULL TEXT:
AN ACT relating to the marketing and sale of accidental death and dismemberment insurance coverage by financial institutions. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by adding Chapter 282 to read as follows: CHAPTER 282. MARKETING OR SALE OF CERTAIN INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS PROHIBITED Sec. 282.001. DEFINITION. In this chapter, "financial institution" has the meaning assigned by Section 201.101. Sec. 282.002. SALE OF CERTAIN INSURANCE PRODUCTS PROHIBITED. A financial institution may not market or sell accidental death and dismemberment insurance coverage to a person in this state. SECTION 2. Chapter 282, Finance Code, as added by this Act, applies only to an insurance policy that includes accidental death and dismemberment coverage that is delivered, issued for delivery, or renewed on or after January 1, 2022. SECTION 3. This Act takes effect September 1, 2021.