reglab/housing_qa huggingface dataset:
TX Ins Code § 1115.0514 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0514. Disclosure Obligation

Sec. 1115.0514.  DISCLOSURE OBLIGATION.  (a)  Before the recommendation or sale of an annuity, an agent shall provide a disclosure to the consumer on a form prescribed by the commissioner by rule.(b)  The prescribed form must be substantially similar to the National Association of Insurance Commissioners Insurance Agent Disclosure for Annuities form.  The form must include:(1)  a description of the scope and terms of the agent's relationship with the consumer and role in the transaction;(2)  an affirmative statement on whether the agent is licensed and authorized to sell:(A)  fixed annuities;(B)  fixed indexed annuities;(C)  variable annuities;(D)  life insurance;(E)  mutual funds;(F)  stocks and bonds; or(G)  certificates of deposit;(3)  a statement describing the insurers for whom the agent is authorized, contracted or appointed, or otherwise able to sell insurance products, described as follows:(A)  one insurer;(B)  two or more insurers; or(C)  two or more insurers though primarily contracted with one insurer;(4)  a description of the sources and types of cash compensation and noncash compensation to be received by the agent, including whether the agent is to be compensated for the sale of a recommended annuity by commission as part of premium or other remuneration received from the insurer, intermediary, or other agent or by fee as a result of a contract for advice or consulting services; and(5)  a notice of the consumer's right to request additional information regarding cash compensation under Subsection (c).(c)  On request of the consumer or the consumer's designated representative, an agent shall disclose:(1)  a reasonable estimate of the amount of cash compensation to be received by the agent, which may be stated as a range of amounts or percentages; and(2)  whether the cash compensation is a one-time or multiple occurrence amount, and if a multiple occurrence amount, the frequency and amount of occurrence, which may be stated as a range of amounts or percentages.(d)  Prior to or at the time of the recommendation or sale of an annuity, the agent must have a reasonable basis to believe the consumer has been informed of the features of the annuity, including:(1)  the potential surrender period and surrender charge;(2)  the potential tax penalty if the consumer sells exchanges, surrenders, or annuitizes the annuity;(3)  mortality and expense fees;(4)  investment advisory fees;(5)  annual fees;(6)  potential charges for and features of riders or other options of the annuity;(7)  limitations on interest returns;(8)  potential changes in non-guaranteed elements of the annuity;(9)  insurance and investment components; and(10)  market risk.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 9, eff. September 1, 2021.|
TX Ins Code § 1115.0515 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0515. Conflict of Interest Obligation

Sec. 1115.0515.  CONFLICT OF INTEREST OBLIGATION.  (a)  An agent shall take reasonable steps to discover a material conflict of interest, including a material conflict of interest related to an ownership interest.(b)  An agent shall:(1)  identify and avoid a material conflict of interest; or(2)  reasonably manage and disclose the conflict.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 9, eff. September 1, 2021.|
TX Ins Code § 1115.0516 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0516. Documentation Obligation

Sec. 1115.0516.  DOCUMENTATION OBLIGATION.  At the time of the recommendation or sale, an agent shall:(1)  make a written record of the recommendation and the basis for the recommendation;(2)  if applicable, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Refusal to Provide Information form documenting:(A)  a consumer's refusal to provide consumer profile information; and(B)  a consumer's understanding of the ramifications of failing to provide consumer profile information or providing insufficient consumer profile information; and(3)  if a consumer decides to enter into an annuity transaction that is not based on the agent's recommendation, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Decision to Purchase an Annuity Not Based on a Recommendation, acknowledging that the annuity transaction is not recommended.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 9, eff. September 1, 2021.|
TX Ins Code § 1115.0521 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0521. Prohibited Practices

Sec. 1115.0521.  PROHIBITED PRACTICES.  An agent  or insurer may not dissuade or attempt to dissuade a consumer from:(1)  truthfully responding to an insurer's request for confirmation of consumer profile information;(2)  filing a complaint; or(3)  cooperating with the investigation of a complaint.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 11, eff. September 1, 2021.|
TX Ins Code § 1115.053 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.053. Certification Requirements

Sec. 1115.053.  CERTIFICATION REQUIREMENTS.  A person may not provide a certification under Section 1115.052(c-1)(1) unless the person:(1)  is a senior manager with responsibility for the delegated functions; and(2)  has a reasonable basis for making the certification.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 11, eff. September 1, 2011.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 12, eff. September 1, 2021.|
TX Ins Code § 1115.055 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.055. Recordkeeping Requirements

Sec. 1115.055.  RECORDKEEPING REQUIREMENTS.  (a)  Each agent, general agent, independent agency, and insurer shall maintain, or otherwise be able to make available to the commissioner, records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making a recommendation that was the basis for an insurance transaction subject to this chapter until the fifth anniversary of the date on which the transaction is completed by the insurer.(b)  An insurer may, but is not required to, maintain documentation on behalf of an agent.(c)  Records required to be maintained under this section may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media by any process that accurately reproduces the actual document.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 14, eff. September 1, 2021.|
TX Ins Code § 1115.101 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter C. Mitigation; Enforcement|Section 1115.101. Mitigation

Sec. 1115.101.  MITIGATION.  An insurer is responsible for compliance with this chapter.  If a violation occurs because of the action or inaction of the insurer or the insurer's agent, the commissioner may:(1)  order:(A)  the insurer to take reasonable appropriate corrective action for any consumer harmed by a failure to comply with this chapter by the insurer, the insurer's agent, or an entity contracted to perform the insurer's supervisory duties; or(B)  a general agency, independent agency, or the agent to take reasonably appropriate corrective action for any consumer harmed by the agent's violation of this chapter; and(2)  impose appropriate sanctions as provided by Section 1115.102.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 14, eff. September 1, 2011.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 17, eff. September 1, 2021.|
TX Ins Code § 1115.102 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter C. Mitigation; Enforcement|Section 1115.102. Sanctions

Sec. 1115.102.  SANCTIONS.  (a)  The commissioner may impose sanctions as provided by Chapter 82 for a violation of this chapter.(b)  The commissioner shall reduce or eliminate a sanction for a violation of this chapter otherwise applicable if:(1)  corrective action for the consumer was taken promptly by the agent or insurer after a violation was discovered; or(2)  the violation was not part of a pattern or practice.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 15, eff. September 1, 2011.|
TX Ins Code § 1117.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1117 - Use of Senior-Specific Certifications or Professional Designations|Subchapter A. General Provisions|Section 1117.001. Purpose

Sec. 1117.001.  PURPOSE.  The purpose of this chapter is to establish standards to protect consumers from misleading and fraudulent marketing practices with respect to the use of certain senior-specific certifications and professional designations in soliciting the sale or purchase of, or providing advice made concerning, life insurance or annuity products.|Added by Acts 2009, 81st Leg., R.S., Ch. 362 (H.B. 1294), Sec. 2.001, eff. September 1, 2009.|
TX Ins Code § 1117.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1117 - Use of Senior-Specific Certifications or Professional Designations|Subchapter A. General Provisions|Section 1117.002. Definitions

Sec. 1117.002.  DEFINITIONS.  In this chapter:(1)  "Insurance agent" means an agent licensed under this code to sell, solicit the sale of, or negotiate a life insurance or annuity product.(2)  "Senior-specific certification or professional designation" means a certification or designation that implies that an insurance agent holds a special certification or has specialized training in advising or servicing seniors regarding purchasing or selling a life insurance or annuity product.|Added by Acts 2009, 81st Leg., R.S., Ch. 362 (H.B. 1294), Sec. 2.001, eff. September 1, 2009.|
TX Ins Code § 1117.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1117 - Use of Senior-Specific Certifications or Professional Designations|Subchapter A. General Provisions|Section 1117.003. Applicability of Chapter; Construction With Other Law

Sec. 1117.003.  APPLICABILITY OF CHAPTER; CONSTRUCTION WITH OTHER LAW.  (a)  This chapter applies to any solicitation, sale or purchase of, or advice made in connection with, a life insurance or annuity product by an insurance agent.(b)  Nothing in this chapter may be construed to limit the commissioner's authority to enforce any other provision of this code or another law.|Added by Acts 2009, 81st Leg., R.S., Ch. 362 (H.B. 1294), Sec. 2.001, eff. September 1, 2009.|
TX Ins Code § 1117.052 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1117 - Use of Senior-Specific Certifications or Professional Designations|Subchapter B. Use of Senior-Specific Certifications And|Section 1117.052. Applicability to Certain Financial Services

Sec. 1117.052.  APPLICABILITY TO CERTAIN FINANCIAL SERVICES.  (a)  Notwithstanding Section 1117.003, for purposes of this chapter, a job title used within an organization that is licensed or registered by a state or federal financial services regulatory agency and that indicates seniority or standing within the organization, or that specifies an individual's area of specialization within the organization, is not a senior-specific certification or professional designation unless the title is used in a manner that is likely to confuse or mislead a reasonable consumer.(b)  For purposes of Subsection (a), "financial services regulatory agency" includes an agency that regulates insurers, insurance producers, broker-dealers, investment advisers, or investment companies, as defined by the Investment Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.).|Added by Acts 2009, 81st Leg., R.S., Ch. 362 (H.B. 1294), Sec. 2.001, eff. September 1, 2009.|
TX Ins Code § 1131.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.001. Definition

Sec. 1131.001.  DEFINITION.  In this chapter, "wholesale, franchise, or employee life insurance" means a term life insurance plan under which a number of individual term life insurance policies are issued to a selected group at a rate that is lower than the rate shown in the issuing insurer's manual for an individually issued policy of the same type issued to an insured of the same class.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.002. Certain Group Life Insurance Authorized

Sec. 1131.002.  CERTAIN GROUP LIFE INSURANCE AUTHORIZED.  A group life insurance policy may be delivered in this state only if the policy:(1)  covers a group described by Subchapter B;  and(2)  complies with this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.003. Certain Wholesale, Franchise, or Employee Life Insurance Authorized

Sec. 1131.003.  CERTAIN WHOLESALE, FRANCHISE, OR EMPLOYEE LIFE INSURANCE AUTHORIZED.  A wholesale, franchise, or employee life insurance policy may be issued or delivered in this state only if the policy:(1)  covers a group described by Section 1131.065;  and(2)  complies with Subchapter P.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.004 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.004. Forfeiture of Certificate of Authority for Unauthorized Group Life Insurance Contract

Sec. 1131.004.  FORFEITURE OF CERTIFICATE OF AUTHORITY FOR UNAUTHORIZED GROUP LIFE INSURANCE CONTRACT.  The certificate of authority to engage in the business of insurance in this state of an insurer that enters into a group life insurance contract other than as authorized by this chapter may be forfeited by an action brought for that purpose by the attorney general at the department's request.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.005. Guaranteeing Issuance of Life Insurance Policy Without Evidence of Insurability

Sec. 1131.005.  GUARANTEEING ISSUANCE OF LIFE INSURANCE POLICY WITHOUT EVIDENCE OF INSURABILITY.  (a)  In this section, "qualified pension or profit-sharing plan" means a plan that meets the requirements of:(1)  Section 401 or 403, Internal Revenue Code of 1986, and their subsequent amendments;  or(2)  any corresponding provisions of prior or subsequent United States revenue laws.(b)  This code does not prohibit a life insurance company authorized to engage in the business of insurance in this state from guaranteeing to issue individual life insurance policies insuring participants in a qualified pension or profit-sharing plan on other than the term plan without evidence of insurability.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.006 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.006. Assignment of Benefits

Sec. 1131.006.  ASSIGNMENT OF BENEFITS.  (a)  Subject to the terms of a group life insurance policy, an insured under the policy may make to any individual, firm, corporation, association, trust, or other legal entity, other than the insured's employer, an absolute or collateral assignment of all rights and benefits conferred on the insured by the policy or by Subchapter C.(b)  Subsection (a) applies without regard to the date a policy is issued.(c)  Subject to the terms of the policy, an assignment by an insured before September 1, 1969, is valid for the purpose of vesting in the assignee all assigned rights and privileges but without prejudice to the insurer because of any payment the insurer makes or individual policy the insurer issues before receiving notice of the assignment.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.007 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter A. General Provisions|Section 1131.007. Policy Form

Sec. 1131.007.  POLICY FORM.  A policy of group life insurance is subject to Chapter 1701.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2F.007, eff. April 1, 2009.|
TX Ins Code § 1131.051 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter B. Group and Wholesale, Franchise, or Employee Life Insurance: Eligible Policyholders|Section 1131.051. Employers

Sec. 1131.051.  EMPLOYERS.  (a)  A group life insurance policy may be issued to an employer or to trustees of a fund established by an employer to insure the employer's employees for the benefit of persons other than the employer.(b)  A policy to which this section applies may provide that "employee" includes:(1)  an individual proprietor or partner, if the employer is an individual proprietorship or partnership;(2)  an employee of a subsidiary corporation of the employer;(3)  an employee, individual proprietor, or partner of an affiliated corporation, proprietorship, or partnership, if the business of the employer and the affiliated corporation, proprietorship, or partnership is under common control through stock ownership, contract, or otherwise;  or(4)  a retired employee.(c)  The employer or the trustees of a fund established by an employer are the policyholder under a policy to which this section applies.(d)  A policy to which this section applies is subject to Subchapter E.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.052 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter B. Group and Wholesale, Franchise, or Employee Life Insurance: Eligible Policyholders|Section 1131.052. Labor Unions

Sec. 1131.052.  LABOR UNIONS.  (a)  A group life insurance policy may be issued to a labor union to insure the union's members who are actively engaged in the same occupation.(b)  For purposes of this chapter:(1)  a labor union is considered to be an employer;  and(2)  a member of a labor union is considered to be an employee of the union.(c)  The labor union is the policyholder under a policy to which this section applies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1131.053 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle B - Group Life Insurance|Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance|Subchapter B. Group and Wholesale, Franchise, or Employee Life Insurance: Eligible Policyholders|Section 1131.053. Funds Established by Employers or Labor Unions

Sec. 1131.053.  FUNDS ESTABLISHED BY EMPLOYERS OR LABOR UNIONS.  (a)  A group life insurance policy that insures the employers' employees or the unions' members for the benefit of persons other than the employers or unions may be issued to the trustees of a fund established or adopted by two or more employers in the same industry or by one or more labor unions, by one or more employers in the same industry and one or more labor unions, or by one or more employers and one or more labor unions whose members are in the same or related occupations or trades.(b)  A policy to which this section applies may provide that "employee" includes:(1)  an individual proprietor or partner, if the employer is an individual proprietorship or partnership;(2)  a trustee, an employee of the trustee, or both, if the person's duties are principally connected with the trusteeship;  or(3)  a retired employee.(c)  The trustees are the policyholder under a policy to which this section applies.(d)  A policy may not be issued under this section to insure employees of:(1)  an employer whose eligibility to participate in the fund as an employer arises out of considerations directly related to the employer being a commercial correspondent or business client or patron of another employer, without regard to whether the other employer participates in the fund;  or(2)  an employer that is not located in this state, unless:(A)  the majority of the employers whose employees are to be insured are located in this state; or(B)  the policy is issued to the trustees of a fund established or adopted by one or more labor unions.(e)  A policy to which this section applies is subject to Subchapter F.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 689 (H.B. 2690), Sec. 1, eff. September 1, 2009.|