reglab/housing_qa huggingface dataset:
TX Ins Code § 1153.152 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.152. Forms of Credit Accident and Health Insurance

Sec. 1153.152.  FORMS OF CREDIT ACCIDENT AND HEALTH INSURANCE.  Credit accident and health insurance may be issued only as:(1)  an individual policy of accident and health insurance issued to a debtor on a term plan;(2)  a disability benefit provision in an individual policy of credit life insurance;(3)  a group policy of accident and health insurance issued to a creditor on a term plan insuring debtors;  or(4)  a disability benefit provision in a group policy of credit life insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.153 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.153. Evidence of Insurance

Sec. 1153.153.  EVIDENCE OF INSURANCE.  Credit life insurance or credit accident and health insurance shall be evidenced by an individual policy or group certificate of insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.154 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.154. Requirements for Delivery or Issuance of Credit Insurance Policy

Sec. 1153.154.  REQUIREMENTS FOR DELIVERY OR ISSUANCE OF CREDIT INSURANCE POLICY.  A policy of credit life insurance or credit accident and health insurance that is delivered or issued for delivery in this state may be delivered or issued for delivery only by an insurer authorized to engage in the business of insurance in this state and may be issued only through a holder of a license issued by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.155 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.155. Limits on Amount of Credit Life Insurance

Sec. 1153.155.  LIMITS ON AMOUNT OF CREDIT LIFE INSURANCE.  (a)  The initial amount of credit life insurance on a debtor may not exceed the total amount of debt repayable under the contract that evidences the credit transaction.(b)  If the debt is repayable in substantially equal installments, the amount of insurance may not at any time exceed the greater of the scheduled or actual unpaid amount of the debt under the contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.156 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.156. Limits on Amount of Credit Accident and Health Insurance

Sec. 1153.156.  LIMITS ON AMOUNT OF CREDIT ACCIDENT AND HEALTH INSURANCE.  (a)  The total amount of indemnity payable by credit accident and health insurance may not exceed the total amount of debt repayable under the contract that evidences the credit transaction.(b)  The amount of a periodic indemnity payment may not exceed the scheduled periodic installment payment on the debt.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.157 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.157. Beginning of Term of Credit Insurance Coverage

Sec. 1153.157.  BEGINNING OF TERM OF CREDIT INSURANCE COVERAGE.  (a)  Except as otherwise provided by this section, the term of credit life insurance or credit accident and health insurance begins, subject to acceptance by the insurer, on the date that the debtor becomes obligated to the creditor.(b)  With respect to an obligation that exists when a group policy takes effect, coverage begins on the later of the effective date of the policy or the date of enrollment for coverage under the policy.(c)  If evidence of insurability is required and is provided after the 30th day after the date the debtor becomes obligated to the creditor, the term of the insurance may begin on the date the insurance company determines that the evidence is satisfactory.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.158 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.158. Delivery of Evidence of Insurance to Debtor

Sec. 1153.158.  DELIVERY OF EVIDENCE OF INSURANCE TO DEBTOR.  (a)  At the time a debt for which credit insurance is sold is incurred:(1)  the individual policy or group certificate of insurance, as appropriate, shall be delivered to the debtor;  or(2)  a copy of the application for the policy or certificate of insurance or a notice of proposed insurance that satisfies Section 1153.159 shall be delivered to the debtor.(b)  If delivery to the debtor is made under Subsection (a)(2), the insurer shall deliver the individual policy or group certificate of insurance to the debtor on acceptance of the insurance by the insurer and not later than the 45th day after the date the debt is incurred.(c)  If the insurer named in the application or notice under Subsection (a)(2) does not accept the risk, the debtor shall receive a policy or certificate of insurance that specifies the name and home office address of the substituted insurer and the amount of the premium to be charged for the insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.159 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.159. Requirements Relating to Application for Insurance or Notice of Proposed Insurance

Sec. 1153.159.  REQUIREMENTS RELATING TO APPLICATION FOR INSURANCE OR NOTICE OF PROPOSED INSURANCE.  A copy of an application for insurance or a notice of proposed insurance delivered under Section 1153.158 must:(1)  be signed by the debtor;(2)  specify:(A)  the name and home office address of the insurer;(B)  the name of each debtor;(C)  the full amount of the premium or the total identifiable insurance charge, if any, to be paid by the debtor, separately for credit life insurance and credit accident and health insurance;  and(D)  the amount, term, and a brief description of the coverage to be provided;(3)  refer exclusively to insurance coverage;(4)  be separate from the instrument or agreement for the loan or sale or other credit statement of account, unless the information required by this section is prominently set forth in that instrument, agreement, or statement;  and(5)  provide that on acceptance by the insurer, the insurance becomes effective as provided by Section 1153.157.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.160 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.160. Termination of Credit Insurance

Sec. 1153.160.  TERMINATION OF CREDIT INSURANCE.  (a)  The term of credit life insurance or credit accident and health insurance must end not later than the 15th day after the scheduled maturity date of the debt unless the coverage after that date is without additional cost to the debtor.(b)  If the debt is discharged by renewing or refinancing the debt before the scheduled maturity date, the insurance in force must terminate before new insurance may be issued in connection with the renewed or refinanced debt.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.161 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter D. Credit Insurance Requirements|Section 1153.161. Insurance May Be Provided by Debtor

Sec. 1153.161.  INSURANCE MAY BE PROVIDED BY DEBTOR.  If credit life insurance or credit accident and health insurance is required as additional security for a debt, the debtor, on request to the creditor, may provide the required amount of insurance through:(1)  an existing insurance policy owned or controlled by the debtor;  or(2)  an insurance policy obtained from an insurer authorized to engage in the business of insurance in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.201 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter E. Charges, Refunds, Adjustments, and Claims|Section 1153.201. Maximum Amount of Insurance Charge to Debtor

Sec. 1153.201.  MAXIMUM AMOUNT OF INSURANCE CHARGE TO DEBTOR.  A creditor may not charge a debtor for credit life or credit accident and health insurance issued to the debtor an amount that exceeds the amount of the premium that the insurer charges the creditor for that insurance, as computed at the time the charge to the debtor is determined.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.202 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter E. Charges, Refunds, Adjustments, and Claims|Section 1153.202. Refund of Insurance Charge on Termination of Debt or Insurance; Filing of Formula

Sec. 1153.202.  REFUND OF INSURANCE CHARGE ON TERMINATION OF DEBT OR INSURANCE;  FILING OF FORMULA.  (a)  Each individual policy or group policy and group certificate must include a written notice stating that:(1)  if the underlying debt or the insurance terminates before the originally scheduled termination date of the insurance, including the termination of a debt by renewing or refinancing the debt, the debtor shall be entitled to a refund of unearned premium; and(2)  in the event that the underlying debt or the insurance terminates before the originally scheduled termination date of the insurance, including the termination of a debt by renewing or refinancing the debt, the person who is the holder of the underlying debt instrument on the date the debt terminates shall, no later than 60 days after the termination of the insurance, provide notice to the insurer of the termination of the debt, that includes the name and address of the insured and the payoff date of the underlying debt.(a-1)  The refund of any amount of unearned premium paid by or charged to the debtor for insurance shall be paid or credited promptly to the person entitled to the refund no later than 30 days after receipt of the notice required to be sent to the insurer under Subsection (a)(2).(a-2)  In any claim or action asserted by an insured against an insurer for failure to refund any unearned premium in accordance with this section, the insurer shall be entitled to indemnity from a holder who failed to provide the notice required under Subsection (a)(2).(b)  A refund is not required if the amount of the refund is less than $3.(c)  The formula to be used in computing the refund of the amount paid by or charged to the debtor for insurance if the underlying debt or the insurance terminates before the scheduled maturity date of the debt must be filed with and approved by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 502 (S.B. 382), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1153.203 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter E. Charges, Refunds, Adjustments, and Claims|Section 1153.203. Certain Refunds or Adjustments Required

Sec. 1153.203.  CERTAIN REFUNDS OR ADJUSTMENTS REQUIRED.  (a)  If the beginning of the term of insurance is delayed under Section 1153.157(c), the charge to the debtor for insurance shall be adjusted or the appropriate amount shall be refunded to the debtor.(b)  If insurance is substituted under Section 1153.158(c) and the amount of premium for the substituted insurance is less than the amount specified in the application or notice of proposed insurance, the appropriate amount shall be refunded to the debtor.(c)  If a creditor requires a debtor to make any payment for credit life insurance or credit accident and health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall:(1)  immediately give written notice to the debtor;  and(2)  promptly make an appropriate credit to the debtor's account.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.204 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter E. Charges, Refunds, Adjustments, and Claims|Section 1153.204. Claim Under Policy

Sec. 1153.204.  CLAIM UNDER POLICY.  (a)  A claim for recovery under a policy to which this chapter applies shall be reported promptly to the insurer or the insurer's designated claim representative.(b)  An insurer shall maintain adequate claim files.(c)  A claim shall be settled as soon as possible and in accordance with the insurance contract.(d)  A claim shall be paid by a draft drawn on the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due under the policy or on direction of the claimant to the person specified.(e)  A plan or arrangement may not be used to authorize an individual, firm, or corporation, other than the insurer or the insurer's designated claim representative, to settle or adjust a claim.  The creditor may not be designated as claim representative for the insurer in settling or adjusting a claim.  Notwithstanding this subsection, a group policyholder, under an arrangement with the group insurer, may draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.701 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter O. Enforcement of Chapter; Penalty|Section 1153.701. Compliance Order

Sec. 1153.701.  COMPLIANCE ORDER.  (a)  If, after written notice to an insurer or other person who holds a license or other authorization issued by the commissioner and a hearing, the commissioner determines that a violation of this chapter or a rule adopted under this chapter has occurred, the commissioner shall issue the details of that determination and an order for compliance by a specified date.(b)  An order issued under this section is binding on the insurer or other person to whom it is issued on the date specified in the order unless:(1)  the order is withdrawn by the commissioner before that date;  or(2)  the order is appealed under Subchapter D, Chapter 36.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.702 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter O. Enforcement of Chapter; Penalty|Section 1153.702. Penalty

Sec. 1153.702.  PENALTY.  (a)  An individual, firm, or corporation who violates a final order issued under this chapter is liable to the state in a civil action for a penalty of not more than:(1)  $250;  or(2)  $1,000, if the court finds the violation to be wilful.(b)  The penalty provided by this section is in addition to any other penalty provided by law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.703 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1153 - Credit Life Insurance and Credit Accident and Health Insurance|Subchapter O. Enforcement of Chapter; Penalty|Section 1153.703. Revocation or Suspension of Authority on Violation of Order

Sec. 1153.703.  REVOCATION OR SUSPENSION OF AUTHORITY ON VIOLATION OF ORDER.  After notice and a hearing, the commissioner may revoke or suspend the license or certificate of authority of an individual, firm, or corporation that violates an order issued under this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1154.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1154 - Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts|Subchapter A. General Provisions|Section 1154.001. Short Title

Sec. 1154.001.  SHORT TITLE.  This chapter may be cited as the Act for the Regulation of Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts.|Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.|
TX Ins Code § 1154.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1154 - Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts|Subchapter A. General Provisions|Section 1154.002. Purpose; Legislative Intent; Construction

Sec. 1154.002.  PURPOSE; LEGISLATIVE INTENT; CONSTRUCTION.  (a)  The purpose of this chapter is to:(1)  promote the public welfare by regulating funding agreements, guaranteed investment contracts, and synthetic guaranteed investment contracts; and(2)  clarify and codify the existing law pertaining to funding agreements, guaranteed investment contracts, and synthetic guaranteed investment contracts.(b)  This chapter shall be liberally construed.|Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.|
TX Ins Code § 1154.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1154 - Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts|Subchapter A. General Provisions|Section 1154.003. Definitions

Sec. 1154.003.  DEFINITIONS.  In this chapter:(1)  "Annuity contract" means a contract, including a funding agreement, guaranteed investment contract, and synthetic guaranteed investment contract, issued by a life insurer, with or without a mortality or morbidity contingency, under which:(A)  the owner deposits cash or assets in one or more installments with the life insurer; and(B)  the owner or a beneficiary designated by the owner has a right to receive periodic payments for a specified future term.(2)  "Funding agreement" means a type of annuity contract under which a life insurer:(A)  accepts and accumulates funds, including noncash assets; and(B)  makes one or more payments at a future date in amounts that are not based on mortality or morbidity contingencies.(3)  "Governmental body" means a federal, state, municipal, local, or foreign court, tribunal, governmental department, commission, board, bureau, agency, authority, instrumentality, regulatory body, or quasi-regulatory body.(4)  "Group" means a group to which a group life insurance policy may be issued under Subchapter B, Chapter 1131.(5)  "Group annuity contract" means an annuity contract issued to a group and not an individual. (6)  "Guaranteed investment contract" means a type of annuity contract issued by a life insurer:(A)  that is a funding vehicle typically issued to a retirement plan; and(B)  under which the life insurer accepts a deposit or series of deposits from the purchaser and guarantees to pay a specified interest rate of return on the funds deposited during a specified period. (7)  "Life insurer" means an insurance company authorized to engage in the business of life insurance, including issuing annuity contracts, in this state.(8)  "Synthetic guaranteed investment contract" means a group annuity contract or other agreement issued by a life insurer that, wholly or partly, establishes the life insurer's obligations by reference to a segregated portfolio of assets that the life insurer does not own. |Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.|
TX Ins Code § 1154.004 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1154 - Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts|Subchapter A. General Provisions|Section 1154.004. Applicability of Certain Other Law

Sec. 1154.004.  APPLICABILITY OF CERTAIN OTHER LAW.  Chapters 521, 1107, 1115, and 1131 do not apply to funding agreements, guaranteed investment contracts, or synthetic guaranteed investment contracts without mortality or morbidity contingencies. |Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.|
TX Ins Code § 1154.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1154 - Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts|Subchapter A. General Provisions|Section 1154.005. Rules

Sec. 1154.005.  RULES.  The commissioner may adopt rules to implement or clarify this chapter.|Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.|
TX Ins Code § 1154.051 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1154 - Funding Agreements, Guaranteed Investment Contracts, and Synthetic Guaranteed Investment Contracts|Subchapter B. Funding Agreements|Section 1154.051. Establishment of Funding Agreements

Sec. 1154.051.  ESTABLISHMENT OF FUNDING AGREEMENTS.  (a)  A life insurer may issue a funding agreement to generate an income stream for the purchaser of the agreement or fund a future liability or program of the purchaser or the purchaser's designee.  A life insurer may issue a funding agreement to:(1)  an accredited investor, as defined by 17 C.F.R. Section 230.501;(2)  a governmental body; or(3)  an institution with assets in excess of $25 million.(b)  A life insurer that issues a funding agreement in this state engages in the business of insurance for the purpose of regulation.|Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.|