reglab/housing_qa huggingface dataset:
TX Ins Code § 1107.052 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter B. Computation of Minimum Nonforfeiture Amount|Section 1107.052. Contract With Flexible Considerations

Sec. 1107.052.  CONTRACT WITH FLEXIBLE CONSIDERATIONS.  (a)  This section applies only to an annuity contract that provides for the payment of flexible considerations.(b)  The minimum nonforfeiture amount on or before annuity payments begin is an amount equal to the accumulation of the prescribed percentages of the amount of net considerations paid to the date of computation, which are accumulated at an interest rate of three percent per year, plus any additional amount credited to the contract by the company, less the amount of:(1)  any withdrawal from or partial surrender of the contract made before the minimum nonforfeiture amount is computed, accumulated at an interest rate of three percent per year;  and(2)  any indebtedness to the company on the contract, including any accrued interest due on the indebtedness.(c)  For the purposes of this section, the amount of net consideration for a contract year may not be less than $0 and is computed by subtracting from the amount of gross considerations credited to the contract during that contract year:(1)  an annual contract charge of $30;  and(2)  a collection charge of $1.25 for each consideration credited to the contract during that year.(d)  Except as provided by Subsection (e), the percentage of the amount of net consideration to be used in computing a minimum nonforfeiture amount under Subsection (b) is:(1)  65 percent for the first contract year;  and(2)  87.5 percent for each subsequent contract year.(e)  For a renewal contract year, the percentage of the amount of net consideration to be used to compute a minimum nonforfeiture amount under Subsection (b) is 65 percent of the portion of the total amount of net consideration that exceeds by not more than two times the sum of those portions of the amount of net consideration in all preceding contract years for which the percentage was 65 percent.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.053 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter B. Computation of Minimum Nonforfeiture Amount|Section 1107.053. Contract With Fixed, Scheduled Considerations

Sec. 1107.053.  CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS.  (a)  For an annuity contract that provides for the payment of fixed, scheduled considerations, the minimum nonforfeiture amount is computed in the same manner as the minimum nonforfeiture amount for an annuity contract with flexible considerations that are paid annually, except that:(1)  the amount of net consideration for a contract year is computed using an annual contract charge equal to the lesser of:(A)  $30;  or(B)  10 percent of the amount of the gross annual considerations paid on the contract;  and(2)  the percentage of the net consideration amount for the first contract year to be used to compute the minimum nonforfeiture amount is 65 percent of the amount of net consideration for the first contract year plus 22.5 percent of the amount by which the amount of net consideration for the first contract year exceeds the lesser of:(A)  the amount of net consideration for the second contract year;  or(B)  the amount of net consideration for the third contract year.(b)  The computation made under Subsection (a) must assume that the considerations are paid annually in advance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.054 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter B. Computation of Minimum Nonforfeiture Amount|Section 1107.054. Contract With Single Consideration

Sec. 1107.054.  CONTRACT WITH SINGLE CONSIDERATION.  For an annuity contract that provides for the payment of a single consideration, the minimum nonforfeiture amount is computed in the same manner as the minimum nonforfeiture amount for a contract with flexible considerations, except that:(1)  the net consideration amount to be used to compute the minimum nonforfeiture amount is the amount of the gross considerations paid under the contract less a contract charge of $75;  and(2)  the percentage of the net consideration amount to be used to compute the minimum nonforfeiture amount is 90 percent.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.055 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter B. Computation of Minimum Nonforfeiture Amount|Section 1107.055. Interest Rate

Sec. 1107.055.  INTEREST RATE.  The interest rate used in determining minimum nonforfeiture amounts shall be an annual rate of interest determined as the lesser of three percent per annum and the following, which must be specified in the contract if the interest rate will be redetermined:(1)  the five-year Constant Maturity Treasury Rate reported by the Federal Reserve as of a date, or average over a period, rounded to the nearest 1/20th of one percent, specified in the contract no longer than 15 months prior to the contract issue date or redetermination date under Subdivision (4);(2)  reduced by 125 basis points;(3)  where the resulting interest rate is not less than 0.15 percent; and(4)  the interest rate shall apply for an initial period and may be redetermined for additional periods.  The redetermination date, basis, and period, if any, shall be stated in the contract.  As used in this section, basis is the date, or average over a specified period, which produces the five-year Constant Maturity Treasury Rate to be used at each redetermination date.|Added by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 1, eff. September 1, 2021.|
TX Ins Code § 1107.056 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter B. Computation of Minimum Nonforfeiture Amount|Section 1107.056. Additional Interest Rate Adjustments

Sec. 1107.056.  ADDITIONAL INTEREST RATE ADJUSTMENTS.  The commissioner may adopt rules to provide for further adjustments to Section 1107.055 for annuity contracts that provide substantive participation in an equity index benefit or other benefits as appropriate.|Added by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.057 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter B. Computation of Minimum Nonforfeiture Amount|Section 1107.057. Minimum Nonforfeiture Amount

Sec. 1107.057.  MINIMUM NONFORFEITURE AMOUNT.  (a)  The minimum values as specified in Sections 1107.006 and 1107.101-1107.105 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section.(b)  The minimum nonforfeiture amount at any time at or prior to the commencement of any annuity payments shall be equal to an accumulation up to such time at rates of interest as indicated in this subchapter of the net considerations as defined by Subsection (c) paid prior to such time, decreased by the sum of Subdivisions (1) through (4):(1)  any withdrawal from or partial surrender of the contract made before the minimum nonforfeiture amount is computed, accumulated at an interest rate as indicated in this subchapter;(2)  an annual contract charge of $50, accumulated at rates of interest as indicated in this subchapter;(3)  premium tax paid, if any, by the company, and not subsequently credited back to the company, for the contract, accumulated at rates of interest as indicated in this subchapter;  and(4)  any indebtedness to the company on the contract, including any accrued interest due on the indebtedness.(c)  For the purposes of this section, the amount of net consideration for a contract year shall be an amount equal to 87.5 percent of the gross considerations credited to the contract during that contract year.|Added by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.101 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.101. Present Value of Nonforfeiture Benefits

Sec. 1107.101.  PRESENT VALUE OF NONFORFEITURE BENEFITS.  (a)  The present value of any paid-up annuity benefit available under an annuity contract on the date annuity payments are to begin may not be less than the minimum nonforfeiture amount for that contract on that date as computed under Subchapter B.(b)  The present value of the paid-up annuity benefit shall be computed using the mortality table, if any, and the interest rates specified in the contract for computing the minimum paid-up annuity benefit guaranteed by the contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.102 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.102. Computation of Paid-Up Annuity Benefit Under Certain Contracts

Sec. 1107.102.  COMPUTATION OF PAID-UP ANNUITY BENEFIT UNDER CERTAIN CONTRACTS.  (a)  This section applies only to an annuity contract that does not provide a cash surrender benefit.(b)  Subject to Subsection (e), the present value of a paid-up annuity benefit available as a nonforfeiture option before the maturity date may not be less than the present value of the portion of the maturity value of the paid-up annuity benefit provided under the contract that arises from considerations paid on the contract before the date the contract is surrendered in exchange for or is changed to a deferred paid-up annuity.(c)  The present value of a paid-up annuity benefit under Subsection (b) shall be:(1)  computed for the period before the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations paid on the contract to determine the maturity value;  and(2)  increased by any additional amount credited by the company to the contract.(d)  Subject to Subsection (e), for an annuity contract that does not provide a death benefit before annuity payments begin, the present value of a paid-up annuity benefit available as a nonforfeiture option shall be computed using the interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit.(e)  The present value of a paid-up annuity benefit may not be less than the minimum nonforfeiture amount on the date of surrender or change.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.103 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.103. Computation of Cash Surrender Benefit

Sec. 1107.103.  COMPUTATION OF CASH SURRENDER BENEFIT.  (a)  Subject to Subsection (c), the value of a cash surrender benefit available under an annuity contract before the maturity date may not be less than the present value on the date the contract is surrendered of the portion of the maturity value of the paid-up annuity benefit that arises from considerations paid under the contract before that date and that would be provided under the contract at maturity less an amount reflecting any withdrawals from or partial surrenders of the contract before that date and the amount of any indebtedness to the company on the contract, including accrued interest due on the indebtedness, plus any additional amount credited by the company to the contract.(b)  The present value used to compute the minimum cash surrender benefit under Subsection (a) shall be computed using an interest rate that is not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations paid on the contract to determine the maturity value.(c)  The value of a cash surrender benefit may not be less than the minimum nonforfeiture amount on the date the contract is surrendered.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.104 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.104. Computation of Death Benefit

Sec. 1107.104.  COMPUTATION OF DEATH BENEFIT.  The value of a death benefit available under an annuity contract that provides a cash surrender benefit may not be less than the value of the cash surrender benefit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.105 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.105. Computation of Benefits Available at the Time Other Than Contract Anniversary

Sec. 1107.105.  COMPUTATION OF BENEFITS AVAILABLE AT THE TIME OTHER THAN CONTRACT ANNIVERSARY.  For an annuity contract that requires payment of fixed, scheduled considerations, the value of a paid-up annuity, cash surrender, or death benefit that is available under the contract on a date other than an anniversary of the contract date shall be computed to allow for the lapse of time and any scheduled considerations paid after the beginning of the contract year in which payment of considerations under the contract ceased.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.106 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.106. Minimum Nonforfeiture Values Under Contract That Provides Annuity and Life Insurance Benefits

Sec. 1107.106.  MINIMUM NONFORFEITURE VALUES UNDER CONTRACT THAT PROVIDES ANNUITY AND LIFE INSURANCE BENEFITS.  For a contract that provides, by rider or by supplemental provision, both annuity benefits and life insurance benefits that exceed the greater of the value of the cash surrender benefit or the amount with interest of the gross considerations paid on the contract, the minimum nonforfeiture benefits are equal to the sum of the minimum nonforfeiture benefits for the annuity portion of the contract and the minimum nonforfeiture benefits, if any, for the life insurance portion of the contract, computed as if each portion were a separate contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.107 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.107. Computations Not Affected by Additional Benefits

Sec. 1107.107.  COMPUTATIONS NOT AFFECTED BY ADDITIONAL BENEFITS.  (a)  Notwithstanding any other provision of this subchapter or Section 1107.006, a computation of a minimum nonforfeiture amount or of a paid-up annuity, cash surrender, or death benefit under this chapter may not include:(1)  any additional benefit that is:(A)  payable in the event of total and permanent disability;(B)  payable as a reversionary annuity or deferred reversionary annuity benefit;  or(C)  payable as another policy benefit in addition to life insurance, endowment, or annuity benefits;  or(2)  the considerations paid for the additional benefit.(b)  A paid-up benefit under an annuity contract is not required to include an additional benefit described by Subsection (a) unless the additional benefit separately requires:(1)  a minimum nonforfeiture amount;  or(2)  a paid-up annuity, cash surrender, or death benefit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1107.108 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities|Subchapter C. Value of Nonforfeiture Benefits|Section 1107.108. Rules

Sec. 1107.108.  RULES.  The commissioner may adopt rules to implement the provisions of this chapter.|Added by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.|
TX Ins Code § 1108.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1108 - Benefits Exempt From Seizure|Subchapter A. General Provisions|Section 1108.001. Construction With Other Law

Sec. 1108.001.  CONSTRUCTION WITH OTHER LAW.  The exemptions under this chapter are in addition to the exemptions from garnishment, attachment, execution, or other seizure under Chapter 42, Property Code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1108.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1108 - Benefits Exempt From Seizure|Subchapter A. General Provisions|Section 1108.002. Annuity Contracts

Sec. 1108.002.  ANNUITY CONTRACTS.  For purposes of regulation under this code, an annuity contract is considered an insurance policy or contract if the annuity contract is issued:(1)  by a life, health, or accident insurance company, including a mutual company or fraternal benefit society;  or(2)  under an annuity or benefit plan used by an employer or individual.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1108.051 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1108 - Benefits Exempt From Seizure|Subchapter B. Exemptions From Seizure|Section 1108.051. Exemptions for Certain Insurance and Annuity Benefits

Sec. 1108.051.  EXEMPTIONS FOR CERTAIN INSURANCE AND ANNUITY BENEFITS.  (a)  Except as provided by Section 1108.053, this section applies to any benefits, including the cash value and proceeds of an insurance policy, to be provided to an insured or beneficiary under:(1)  an insurance policy or annuity contract issued by a life, health, or accident insurance company, including a mutual company or fraternal benefit society;  or(2)  an annuity or benefit plan used by an employer or individual.(b)  Notwithstanding any other provision of this code, insurance or annuity benefits described by Subsection (a):(1)  inure exclusively to the benefit of the person for whose use and benefit the insurance or annuity is designated in the policy or contract;  and(2)  are fully exempt from:(A)  garnishment, attachment, execution, or other seizure;(B)  seizure, appropriation, or application by any legal or equitable process or by operation of law to pay a debt or other liability of an insured or of a beneficiary, either before or after the benefits are provided;  and(C)  a demand in a bankruptcy proceeding of the insured or beneficiary.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1108.052 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1108 - Benefits Exempt From Seizure|Subchapter B. Exemptions From Seizure|Section 1108.052. Exemptions Unaffected by Beneficiary Designation

Sec. 1108.052.  EXEMPTIONS UNAFFECTED BY BENEFICIARY DESIGNATION.  The exemptions provided by Section 1108.051 apply regardless of whether:(1)  the power to change the beneficiary is reserved to the insured; or(2)  the insured or the insured's estate is a beneficiary.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 91 (S.B. 649), Sec. 1, eff. September 1, 2013.|
TX Ins Code § 1108.053 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1108 - Benefits Exempt From Seizure|Subchapter B. Exemptions From Seizure|Section 1108.053. Exceptions to Exemptions

Sec. 1108.053.  EXCEPTIONS TO EXEMPTIONS.  The exemptions provided by Section 1108.051 do not apply to:(1)  a premium payment made in fraud of a creditor, subject to the applicable statute of limitations for recovering the payment;(2)  a debt of the insured or beneficiary secured by a pledge of the insurance policy or the proceeds of the policy;  or(3)  a child support lien or levy under Chapter 157, Family Code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.301(a), eff. Sept. 1, 2003.|
TX Ins Code § 1108.101 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1108 - Benefits Exempt From Seizure|Subchapter C. Assignment of Benefits|Section 1108.101. Assignment Generally

Sec. 1108.101.  ASSIGNMENT GENERALLY.  (a)  This chapter does not prevent an insured, owner, or annuitant from assigning, in accordance with the terms of the policy or contract:(1)  any benefits to be provided under an insurance policy or annuity contract to which this chapter applies; or(2)  any other rights under the policy or contract.(b)  A benefit or right described by Subsection (a) assigned by an insured, owner, or annuitant after a child support lien notice has been filed against the insured, owner, or annuitant by the Title IV-D agency continues to be subject to the child support lien after the date of assignment.  The lien continues to secure payment of all child support arrearages owed by the insured, owner, or annuitant under the underlying child support order, including arrearages that accrue after the date of assignment.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 508 (H.B. 1674), Sec. 20, eff. September 1, 2011.|