reglab/housing_qa huggingface dataset:
TX Ins Code § 1111A.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.005. Requirements for Contract Forms, Disclosure Forms, and Advertisements

Sec. 1111A.005.  REQUIREMENTS FOR CONTRACT FORMS, DISCLOSURE FORMS, AND ADVERTISEMENTS.  (a)  A person may not use any form of life settlement contract in this state unless the form has been filed with and approved, if required, by the commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions for life insurance forms, policies, and contracts.(b)  An insurer may not, as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy pursuant to a life settlement contract, require that the owner, insured, provider, or broker sign any form, disclosure, consent, waiver, or acknowledgment that has not been expressly approved by the commissioner for use in connection with life settlement contracts.(c)  A person may not use a life settlement contract form or provide to an owner a disclosure statement form unless the form is first filed with and approved by the commissioner.  The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner's opinion, the contract or contract provisions fail to meet the requirements of Sections 1111A.011, 1111A.012, 1111A.014, and 1111A.023(b), or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the owner.(d)  At the commissioner's discretion, the commissioner may require the submission of advertisements.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.007 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.007. Examination

Sec. 1111A.007.  EXAMINATION.  Subchapter B, Chapter 401, applies to a person engaged in the business of life settlements.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.008 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.008. Immunity From Liability

Sec. 1111A.008.  IMMUNITY FROM LIABILITY.  (a)  No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives, or any examiner appointed by the commissioner for a statement made or conduct performed in good faith while carrying out this chapter.(b)  No cause of action shall arise, nor shall any liability be imposed against any person for the act of communicating or delivering information to the commissioner or the commissioner's authorized representative or examiner pursuant to an examination made under this chapter, if the act of communication or delivery was performed in good faith and without fraudulent intent or the intent to deceive.  This subsection does not abrogate or modify in any way any common law or statutory privilege or immunity enjoyed by any person identified in Subsection (a).|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.009 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.009. Investigative Authority of the Commissioner

Sec. 1111A.009.  INVESTIGATIVE AUTHORITY OF THE COMMISSIONER.  The commissioner may investigate a suspected fraudulent life settlement act and a person engaged in the business of life settlements.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.010 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.010. Cost of Examinations

Sec. 1111A.010.  COST OF EXAMINATIONS.  The reasonable and necessary cost of an examination under this chapter is to be assessed against the person being examined in accordance with Section 751.208.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.011 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.011. Advertising

Sec. 1111A.011.  ADVERTISING.  (a)  A broker or provider licensed pursuant to this chapter may conduct or participate in an advertisement in this state.  The advertisement must comply with all advertising and marketing laws under Chapter 541 and rules adopted by the commissioner that are applicable to life insurers or to license holders under this chapter.(b)  Advertisements shall be accurate, truthful, and not misleading in fact or by implication.(c)  A person may not:(1)  market, advertise, solicit, or otherwise promote the purchase of a policy for the sole purpose of or with an emphasis on settling the policy; or(2)  use the words "free," "no cost," or words of similar import in the marketing, advertising, or soliciting of, or otherwise promoting, the purchase of a policy.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.013 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.013. Disclosure to Insurer

Sec. 1111A.013.  DISCLOSURE TO INSURER.  (a)  Without limiting the ability of an insurer to assess the insurability of a policy applicant and to determine whether to issue the policy, and in addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, an insurer may inquire in the application for insurance whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the policy as collateral to support the financing.(b)  If, as described in Sections 1111A.002(11) and (11-A), the loan provides funds that can be used for a purpose other than paying for the premiums, costs, and expenses associated with obtaining and maintaining the life insurance policy and loan, and notwithstanding any other law, the application must be rejected as a violation of Section 1111A.017.(c)  If the financing does not violate Section 1111A.017, the insurance carrier:(1)  may make disclosures, not later than the date of the delivery of the policy, to the applicant and the insured, either on the application or on an amendment to the application that include the following or substantially similar statements:"If you have entered into a loan arrangement in which the policy is used as collateral, and the policy does change ownership at some point in the future in satisfaction of the loan, the following may be true:(A)  a change of ownership could lead to a stranger owning an interest in the insured's life;(B)  a change of ownership could in the future limit your ability to purchase future insurance on the insured's life because there is a limit to how much coverage insurers will issue on one life;(C)  should there be a change of ownership and you wish to obtain more insurance coverage on the insured's life in the future, the insured's higher issue age, a change in health status, or other factors may reduce the ability to obtain coverage or may result in significantly higher premiums; and(D)  you should consult a professional advisor, since a change in ownership in satisfaction of the loan may result in tax consequences to the owner, depending on the structure of the loan.";(2)  may require certifications, such as the following, from the applicant or the insured:(A)  "I have not entered into any agreement or arrangement providing for the future sale of this life insurance policy";(B)  "My loan arrangement for this policy provides funds sufficient to pay for some or all of the premiums, costs, and expenses associated with obtaining and maintaining my life insurance policy, but I have not entered into any agreement by which I am to receive consideration in exchange for procuring this policy"; and(C)  "The borrower has an insurable interest in the insured."|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.015 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.015. Authority to Adopt Rules

Sec. 1111A.015.  AUTHORITY TO ADOPT RULES.  (a)  The commissioner may adopt rules implementing this chapter and regulating the activities and relationships of providers, brokers, insurers, and their authorized representatives.(b)  The commissioner may not adopt a rule establishing a price or fee for the sale or purchase of a life settlement contract.  This subsection does not prohibit the commissioner from adopting a rule relating to an unjust price or fee for the sale or purchase of a life settlement contract.(c)  The commissioner may not adopt a rule that regulates the actions of an investor providing money to a life or viatical settlement company.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.016 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.016. Conflict of Laws

Sec. 1111A.016.  CONFLICT OF LAWS.  (a)  If there is more than one owner on a single policy, and the owners are residents of different states, the life settlement contract is governed by the law of the state in which the owner having the largest percentage ownership resides or, if the owners hold equal ownership, the state of residence of one owner agreed on in writing by all of the owners.  The law of the state of the insured shall govern in the event that equal owners fail to agree in writing on a state of residence for jurisdictional purposes.(b)  A provider licensed in this state who enters into a life settlement contract with an owner who is a resident of another state that has enacted statutes or adopted rules governing life settlement contracts is governed in the effectuation of that life settlement contract by the statutes and rules of the owner's state of residence.  If the state in which the owner is a resident has not enacted statutes or adopted rules governing life settlement contracts, the provider shall give the owner notice that neither state regulates the transaction on which the owner is entering.  For transactions in those states, however, the provider shall maintain all records required by this chapter if the transactions were executed in this state.  The forms used in those states need not be approved by the department.(c)  If there is a conflict in the laws that apply to an owner and a purchaser in any individual transaction, the laws of the state that apply to the owner shall take precedence and the provider shall comply with those laws.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.018 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.018. Fraud Prevention and Control

Sec. 1111A.018.  FRAUD PREVENTION AND CONTROL.  (a)  A person may not commit a fraudulent life settlement act.(b)  A person may not interfere with the enforcement of this chapter or an investigation of a suspected or actual violation of this chapter.(c)  A person in the business of life settlements may not knowingly or intentionally permit a person convicted of a felony involving dishonesty or breach of trust to participate in the business of life settlements.(d)  A life settlement contract and an application for a life settlement contract, regardless of the form of transmission, must contain the following, or a substantially similar, statement:  "Any person who knowingly presents false information in an application for insurance or a life settlement contract is guilty of a crime and may be subject to fines and confinement in prison."(e)  The failure to include a statement as required in Subsection (d) is not a defense in any prosecution for a fraudulent life settlement act.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.019 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.019. Mandatory Reporting of Fraudulent Life Settlement Acts

Sec. 1111A.019.  MANDATORY REPORTING OF FRAUDULENT LIFE SETTLEMENT ACTS.  A person engaged in the business of life settlements has a duty under Section 701.051 to report a fraudulent life settlement act.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.020 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.020. Confidentiality

Sec. 1111A.020.  CONFIDENTIALITY.  (a)  The documents and evidence obtained by the commissioner in an investigation of a suspected or an actual fraudulent life settlement act are privileged and confidential, are not a public record, and are not subject to discovery or subpoena in a civil or criminal action.(b)  Subsection (a) does not prohibit release by the commissioner of documents and evidence obtained in an investigation of a suspected or an actual fraudulent life settlement act:(1)  in an administrative or judicial proceeding to enforce a provision of this code or another insurance law of this state;(2)  to a federal, state, or local law enforcement or regulatory agency, to an organization established for the purpose of detecting and preventing a fraudulent life settlement act, or to the National Association of Insurance Commissioners; or(3)  at the discretion of the commissioner, to a person in the business of life settlements that is aggrieved by a fraudulent life settlement act.(c)  Release of documents and evidence under Subsection (b) does not abrogate or modify the privilege granted in Subsection (a).|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.021 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.021. Other Law Enforcement or Regulatory Authority

Sec. 1111A.021.  OTHER LAW ENFORCEMENT OR REGULATORY AUTHORITY.  This chapter does not:(1)  preempt the authority or relieve the duty of another law enforcement or regulatory agency to investigate, examine, and prosecute a suspected violation of law;(2)  preempt, supersede, or limit any provision of any state securities law or any rule, order, or notice issued under the law;(3)  prevent or prohibit a person from disclosing voluntarily information concerning life settlement fraud to a law enforcement or regulatory agency other than the department; or(4)  limit the powers granted by the laws of this state to the commissioner or an insurance fraud unit to investigate and examine a possible violation of law and to take appropriate action against wrongdoers.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.022 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.022. Life Settlement Antifraud Initiatives

Sec. 1111A.022.  LIFE SETTLEMENT ANTIFRAUD INITIATIVES.  (a)  A provider or broker shall implement antifraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent life settlement acts.  At the discretion of the commissioner, the commissioner may order, or a license holder may request and the commissioner may grant, a modification of the following required initiatives as necessary to ensure an effective antifraud program.  A modification granted under this section may be more or less restrictive than the required initiatives so long as the modification may reasonably be expected to accomplish the purpose of this section.  Antifraud initiatives must include:(1)  fraud investigators, who may be provider or broker employees or independent contractors; and(2)  an antifraud plan, which must be submitted to the commissioner and must include:(A)  a description of the procedures for detecting and investigating possible fraudulent life settlement acts and procedures for resolving material inconsistencies between medical records and insurance applications;(B)  a description of the procedures for reporting possible fraudulent life settlement acts to the commissioner;(C)  a description of the plan for antifraud education and training of underwriters and other personnel; and(D)  a description or chart outlining the organizational arrangement of the antifraud personnel who are responsible for the investigation and reporting of possible fraudulent life settlement acts and investigating unresolved material inconsistencies between medical records and insurance applications.(b)  An antifraud plan submitted to the commissioner is privileged and confidential, is not subject to disclosure under Chapter 552, Government Code, and is not subject to discovery or subpoena in a civil action.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.023 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.023. Injunction; Civil Remedies; Cease and Desist Orders

Sec. 1111A.023.  INJUNCTION; CIVIL REMEDIES; CEASE AND DESIST ORDERS.  (a)  In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule implementing this chapter, the commissioner may seek an injunction in a court in the county where the person resides or has a principal place of business and may apply for temporary and permanent orders that the commissioner determines necessary to restrain the person from further committing the violation.(b)  The commissioner may issue a cease and desist order against a person who violates any provision of this chapter, any rule or order adopted by the commissioner, or any written agreement entered into with the commissioner, in accordance with Chapter 82.(c)  If the commissioner finds that an action in violation of this chapter presents an immediate danger to the public and requires an immediate final order, the commissioner may issue an emergency cease and desist order under Chapter 83.(d)  The provisions of this chapter may not be waived by agreement.  No choice of law provision may prevent the application of this chapter to any settlement.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.024 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.024. Penalties

Sec. 1111A.024.  PENALTIES.  (a)  It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act.(b)  A person who knowingly, recklessly, or intentionally commits a fraudulent life settlement act commits a criminal offense and is subject to penalties under Chapter 35, Penal Code.(c)  Subtitle B, Title 2, applies to a violation of this chapter.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.025 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.025. Applicability of Other Insurance Laws

Sec. 1111A.025.  APPLICABILITY OF OTHER INSURANCE LAWS.  The following laws apply to a person engaged in the business of life settlements:(1)  Chapters 82, 83, 84, 101, 481, and 701;(2)  Sections 31.002, 32.021, 32.023, 32.041, 38.001, 81.004, 86.001, 86.051, 86.052, 201.004, 401.051, 401.054, 401.151(a), 521.003, 521.004, 543.001(c), 801.056, and 862.052;(3)  Subchapter A, Chapter 32;(4)  Subchapter C, Chapter 36;(5)  Subchapter B, Chapter 404; and(6)  Subchapter B, Chapter 491.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1111A.026 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1111A - Life Settlement Contracts|Section 1111A.026. Applicability of Certain Provisions to Life Expectancy Estimators

Sec. 1111A.026.  APPLICABILITY OF CERTAIN PROVISIONS TO LIFE EXPECTANCY ESTIMATORS.  (a) The following provisions do not apply to a broker who acts solely as a life expectancy estimator:(1)  Section 1111A.003(p);(2)  Section 1111A.012; and(3)  Sections 1111A.014(l) and (m).(b)  The commissioner may exempt a broker who acts only as a life expectancy estimator from other provisions of this chapter if the commissioner finds that the application of those provisions to the broker is not necessary for the public welfare.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.|
TX Ins Code § 1112.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1112 - Certain Guarantees in Life Insurance Policies|Section 1112.001. Certain Guarantees Not Prohibited

Sec. 1112.001.  CERTAIN GUARANTEES NOT PROHIBITED.  Section 841.253 does not prohibit the issuance of a life insurance policy that guarantees, by coupons or otherwise, definite payments or reductions in premiums.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1F.001, eff. April 1, 2009.|
TX Ins Code § 1112.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1112 - Certain Guarantees in Life Insurance Policies|Section 1112.002. Certain Guarantees Constitute Definite Contract Benefit; Valuation of Benefit

Sec. 1112.002.  CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT BENEFIT; VALUATION OF BENEFIT.  (a)  Except as provided by Subsection (e), a guarantee described by Section 1112.001 that is in a policy or coupon issued after September 5, 1955, shall be treated as a definite contract benefit and valued according to this section and the reserve requirements of Chapter 425.(b)  Except as provided by Subsection (c), for a policy or coupon issued before the date determined under Section 1105.002(a) or (b), as applicable to the company, a contract benefit described by Subsection (a) shall be valued using the reserve valuation net premium for the benefits that is a uniform percentage of the gross premiums.(c)  A policy described by Subsection (b) that contains a contract benefit described by Subsection (a) may be valued on a basis that provides for not more than one year preliminary term insurance.(d)  For a policy or coupon issued on or after the date determined under Section 1105.002(a) or (b), as applicable to the company, a contract benefit described by Subsection (a) shall be valued using the commissioners reserve valuation method described by Section 425.064.(e)  A provision of this section relating to reserves does not apply to a policy issued before September 7, 1955.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1F.001, eff. April 1, 2009.|