reglab/housing_qa huggingface dataset:
TX Ins Code § 884.304 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.304. Life Insurance of More Than $25,000

Sec. 884.304.  LIFE INSURANCE OF MORE THAN $25,000.(a)  Except as provided by this section, a stipulated premium company may not assume liability on a life insurance risk on one life in an amount that exceeds $25,000.(b)  If a stipulated premium company assumes a life insurance risk under a life insurance policy, the initial death benefit of $25,000 or less may increase to an amount greater than $25,000 subject to this section.(c)  For each policy year of a policy for which, after issuance, the death benefit exceeds $25,000, the amount of the increase of the death benefit at the end of that policy year from the end of the preceding policy year may not exceed the greater of:(1)  the amount computed using the maximum rate of increase provided by the policy, which rate may not exceed five percent a year, compounded annually; or(2)  the amount computed using the consumer price index for all urban consumers for all items and for all regions of the United States combined, as determined by the United States Department of Labor, Bureau of Labor Statistics, on September 30 of the year preceding the year in which the policy year ends, compounded annually.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1309 (H.B. 2570), Sec. 5, eff. September 1, 2009.|
TX Ins Code § 884.305 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.305. Premiums on Life Insurance Policies

Sec. 884.305.  PREMIUMS ON LIFE INSURANCE POLICIES.  The premiums charged on a life insurance policy issued by a stipulated premium company may not be less than the renewal net premium computed under the reserve standard adopted by the stipulated premium company and approved by the department.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.306 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.306. Life Insurance Contract

Sec. 884.306.  LIFE INSURANCE CONTRACT.  A life insurance policy issued by a stipulated premium company constitutes the entire contract, except that if a copy of the application for the policy is attached to the policy, the policy and application constitute the entire contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.307 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.307. Issuance of Annuity Contract

Sec. 884.307.  ISSUANCE OF ANNUITY CONTRACT.  (a)  A stipulated premium company that possesses capital and unencumbered surplus in a combined amount of at least $100,000 more than all of its liabilities, including contingent liabilities, may issue annuity contracts as authorized by Chapters 3 and 1701 and Title 7.(b)  The stipulated premium company shall maintain reserves on the contracts in accordance with the statutes governing reserves on equivalent contracts issued by a legal reserve company.(c)  A stipulated premium company that writes annuity contracts under this section shall maintain capital and unencumbered surplus in at least the combined amount required by Subsection (a).(d)  A stipulated premium company that does not comply with Subsection (c) is considered to be insolvent.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.082, eff. April 1, 2009.|
TX Ins Code § 884.308 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.308. Limits on Amount of Accident and Health Insurance Policies

Sec. 884.308.  LIMITS ON AMOUNT OF ACCIDENT AND HEALTH INSURANCE POLICIES.  (a)  A stipulated premium company may not assume liability on or indemnify one person for any risk under one or more accident, health, or hospitalization insurance policies, or any combination of those policies in an amount that exceeds $10,000, unless the amount of the issued, outstanding, and stated capital of the company is at least $700,000.(b)  A stipulated premium company that before January 1, 2002, ceases to assume liability on, or indemnify any risk under a policy described by Subsection (a) in the amount specified by Subsection (a), and notifies the commissioner of that action is exempt from the requirements of Subsection (a) until the date the company resumes writing those policies.  A company that resumes assuming liability on or indemnifying risks under these policies shall comply with Subsections (a) and (c).  For purposes of this subsection, renewal of a policy is not considered to be writing a policy.(c)  A stipulated premium company that is exempt under Subsection (b) shall maintain its issued, outstanding, and stated capital in an amount that is at least:(1)  $100,000, if the last date that the company writes a policy described by Subsection (a) is before January 1, 1993;(2)  $160,000, if the last date that the company writes a policy described by Subsection (a) is during 1993;(3)  $220,000, if the last date that the company writes a policy described by Subsection (a) is during 1994;(4)  $280,000, if the last date that the company writes a policy described by Subsection (a) is during 1995;(5)  $340,000, if the last date that the company writes a policy described by Subsection (a) is during 1996;(6)  $400,000, if the last date that the company writes a policy described by Subsection (a) is during 1997;(7)  $460,000, if the last date that the company writes a policy described by Subsection (a) is during 1998;(8)  $520,000, if the last date that the company writes a policy described by Subsection (a) is during 1999;(9)  $580,000, if the last date that the company writes a policy described by Subsection (a) is during 2000;  and(10)  $640,000, if the last date that the company writes a policy described by Subsection (a) is during 2001.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.309 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.309. Adjustment of Premiums

Sec. 884.309.  ADJUSTMENT OF PREMIUMS.  (a)  The board of directors of a stipulated premium company by resolution may, subject to this chapter, increase or otherwise adjust a rate of premium on any insurance policy it issues, reinsures, or assumes when, in the board's discretion, the adjustment is necessary.(b)  In making a comprehensive adjustment of one or more classes of the stipulated premium company's policies, the board of directors may provide that an insured who is required to pay an increased premium may choose to pay a part or none of the amount of the increase and receive a reduction of the corresponding insurance benefits proportionate to the value of the unpaid part of the increase.(c)  This section does not apply to a policy:(1)  issued by a stipulated premium company that on the date the policy is issued possesses an unencumbered surplus in an amount of at least $50,000;(2)  on which the stipulated premium company has relinquished the right to adjust rates;  and(3)  under which the premium for life insurance requires the payment of a premium for life insurance that alone is sufficient to maintain reserves at least equal to those computed on the basis of the 1958 Commissioners Standard Ordinary Table of Mortality with interest not to exceed 3-1/2 percent a year.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.310 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.310. Agent

Sec. 884.310.  AGENT.  Each agent of a stipulated premium company must be licensed under Title 13.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.221(a), eff. Sept. 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.083, eff. April 1, 2009.|
TX Ins Code § 884.311 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter G. Powers and Duties Relating to Coverages|Section 884.311. Law Governing Investments; Election

Sec. 884.311.  LAW GOVERNING INVESTMENTS;  ELECTION.  (a)  A stipulated premium insurance company issuing life, health, or accident coverages or maintaining policies in force that were issued in accordance with Subchapter I may elect that the company's investments and transactions be governed by Subchapter C, Chapter 425.(b)  The election under Subsection (a) must be made by written notice to the commissioner and is effective on the first day of the calendar quarter following the day on which the notice is filed with the commissioner.(c)  After the second anniversary of the effective date of an initial election authorized by this section, the stipulated premium insurance company may elect that the company's investments and transactions be governed by Sections 425.203-425.228.(d)  The subsequent election under Subsection (c) must be made by written notice to the commissioner and is effective on the first day of the calendar quarter following the day on which the notice is filed with the commissioner.(e)  After a stipulated premium insurance company has made a subsequent election under Subsection (c), the company may make another election under this section, subject to the approval of the election by the commissioner.|Added by Acts 2003, 78th Leg., ch. 487, Sec. 1, eff. Sept. 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.084, eff. April 1, 2009.|
TX Ins Code § 884.351 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.351. General Requirements for Policy and Application Forms

Sec. 884.351.  GENERAL REQUIREMENTS FOR POLICY AND APPLICATION FORMS.  (a)  Each stipulated premium company policy or application form must contain on its face immediately after the name of the company "A Stipulated Premium Company."(b)  A stipulated premium company shall provide for an adjustment of the premium rate on the insurance contract in each insurance policy it issues, reinsures, or assumes that is subject to a premium adjustment under Section 884.309.  Each policy subject to a premium adjustment under that section must contain on the front of the policy a statement that the premium is subject to readjustment.(c)  A stipulated premium company's policy of insurance may not contain "Approved by the Commissioner of Insurance" or words of a similar meaning.(d)  A life insurance policy issued by a stipulated premium company or an application for the policy may not contain language or be in a form that misleads the policyholder or applicant about the kind of insurance offered or the rights or benefits of the policyholder or applicant.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.352 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.352. Requirements for Accident, Health, and Hospitalization Insurance Policies

Sec. 884.352.  REQUIREMENTS FOR ACCIDENT, HEALTH, AND HOSPITALIZATION INSURANCE POLICIES.  An accident, health, or hospitalization insurance policy issued, reinsured, or assumed by a stipulated premium company must contain a premium redetermination clause that permits the company's board of directors to adjust the premium rate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.353 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.353. Life Insurance Application Forms

Sec. 884.353.  LIFE INSURANCE APPLICATION FORMS.  (a)  An application for a life insurance policy issued by a stipulated premium company must be signed by the applicant.  If the applicant is a minor, the application may be signed by a parent or guardian.(b)  The application for a policy that provides that a misstatement relating to the applicant's health or physical condition may void the policy within the contestable period must state that provision in language approved by the department.  The statement must be in not less than 10-point type.(c)  In the absence of fraud each statement in an application is regarded as a representation and not a warranty.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.354 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.354. Life Insurance Policy Forms; Incontestability

Sec. 884.354.  LIFE INSURANCE POLICY FORMS;  INCONTESTABILITY.  (a)  Each life insurance policy issued by a stipulated premium company must state on the front page:(1)  the amount of death benefit to be paid;  and(2)  the circumstances or conditions under which the benefit is to be paid.(b)  Each condition of a life insurance policy must be stated in the policy.(c)  A life insurance policy must provide that a policy in force for two years becomes incontestable, except for nonpayment of premiums, on the second anniversary of the date of issuance, if the insured does not die before that date.(d)  A life insurance policy must provide that if the age of the insured is misstated, the amount of insurance is the amount that the premium paid would have purchased if the age had been stated correctly, based on premium rates in effect when the insured dies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.355 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.355. Designation of Beneficiaries

Sec. 884.355.  DESIGNATION OF BENEFICIARIES.  The designation of a beneficiary under a life insurance policy issued by a stipulated premium company must comply with Subchapter B, Chapter 1103, and Subchapter A, Chapter 1104.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.356 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.356. Life Insurance Benefit Reductions or Increases

Sec. 884.356.  LIFE INSURANCE BENEFIT REDUCTIONS OR INCREASES.  (a)  A life insurance policy may provide for reduced benefits if the insured:(1)  dies or is injured while engaged in:(A)  military, naval, or aerial service or aerial flight during peace or war;  or(B)  a hazardous occupation specified in the policy;  or(2)  dies by the insured's own hand, regardless of whether the insured is sane or insane.(b)  The front page of a life insurance policy must call attention to any reduction or exclusion of benefits provided by the policy.  The circumstances or conditions under which the reduction or exclusion applies must be stated plainly in the policy.(c)  If a policy that provides natural death benefits contains a provision for reducing the greatest death benefit provided by the policy for a specified insured for a reason other than a reason specified by Subsection (a):(1)  the reduced death benefit for the insured must at all times when the reduction is in effect equal or exceed 120 percent of the total premium paid on that policy by the insured;  and(2)  the reduction must end before the fifth anniversary of the date the policy is issued.(d)  Subsection (c) does not apply to a life insurance policy on which the reduction of the death benefit does not apply at the time of the death of the insured.(e)  If a life insurance policy provides for an increase of the initial amount of the death benefit for a specified insured one or more times during the first five years of the policy, the amount of death benefit for the insured must at all times during the period of the increasing benefit equal at least 120 percent of the premiums paid on that policy by the insured during the period of the increase.(f)  Subsection (e) does not apply to a life insurance policy that has been in force for more than five years from the date the policy is issued.(g)  This section does not apply to a family group life insurance policy described by Section 884.451(b).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.357 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter H. Contents of Applications and Policies|Section 884.357. Form Approval

Sec. 884.357.  FORM APPROVAL.  The approval of a form of an insurance policy issued by a stipulated premium company is governed by Chapter 1701.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.085, eff. April 1, 2009.|
TX Ins Code § 884.401 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter I. Authority to Issue Other Coverage|Section 884.401. Authority Cumulative

Sec. 884.401.  AUTHORITY CUMULATIVE.  The authority provided by this subchapter is in addition to the authority provided by this chapter for the issuance of other insurance coverage.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.402 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter I. Authority to Issue Other Coverage|Section 884.402. Additional Coverage

Sec. 884.402.  ADDITIONAL COVERAGE.  A stipulated premium company that, at the time it begins to issue coverages under this subchapter, possesses the amounts of capital and unencumbered surplus equal to or greater than the corresponding amounts required for organization of a life and health company under Sections 841.052, 841.054, 841.204, 841.205, 841.301, and 841.302 may, subject to Section 884.403:(1)  issue any kind of life insurance coverage authorized by Chapter 3, 841, or 1701 or Title 7;(2)  issue any kind of health or accident insurance coverage authorized by:(A)  Title 7;(B)  Chapter 3, 704, 841, 846, 982, 1201, 1202, 1203, 1210, 1251, 1252, 1253, 1254, 1301, 1351, 1354, 1359, 1364, 1368, 1501, 1504, 1505, 1552, 1575, 1576, 1579, 1581, 1625, 1651, 1652, or 1701;(C)  Chapter 493, other than Section 493.051(b);(D)  Subchapter B, Chapter 38, Subchapter D, Chapter 425, Subchapter A or F, Chapter 1204, Subchapter A, Chapter 1273, Subchapter A, B, or D, Chapter 1355, Subchapter A, Chapter 1366, or Subchapter A, Chapter 1507;(E)  Section 1204.151, 1204.153, 1204.154, or 1451.051; or(F)  Chapter 177, Local Government Code; or(3)  issue life insurance coverage through policies without cash surrender values or nonforfeiture values and that exceed $10,000 on one life.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.086, eff. April 1, 2009.Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.11, eff. September 1, 2017.|
TX Ins Code § 884.403 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter I. Authority to Issue Other Coverage|Section 884.403. Policy Requirements

Sec. 884.403.  POLICY REQUIREMENTS.  (a)  A policy issued under Section 884. 402(1) or (2) must be reserved and must comply with the law, including rules, applicable to a policy issued by a company authorized to engage in or engaging in the business of insurance under Chapter 841.(b)  A policy of life insurance issued under Section 884.402(3):(1)  must be reserved in accordance with a reserve table adopted by the department as appropriate for that type of policy;(2)  must contain:(A)  on its first page, a notice that the policy does not provide cash surrender values or other paid up nonforfeiture benefits or loan values;  and(B)  provisions for a grace period for the payment of each premium after the first payment during which the policy remains in force;  and(3)  may not be approved until the commissioner has adopted the standard of valuation, including an appropriate mortality table and interest rate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.404 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter I. Authority to Issue Other Coverage|Section 884.404. Capital and Surplus Requirements

Sec. 884.404.  CAPITAL AND SURPLUS REQUIREMENTS.  (a)  A stipulated premium company that issues any insurance coverage under this subchapter shall maintain at all times the capital and unencumbered surplus required under Section 884.054.(b)  A stipulated premium company that does not comply with this section is considered to be impaired unless it reinsures all insurance coverages written under this subchapter with a company that:(1)  is authorized to engage in the business of insurance in this state under this chapter or Chapter 841 or 882 or is an accident insurance company, health insurance company, or life insurance company authorized to engage in the business of insurance in this state under Chapter 982, as appropriate;  and(2)  complies with the requirements prescribed by this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1309 (H.B. 2570), Sec. 6, eff. September 1, 2009.|