reglab/housing_qa huggingface dataset:
TX Ins Code § 1152.201 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products|Subchapter E. Modified Guaranteed Contracts|Section 1152.201. Definition

Sec. 1152.201.  DEFINITION.  In this subchapter, "modified guaranteed contract" means an individual life insurance policy or deferred annuity contract as to which:(1)  the underlying assets are held in a separate account;  and(2)  the values are guaranteed if the policy or contract is held for a specified period.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1152.202 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products|Subchapter E. Modified Guaranteed Contracts|Section 1152.202. Applicability of Laws Governing Life Insurance Companies

Sec. 1152.202.  APPLICABILITY OF LAWS GOVERNING LIFE INSURANCE COMPANIES.  Unless otherwise approved by the commissioner, the laws of this state governing the investments of life insurance companies apply to an asset held in a separate account that relates to a modified guaranteed contract that provides for nonforfeiture values that may vary based on a market-value adjustment formula.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1152.203 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products|Subchapter E. Modified Guaranteed Contracts|Section 1152.203. Rules

Sec. 1152.203.  RULES.  In addition to any rules adopted under Section 1152.002, the commissioner may adopt reasonable rules that apply only to a modified guaranteed contract, to appropriately regulate:(1)  a modified guaranteed contract under this chapter;  and(2)  the separate account maintained in relation to a modified guaranteed contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1152.204 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products|Subchapter E. Modified Guaranteed Contracts|Section 1152.204. Nonforfeiture Values

Sec. 1152.204.  NONFORFEITURE VALUES.  (a)  A modified guaranteed contract must contain nonforfeiture values that are based on a market-value adjustment formula if the contract is held for a period shorter than the period specified in the contract.  The formula may or may not reflect the value of assets held in the separate account.(b)  A modified guaranteed contract must prominently state on its first page that the nonforfeiture values may increase or decrease based on the market-value formula specified in the contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1152.205 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle C - Specialized Coverages|Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products|Subchapter E. Modified Guaranteed Contracts|Section 1152.205. Separate Account Statement

Sec. 1152.205.  SEPARATE ACCOUNT STATEMENT.  An insurance company that files a separate account statement under Section 1152.107 shall include in that statement a statement for each separate account that relates to a modified guaranteed contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.001 (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 A. General Provisions|Section 1153.001. Short Title

Sec. 1153.001.  SHORT TITLE.  This chapter may be cited as the Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.002 (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 A. General Provisions|Section 1153.002. Purpose; Legislative Intent; Construction

Sec. 1153.002.  PURPOSE;  LEGISLATIVE INTENT;  CONSTRUCTION.  (a)  The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit accident and health insurance.(b)  This chapter is not intended to prohibit or discourage reasonable competition.(c)  This chapter shall be liberally construed.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.003 (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 A. General Provisions|Section 1153.003. Definitions

Sec. 1153.003.  DEFINITIONS.  In this chapter:(1)  "Credit accident and health insurance" means insurance to provide indemnity for payments that become due on a specific credit transaction of a debtor when the debtor is disabled, as defined in the insurance policy.(2)  "Credit life insurance" means insurance on the life of a debtor in connection with a specific credit transaction.(3)  "Credit transaction" includes the lending of money. (4)  "Creditor" means:(A)  a person who lends money or who sells or leases goods, services, property, rights, or privileges, for which the payment is arranged through a credit transaction;(B)  a successor to the right, title, or interest of a person described by Paragraph (A);  or(C)  a person who is in any way associated with a person described by Paragraph (A) or (B), including a director, officer, employee, affiliate, associate, or subsidiary of the person described by Paragraph (A) or (B).(5)  "Debtor" means a person who borrows money or who purchases or leases goods, services, property, rights, or privileges, the payment for which is arranged through a credit transaction.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.004 (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 A. General Provisions|Section 1153.004. Applicability of Chapter

Sec. 1153.004.  APPLICABILITY OF CHAPTER.  (a)  This chapter applies to life insurance and accident and health insurance that is sold in connection with a credit transaction that is charged to or paid for by, in whole or part, the debtor, except insurance that is issued or sold:(1)  in connection with a credit transaction of more than 10 years' duration;(2)  in connection with a credit transaction that is:(A)  secured by a first mortgage or deed of trust;  and(B)  made to:(i)  finance the purchase of commercial real property or the construction of or improvement to a building, other than a single-family dwelling, on the real property if the purchase, construction, or improvement is secured by a lien on the real property;  or(ii)  refinance a credit transaction made for a purpose described by Subparagraph (i);  or(3)  as an isolated transaction on the part of the insurer that is not related to an agreement or a plan for insuring debtors of the creditor.(b)  This chapter applies to insurance described by Subsection (a) regardless of the nature, kind, or plan of the credit insurance coverage or premium payment system and regardless of whether the credit insurance is charged to or paid for by the debtor directly or indirectly.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.005 (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 A. General Provisions|Section 1153.005. Rules

Sec. 1153.005.  RULES.  After notice and a hearing, the commissioner may adopt rules to implement this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.006 (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 A. General Provisions|Section 1153.006. Filing Fee

Sec. 1153.006.  FILING FEE.  (a)  The department shall set and collect a fee for a form or schedule filed under this chapter in an amount not to exceed $200.(b)  Fees collected under this section shall be deposited in the Texas Department of Insurance operating account.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.007 (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 A. General Provisions|Section 1153.007. Gain or Advantage From Insurance Not Prohibited Charge

Sec. 1153.007.  GAIN OR ADVANTAGE FROM INSURANCE NOT PROHIBITED CHARGE.  (a)  The premium or cost of credit life insurance or credit accident and health insurance authorized under this chapter is not considered to be interest, a charge, consideration, or an amount in excess of permitted charges in connection with the underlying credit transaction.(b)  Any benefit, return, or other gain or advantage to the creditor arising out of the sale or provision of the insurance under this chapter is not a violation of any law of this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.051 (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 B. Forms|Section 1153.051. Filing of Form

Sec. 1153.051.  FILING OF FORM.  (a)  An insurer shall file with the commissioner the form of each policy, certificate of insurance, notice of proposed insurance, application for insurance, endorsement, and rider to which this chapter applies that is delivered or issued for delivery in this state.(b)  If a group policy of credit life insurance or credit accident and health insurance is delivered in another state, the insurer is required to file only the group certificate and notice of proposed insurance delivered or issued for delivery in this state, as specified in Section 1153.052.(c)  The commissioner shall approve a certificate filed under Subsection (b) if it conforms with the requirements provided by Section 1153.052 and if the schedule of premium rates applicable to the insurance evidenced by that certificate or notice does not exceed the presumptive premium rate established by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.052 (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 B. Forms|Section 1153.052. Requirements Relating to Insurance Policy or Certificate

Sec. 1153.052.  REQUIREMENTS RELATING TO INSURANCE POLICY OR CERTIFICATE.  (a)  A policy or certificate of credit life insurance or credit accident and health insurance must:(1)  specify:(A)  the name and home office address of the insurer;(B)  the name of each debtor;(C)  in the case of a certificate under a group policy, the identity, by name or otherwise, of each insured;(D)  the full amount of premium or the total identifiable insurance charge, if any, to the debtor, separately for credit life insurance and credit accident and health insurance;  and(E)  each exception or limitation to or restriction on the coverage;(2)  describe the coverage, including the amount and term of the coverage;  and(3)  state that the benefits are to be paid to the creditor to reduce or extinguish the unpaid amount of the debt and that any amount of benefits that exceeds the unpaid debt is to be paid to a beneficiary, other than the creditor, named by the debtor or to the debtor's estate.(b)  The requirements of this section are in addition to the other requirements of law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.053 (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 B. Forms|Section 1153.053. Disapproval of Form

Sec. 1153.053.  DISAPPROVAL OF FORM.  (a)  Not later than the 60th day after the date an insurer files a form under Section 1153.051, the commissioner shall disapprove the form if:(1)  the benefits provided are not reasonable in relation to the premium charge;  or(2)  the form contains a provision that:(A)  is unjust, unfair, inequitable, misleading, or deceptive;(B)  encourages misrepresentation of the coverage;  or(C)  is contrary to this code or a rule adopted under this code.(b)  The commissioner shall specify in the notice of disapproval of a form the reason for the disapproval and state that, if the insurer delivers to the commissioner a written request for a hearing on the disapproval of the form, the hearing will be granted not later than the 20th day after the date of the request.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.054 (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 B. Forms|Section 1153.054. Withdrawal of Approval of Form

Sec. 1153.054.  WITHDRAWAL OF APPROVAL OF FORM.  The commissioner may hold a hearing on the withdrawal of the approval of a form not earlier than the 21st day after the date written notice of the hearing is given to the insurer who submitted the form.  The notice of the hearing must state the reason for the proposed withdrawal of approval.  At any time after the hearing, the commissioner may withdraw approval of the form for any ground provided by Section 1153.053(a).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.055 (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 B. Forms|Section 1153.055. Prohibitions Relating to Issuance or Use of Form

Sec. 1153.055.  PROHIBITIONS RELATING TO ISSUANCE OR USE OF FORM.  (a)  A policy, certificate of insurance, notice of proposed insurance, application for insurance, endorsement, or rider to which this chapter applies may not be issued or used before the 61st day after the date the form is filed with the commissioner under Section 1153.051, unless the commissioner gives prior written approval of the issuance or use of the form.(b)  An insurer who is notified by the commissioner that a form is disapproved may not issue or use that form.(c)  After the effective date of the withdrawal of the approval of a form under Section 1153.054, the insurer may not issue or use that form.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.101 (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 C. Rates|Section 1153.101. Filing of Schedule of Rates

Sec. 1153.101.  FILING OF SCHEDULE OF RATES.  An insurer shall file with the commissioner each schedule of premium rates relating to a document required to be filed under Section 1153.051.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.102 (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 C. Rates|Section 1153.102. Revision of Schedule of Rates

Sec. 1153.102.  REVISION OF SCHEDULE OF RATES.  (a)  An insurer may revise its schedules of premium rates for various classes of business.(b)  The insurer shall file the revised schedules and classes of business with the commissioner.(c)  An insurer may not issue a credit life insurance policy or credit accident and health insurance policy for which the premium rate exceeds the rate determined by using the appropriate schedule for that class of business that the insurer has on file with the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1153.103 (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 C. Rates|Section 1153.103. Presumptive Premium Rate

Sec. 1153.103.  PRESUMPTIVE PREMIUM RATE.  (a)  After notice and a hearing, the commissioner by rule may adopt a presumptive premium rate for various classes of business and terms of coverage.  An insurer that does not file a different rate under Section 1153.105 or 1153.106 shall file the presumptive rate adopted by the commissioner.(b)  Except as provided by this chapter, any hearing conducted or order adopting a presumptive rate under this subchapter shall be held in accordance with the rulemaking provisions of Chapter 2001, Government Code.(c)  In the commissioner's order adopting a presumptive rate, the commissioner shall set forth findings and conclusions on all material issues presented at the hearing.(d)  In determining the presumptive premium rate, the commissioner shall consider any relevant data, including reasonable acquisition costs, loss ratios, administrative expenses, reserves, loss settlement expenses, the type or class of business, the duration of various credit transactions, and reasonable and adequate profits to the insurers.(e)  In determining the presumptive premium rate, the commissioner may not set or limit the amount of compensation actually paid by a company to an agent but may request from an insurer or agent any relevant data relating to the presumptive premium rate, including information relating to compensation paid for the sale of credit insurance, expenses, losses, and profits.  An insurer or agent shall provide the requested information to the commissioner in a timely manner.(f)  The commissioner may not adopt a presumptive premium rate that is unjust, unreasonable, inadequate, confiscatory, or excessive to the insureds, the insurers, or the agents.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.304(a), eff. Sept. 1, 2003.|
TX Ins Code § 1153.104 (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 C. Rates|Section 1153.104. Appeal of Presumptive Rate

Sec. 1153.104.  APPEAL OF PRESUMPTIVE RATE.  Any person who is aggrieved by any action of the commissioner taken in the setting of a presumptive rate may, not later than the 30th day after the date the commissioner adopts a presumptive rate order, file a petition for judicial review in a district court in Travis County.  Judicial review under this section is governed by Subchapter B, Chapter 2001, Government 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.304(a), eff. Sept. 1, 2003.|
TX Ins Code § 1153.105 (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 C. Rates|Section 1153.105. Rate Within Certain Percentages of Presumptive Rate

Sec. 1153.105.  RATE WITHIN CERTAIN PERCENTAGES OF PRESUMPTIVE RATE.  (a)  An insurer electing to deviate from the presumptive rate shall file with the commissioner the insurer's proposed rate for credit life and credit accident and health insurance.(b)  On filing the rate with the commissioner, the insurer may use the filed rate until the insurer elects to file a different rate.(c)  Except as provided by Section 1153.106, an insurer may not use a rate that is more than 30 percent higher or more than 30 percent lower than the presumptive rate.(d)  Except as provided by this subchapter, a rate that complies with this section is valid and in compliance with the requirements of this subchapter and other applicable law.|Added by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.304(b), eff. Sept. 1, 2003.|
TX Ins Code § 1153.106 (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 C. Rates|Section 1153.106. Rate Outside Certain Percentages of Presumptive Rate

Sec. 1153.106.  RATE OUTSIDE CERTAIN PERCENTAGES OF PRESUMPTIVE RATE.  (a)  An insurer may file with the commissioner a proposed rate for credit life and credit accident and health insurance that is more than 30 percent higher or more than 30 percent lower than the presumptive rate adopted by the commissioner under this subchapter.(b)  The commissioner may disapprove a rate filed under this section on the ground that the rate is not actuarially justified.(c)  A rate filed under this section is considered approved and the insurer may use the rate if the rate is not disapproved by the commissioner before the 60th day after the date the insurer filed the rate.(d)  A hearing under this section is a contested case hearing conducted under Chapter 2001, Government Code.  Judicial review of any action of the commissioner under this section is governed by Subchapter D, Chapter 36.|Added by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.304(b), eff. Sept. 1, 2003.|
TX Ins Code § 1153.107 (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 C. Rates|Section 1153.107. Rate Standard

Sec. 1153.107.  RATE STANDARD.  (a)  A rate filed under this subchapter is not excessive unless the rate is unreasonably high for the coverage provided and a reasonable degree of competition does not exist with respect to the classification to which the rate is applicable.(b)  A rate filed under this subchapter is not inadequate unless the rate is insufficient to sustain projected losses and expenses or the rate substantially impairs, or is likely to substantially impair, competition with respect to the sale of the product.|Added by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.304(b), eff. Sept. 1, 2003.|
TX Ins Code § 1153.151 (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 1153.151. Forms of Credit Life Insurance

Sec. 1153.151.  FORMS OF CREDIT LIFE INSURANCE.  Credit life insurance may be issued only as:(1)  an individual policy of life insurance issued to a debtor on a term plan;  or(2)  a group policy of life insurance issued to a creditor on a term plan providing insurance on the lives of debtors.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|