reglab/housing_qa huggingface dataset:
TX Ins Code § 1105.051 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter B. Computation of Adjusted Premiums Using Nonforfeiture Net Level Premium Method|Section 1105.051. Applicability of Subchapter

Sec. 1105.051.  APPLICABILITY OF SUBCHAPTER.  (a)  This subchapter applies to a policy issued on or after January 1, 1989.(b)  This subchapter also applies to a policy issued by a company after the date specified in a written notice:(1)  that was filed with the State Board of Insurance after August 31, 1981, but before January 1, 1989;  and(2)  under which the company filing the notice elected to comply before January 1, 1989, with the law codified by this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.052 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter B. Computation of Adjusted Premiums Using Nonforfeiture Net Level Premium Method|Section 1105.052. Computation of Adjusted Premiums Using Nonforfeiture Net Level Premium Method

Sec. 1105.052.  COMPUTATION OF ADJUSTED PREMIUMS USING NONFORFEITURE NET LEVEL PREMIUM METHOD.  (a)  Except as provided by Section 1105.054 and subject to Subsection (b), the adjusted premiums for a policy to which this section applies must be computed on an annual basis and must be a uniform percentage of the respective premiums specified by the policy for each policy year so that the present value, at the date of issue of the policy, of all adjusted premiums is equal to the sum of:(1)  the then present value of the future guaranteed benefits available under the policy;(2)  one percent of:(A)  the amount of insurance, if the insurance is uniform in amount;  or(B)  the average amount of insurance at the beginning of each of the first 10 policy years;  and(3)  125 percent of the nonforfeiture net level premium as determined under Subsection (d).(b)  The amount of premiums specified by the policy and used in computing adjusted premiums under Subsection (a) does not include:(1)  an amount payable as an extra premium to cover an impairment or special hazard;  or(2)  any uniform annual contract charge or policy fee specified by the policy in a statement of the method to be used to compute the cash surrender values and paid-up nonforfeiture benefits.(c)  In applying the percentage specified by Subsection (a)(3), a nonforfeiture net level premium may not be considered to exceed four percent of:(1)  the amount of insurance, if the insurance is uniform in amount;  or(2)  the average amount of insurance at the beginning of each of the first 10 policy years.(d)  The nonforfeiture net level premium must be equal to the present value, at the date of issue of the policy, of the guaranteed benefits available under the policy divided by the present value, on the date of issue of the policy, of an annuity of one per year payable on the date of issue of the policy and on each anniversary of the policy on which a premium becomes due.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.054 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter B. Computation of Adjusted Premiums Using Nonforfeiture Net Level Premium Method|Section 1105.054. Computation of Amounts for Policy Issued on Substandard Basis

Sec. 1105.054.  COMPUTATION OF AMOUNTS FOR POLICY ISSUED ON SUBSTANDARD BASIS.  (a)  This section applies only to a policy issued on a substandard basis that provides reduced graded amounts of insurance so that, in each policy year, the policy has the same tabular mortality cost as an otherwise similar policy issued on the standard basis that provides higher uniform amounts of insurance.  This section applies notwithstanding any provision of this subchapter to the contrary.(b)  Adjusted premiums and present values as to a policy to which this section applies may be computed as if the policy were issued to provide the higher uniform amounts of insurance of an otherwise similar policy issued on the standard basis.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.056 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter B. Computation of Adjusted Premiums Using Nonforfeiture Net Level Premium Method|Section 1105.056. Nonforfeiture Interest Rate

Sec. 1105.056.  NONFORFEITURE INTEREST RATE.  (a)  For a policy issued before the operative date of the valuation manual, the annual nonforfeiture interest rate for a policy issued in a particular calendar year is equal to 125 percent of the calendar year statutory valuation interest rate for that policy as defined by Subchapter B, Chapter 425, rounded to the nearest one-fourth of one percent, except that the rate may not be less than four percent.(b)  For a policy issued on or after the operative date of the valuation manual, the annual nonforfeiture interest rate for any policy issued in a particular calendar year is provided by the valuation manual.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2F.005, eff. April 1, 2009.Acts 2015, 84th Leg., R.S., Ch. 313 (S.B. 1654), Sec. 18, eff. September 1, 2015.|
TX Ins Code § 1105.057 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter B. Computation of Adjusted Premiums Using Nonforfeiture Net Level Premium Method|Section 1105.057. Refiling of Policy Provisions Not Required

Sec. 1105.057.  REFILING OF POLICY PROVISIONS NOT REQUIRED.  Notwithstanding any provision of this code to the contrary, as to a policy to which this subchapter applies, a refiling of nonforfeiture values or of the method of computing nonforfeiture values for a previously approved policy form that involves only a change in the interest rate or mortality table used to compute nonforfeiture values does not require refiling of any provision of the policy form.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.101 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter C. Nonforfeiture Benefits for Certain Plans|Section 1105.101. Nonforfeiture Benefits for Indeterminate Premium Plans and Certain Other Plans

Sec. 1105.101.  NONFORFEITURE BENEFITS FOR INDETERMINATE PREMIUM PLANS AND CERTAIN OTHER PLANS.  (a)  This section applies to a plan of life insurance that:(1)  provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience;  or(2)  is such that minimum values cannot be determined by a method described by Sections 1105.004-1105.009, Subchapter B, or Subchapter D.(b)  The department must be satisfied that:(1)  the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by Sections 1105.004-1105.009, Subchapter B, or Subchapter D;  and(2)  the benefits and the pattern of premiums of the plan are not such as to mislead prospective policyholders or insured persons.(c)  The cash surrender values and paid-up nonforfeiture benefits provided by the plan may not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this subchapter as determined under rules adopted by the commissioner.(d)  Notwithstanding any other law of this state, any policy, contract, or certificate providing life insurance under the plan must be approved by the department before the plan may be marketed, issued, delivered, or used in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.152 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter D. Computation of Adjusted Premiums for Certain Policies|Section 1105.152. Computation of Adjusted Premiums for Certain Ordinary Policies Issued Before January 1, 1989

Sec. 1105.152.  COMPUTATION OF ADJUSTED PREMIUMS FOR CERTAIN ORDINARY POLICIES ISSUED BEFORE JANUARY 1, 1989.  (a)  Except as provided by Subsection (b), this section applies only to an ordinary policy to which Subchapter B does not apply and that is issued on or after January 1, 1974 and before January 1, 1989.(b)  This section also applies to an ordinary policy issued by a company after a date specified in a written notice:(1)  that was filed by the company with the State Board of Insurance after August 23, 1963, but before January 1, 1974;  and(2)  under which the company filing the notice elected to comply before January 1, 1974, with the law codified by this section.(c)  An adjusted premium or present value determined under this chapter as to a policy to which this section applies must be computed on the basis of the Commissioners 1958 Standard Ordinary Mortality Table.(d)  A computation as to a policy to which this section applies must be made using the rate of interest specified by the policy for computing cash surrender values and paid-up nonforfeiture benefits, except that the rate of interest may not exceed:(1)  3-1/2 percent a year for a policy issued before June 14, 1973;(2)  4 percent a year for a policy issued on or after June 14, 1973, and before August 29, 1977;(3)  5-1/2 percent a year for a policy issued on or after August 29, 1977, other than a single premium whole life or endowment insurance policy;  or(4)  6-1/2 percent a year for a single premium whole life or endowment insurance policy issued on or after August 29, 1977.(e)  For a category of ordinary insurance issued to insure a female risk:(1)  an adjusted premium or present value for a policy issued before August 29, 1977, may be computed according to an age not more than three years younger than the actual age of the insured;  and(2)  an adjusted premium or present value for a policy issued on or after August 29, 1977, may be computed according to an age not more than six years younger than the actual age of the insured.(f)  In the computation of the present value of paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may not exceed the rates shown in the Commissioners 1958 Extended Term Insurance Table.(g)  Subject to approval by the department, a company may specify a mortality table other than the table required by this section for use in computing an adjusted premium or present value for insurance issued on a substandard basis.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.153 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter D. Computation of Adjusted Premiums for Certain Policies|Section 1105.153. Computation of Adjusted Premiums for Certain Industrial Policies Issued Before January 1, 1989

Sec. 1105.153.  COMPUTATION OF ADJUSTED PREMIUMS FOR CERTAIN INDUSTRIAL POLICIES ISSUED BEFORE JANUARY 1, 1989.  (a)  Except as provided by Subsection (b), this section applies only to an industrial policy to which Subchapter B does not apply and that is issued on or after January 1, 1974, and before January 1, 1989.(b)  This section also applies to an industrial policy issued by a company after a date specified in a written notice:(1)  that was filed by the company with the State Board of Insurance after August 23, 1963, but before January 1, 1974;  and(2)  under which the company filing the notice elected to comply before January 1, 1974, with the law codified by this section.(c)  An adjusted premium or present value determined under this chapter as to a policy to which this section applies must be computed on the basis of the Commissioners 1961 Standard Industrial Mortality Table.(d)  A computation as to a policy to which this section applies must be made using the rate of interest specified by the policy for computing cash surrender values and paid-up nonforfeiture benefits, except that the rate of interest may not exceed:(1)  3-1/2 percent a year for a policy issued before June 14, 1973;(2)  4 percent a year for a policy issued on or after June 14, 1973, and before August 29, 1977;(3)  5-1/2 percent a year for a policy issued on or after August 29, 1977, other than a single premium whole life or endowment insurance policy;  or(4)  6-1/2 percent a year for a single premium whole life or endowment insurance policy issued on or after August 29, 1977.(e)  In the computation of the present value of paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may not exceed the rates shown in the Commissioners 1961 Industrial Extended Term Insurance Table.(f)  Subject to approval by the department, a company may specify a mortality table other than the table required by this section for use in computing an adjusted premium or present value for insurance issued on a substandard basis.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1107.001 (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 A. General Provisions|Section 1107.001. Applicability of Chapter

Sec. 1107.001.  APPLICABILITY OF CHAPTER.  (a)  This chapter applies to an annuity contract issued on or after August 29, 1979.(b)  This chapter also applies to an annuity contract issued by a company after a date specified in a written notice:(1)  that was filed with the State Board of Insurance after August 29, 1977, but before August 29, 1979;  and(2)  under which the company filing the notice elected to comply before August 29, 1979, with the law codified by this chapter.(c)  Companies shall issue, and the department shall review, annuity contracts as follows:(1)  under Sections 1107.051-1107.054 until August 31, 2005;  or(2)  under Sections 1107.055-1107.057 after September 1, 2003.(d)  Companies shall not issue annuity contracts under Sections 1107.051-1107.054 after August 31, 2005.|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 § 1107.002 (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 A. General Provisions|Section 1107.002. Exemptions

Sec. 1107.002.  EXEMPTIONS.  (a)  This chapter does not apply to:(1)  a reinsurance contract;(2)  a group annuity contract that is purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, by an employee organization, or by both, other than a plan that provides individual retirement accounts or individual retirement annuities under Section 408, Internal Revenue Code of 1986, as amended;(3)  a premium deposit fund;(4)  a variable annuity contract;(5)  an investment annuity contract;(6)  an immediate annuity contract;(7)  a deferred annuity contract under which annuity payments have begun;(8)  a reversionary annuity contract; or(9)  a contingent deferred annuity contract as defined by Section 1116.003.(b)  This chapter does not apply to a contract delivered outside this state through an agent or other representative of the company that issues 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.Amended by: Acts 2015, 84th Leg., R.S., Ch. 375 (S.B. 1107), Sec. 1, eff. June 9, 2015.|
TX Ins Code § 1107.003 (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 A. General Provisions|Section 1107.003. Required Nonforfeiture Provisions

Sec. 1107.003.  REQUIRED NONFORFEITURE PROVISIONS.  (a)  An annuity contract delivered or issued for delivery in this state must contain in substance the provisions prescribed by this section or corresponding provisions that, in the opinion of the department, are at least as favorable to the contract holder when payment of considerations under the contract ceases.(b)  The annuity contract must provide that when payment of considerations under a contract ceases, the company will grant a paid-up annuity benefit on a plan stipulated in the contract that has a value that complies with this chapter.(c)  An annuity contract that provides for a lump-sum settlement at maturity or at any other time must provide that on surrender of the contract on or before the time annuity payments begin, the company that issues the contract shall pay a cash surrender benefit in an amount that complies with this chapter in lieu of a paid-up annuity benefit.  A company may reserve the right to defer payment of any cash surrender benefit for a period not to exceed six months after demand for payment of the benefit is made with surrender of the contract.(d)  An annuity contract must contain:(1)  a statement of the mortality table, if any, and interest rates to be used to compute any minimum paid-up annuity, cash surrender, or death benefits that are guaranteed under the contract, together with information that is sufficient to determine the amounts of the benefits;(2)  a statement that any paid-up annuity, cash surrender, or death benefits available under the contract are not less than the minimum benefits required by this state;  and(3)  an explanation of the manner in which a paid-up annuity, cash surrender, or death benefit is altered by the existence of any additional amounts credited to the contract by the company that issues the contract, any indebtedness to the company on the contract, or any prior withdrawals from or partial surrenders of 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 § 1107.004 (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 A. General Provisions|Section 1107.004. Optional Termination Provision

Sec. 1107.004.  OPTIONAL TERMINATION PROVISION.  (a)  Notwithstanding the requirements of Section 1107.003, an annuity contract may provide that the company has the option to terminate the contract by making a cash payment of the then present value of that portion of the paid-up annuity benefit if:(1)  no considerations are received under the contract for two years;  and(2)  at maturity, payments on the portion of the paid-up annuity benefit on the plan stipulated in the contract attributable to considerations paid before that period would be less than $20 each month.(b)  If an annuity contract contains a provision permitted under Subsection (a):(1)  the present value of a portion of a paid-up annuity benefit paid under that provision must be computed on the basis of the mortality table, if any, and interest rates specified in the contract for determining the paid-up annuity benefit;  and(2)  a payment made under that provision relieves the company of any further obligation under 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 § 1107.005 (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 A. General Provisions|Section 1107.005. Contact Disclosure That Certain Benefits Not Provided

Sec. 1107.005.  CONTACT DISCLOSURE THAT CERTAIN BENEFITS NOT PROVIDED.  An annuity contract that does not provide a cash surrender benefit or that does not provide a death benefit that is at least equal to the minimum nonforfeiture amount for the contract under Subchapter B before annuity payments begin must include a statement in a prominent place in the contract that those benefits are not provided.|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 § 1107.006 (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 A. General Provisions|Section 1107.006. Maturity Date

Sec. 1107.006.  MATURITY DATE.  In determining the value of benefits under Sections 1107.102, 1107.103, and 1107.104, the maturity date is the latest date on which an election is permitted by the contract, but not later than the later of:(1)  the next anniversary of the annuity contract that follows the annuitant's 70th birthday; or(2)  the 10th anniversary of 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.Amended by: Acts 2009, 81st Leg., R.S., Ch. 408 (H.B. 1919), Sec. 1, eff. September 1, 2009.|
TX Ins Code § 1107.051 (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 1107.051. Minimum Nonforfeiture Amount

Sec. 1107.051.  MINIMUM NONFORFEITURE AMOUNT.  The minimum value under Subchapter C of a paid-up annuity, cash surrender, or death benefit shall be computed on the basis of the minimum nonforfeiture amount prescribed by this subchapter.|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.|