reglab/housing_qa huggingface dataset:
TX Ins Code § 1114.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter A. General Provisions|Section 1114.003. Definition of Policy Summary

Sec. 1114.003.  DEFINITION OF POLICY SUMMARY.  (a)  For purposes of this chapter, "policy summary" has the meaning assigned by this section.(b)  For a policy or contract other than a universal life insurance policy, "policy summary" means a written statement regarding the policy or contract that at minimum contains, to the extent applicable, the following information:(1)  the current death benefit;(2)  the annual contract premium;(3)  the current cash surrender value;(4)  the current dividend;(5)  the application of the current dividend; and(6)  the amount of any outstanding loan.(c)  For a universal life insurance policy, "policy summary" means a written statement that contains, at minimum, the following information:(1)  the beginning and ending date of the current reporting period;(2)  the policy value at the end of the previous reporting period and at the end of the current reporting period;(3)  the total amounts that have been credited or debited to the policy value during the current reporting period, identifying each by type, including interest, mortality, expense, and riders;(4)  the current death benefit at the end of the current reporting period on each life covered by the policy;(5)  the net cash surrender value of the policy as of the end of the current reporting period; and(6)  the amount of any outstanding loans as of the end of the current reporting period.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter A. General Provisions|Section 1114.005. Financed Purchase

Sec. 1114.005.  FINANCED PURCHASE.  (a)  If a withdrawal, surrender, or borrowing involving the policy values of an existing policy is used to pay premiums on a new policy that is owned by the same policyholder and is issued by the same insurer not earlier than four months before the effective date of the new policy or 13 months after the effective date of the new policy, it is deemed prima facie evidence of the policyholder's intent to finance the purchase of the new policy with existing policy values.(b)  Subsection (a) applies only to regulatory review of an individual transaction.(c)  The prima facie standard under Subsection (a) is not intended to increase or decrease the monitoring obligations contained in Section 1114.052(g).|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.006 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter A. General Provisions|Section 1114.006. Consumer Notice Documents

Sec. 1114.006.  CONSUMER NOTICE DOCUMENTS.  (a)  The commissioner by rule shall adopt or approve model documents to be used for consumer notices under this chapter.(b)  The department may develop model documents under this section, or the commissioner may approve model documents developed by insurers or published by national organizations recognized by the commissioner.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.007 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter A. General Provisions|Section 1114.007. Rules

Sec. 1114.007.  RULES.  The commissioner may adopt reasonable rules in the manner prescribed by Subchapter A, Chapter 36, to accomplish and enforce the purpose of this chapter.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.054 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter B. Duties of Insurers and Agents|Section 1114.054. Duties of Existing Insurer

Sec. 1114.054.  DUTIES OF EXISTING INSURER.  (a)  If a transaction involves a replacement, the existing insurer shall comply with this section.(b)  The existing insurer shall retain and be able to produce all replacement notifications received, indexed by the replacing insurer, until the later of:(1)  the fifth anniversary of the date of receipt of the notification; or(2)  the date of conclusion of the next regular examination conducted by the insurance regulatory authority of the existing insurer's state of domicile.(c)  The existing insurer shall send a letter to the policy or contract owner regarding the owner's right to receive information regarding the existing policy or contract values.  The letter must include, if available, an in force illustration or, if an in force illustration cannot be produced not later than the fifth business day after the date of receipt of a notice that an existing policy or contract is being replaced, a  policy summary. The information must be provided not later than the fifth business day after the date of receipt of the request from the policy or contract owner.(d)  On receipt of a request to borrow, surrender, or withdraw any policy values, the existing insurer shall send a notice advising the policy owner that the release of policy values may affect the guaranteed elements, nonguaranteed elements, face amount, or surrender value of the policy from which the values are released.  The notice must be sent separately from the payment if the payment is sent to any person other than the policy owner. In the case of consecutive automatic premium loans, the insurer is only required to send the notice at the time of the first loan.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.055 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter B. Duties of Insurers and Agents|Section 1114.055. Duties of Insurers Regarding Direct Response Solicitations

Sec. 1114.055.  DUTIES OF INSURERS REGARDING DIRECT RESPONSE SOLICITATIONS.  (a)  In the case of an application initiated as a result of a direct response solicitation, the insurer shall require submission of a statement asking whether the applicant, by applying for the proposed policy or contract, intends to replace, discontinue, or change an existing policy or contract.  The statement may be included with,  or submitted as part of, each completed application for a policy or contract.  If the applicant indicates a replacement or change is not intended or if the applicant fails to respond to the statement, the insurer shall send the applicant, with the policy or contract, a notice, in a form adopted or approved by the commissioner, regarding replacement.(b)  If the insurer has proposed the replacement or if the applicant indicates a replacement is intended and the insurer continues with the replacement, the insurer shall:(1)  provide to the applicant or prospective applicant, with the policy or contract, a notice adopted or approved by the commissioner; and(2)  comply with the requirements of:(A)  Section 1114.053(c), if the applicant furnishes the names of the existing insurers; and(B)  Sections 1114.053(d), (e), and (f).(c)  In a situation described by Subsection (b)(1), the insurer may use a notice that deletes references to the agent, including the agent's signature, and references not applicable to the product being sold or replaced, without having to obtain prior approval of the notice from the commissioner. The insurer's obligation to obtain the applicant's signature is satisfied if the insurer can demonstrate that the insurer has made a diligent effort to secure a signed copy of the notice. The requirement to make a diligent effort is deemed satisfied if the insurer includes in the mailing a self-addressed postage prepaid envelope with instructions for the return of the signed notice.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.056 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter B. Duties of Insurers and Agents|Section 1114.056. Registered Contracts

Sec. 1114.056.  REGISTERED CONTRACTS.  A registered contract is exempt from the requirements of Sections 1114.053(c) and 1114.054(c) with respect to the provision of illustrations or policy summaries, but must provide instead premium or contract contribution amounts and identification of the appropriate prospectus or offering circular.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.057 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter B. Duties of Insurers and Agents|Section 1114.057. Disclosure of Availability of Waiver of Surrender Charges

Sec. 1114.057.  DISCLOSURE OF AVAILABILITY OF WAIVER OF SURRENDER CHARGES.  An insurer that offers to waive surrender charges as described by Section 541.058(b)(4) shall provide reasonable notice of that offer to the insurer's prospective or current contract holders.  The notice may be provided by any available means, including a disclosure document or by display on a link that is prominently placed on the insurer's Internet website.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 5, eff. September 1, 2011.|
TX Ins Code § 1114.101 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter C. Enforcement|Section 1114.101. Unfair Method of Competition; Sanctions and Penalties

Sec. 1114.101.  UNFAIR METHOD OF COMPETITION; SANCTIONS AND PENALTIES.  (a)  A failure by an insurer or agent to comply with this chapter constitutes a violation of Chapter 541 and is subject to sanctions and penalties as provided by that chapter. For purposes of this section, examples of violations include:(1)  deceptive or misleading information set forth in any sales material;(2)  failing to ask the applicant in completing the application the pertinent questions regarding the possibility of financing or replacement;(3)  intentionally recording an answer incorrectly;(4)  advising an applicant to respond negatively to any question regarding replacement in order to prevent notice to the existing insurer; or(5)  advising a policy or contract owner to contact the insurer directly in such a way as to attempt to obscure the identity of the replacing agent or insurer.(b)  A policy or contract owner has the right to replace an existing life insurance policy or annuity contract after indicating in or as a part of applications for new coverage that replacement is not the intention.  However, patterns of that  action by policy or contract owners of the same agent shall be deemed prima facie evidence of the agent's knowledge that replacement was intended in connection with the identified transactions, and those patterns of action shall be deemed prima facie evidence of the agent's intent to violate this chapter.(c)  If it is determined that the requirements of this chapter have not been met, the replacing insurer shall provide to the policy owner:(1)  an in force illustration or, if an in force illustration is not available, a policy summary for the replacement policy or an available disclosure document for the replacement contract; and(2)  the appropriate notice regarding replacements.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1114.102 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1114 - Replacement of Certain Life Insurance Policies and Annuities|Subchapter C. Enforcement|Section 1114.102. Additional Sanctions

Sec. 1114.102.  ADDITIONAL SANCTIONS.  (a)  In addition to sanctions and penalties under Chapter 541 as provided by Section 1114.101, an insurer or agent that violates this chapter is subject to sanctions as provided by Chapter 82, which may include:(1)  the revocation or suspension of the agent's license or the insurer's certificate of authority;(2)  administrative penalties under Chapter 84; and(3)  forfeiture of any commissions or other compensation paid to an agent as a result of the transaction in connection with which the violations occurred.(b)  In addition, if the commissioner has determined that the violations of this chapter were material to the sale, the insurer may be required to:(1)  make restitution in the manner provided by Section 82.053;(2)  restore policy or contract values; and(3)  pay interest at the rate set by Section 84.050 on the amount refunded in cash.|Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1115.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter A. General Provisions|Section 1115.001. Purpose

Sec. 1115.001.  PURPOSE.  The purpose of this chapter is to require an agent to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise those recommendations so that the insurance needs and financial objectives of the consumer as of the time of the transaction are effectively addressed.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 6, eff. September 1, 2011.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 2, eff. September 1, 2021.|
TX Ins Code § 1115.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter A. General Provisions|Section 1115.003. Applicability; Exemptions

Sec. 1115.003.  APPLICABILITY; EXEMPTIONS.  (a)  This chapter applies to any sale of an annuity.(b)  Unless otherwise specifically included, this chapter does not apply to transactions involving:(1)  direct response solicitations if there is no recommendation based on information collected from the consumer under this chapter;(2)  contracts used to fund:(A)  an employee pension benefit plan or employee welfare benefit plan covered by the Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.);(B)  a plan described by Section 401(a), 401(k), 403(b), 408(k), or 408(p), Internal Revenue Code of 1986, if established or maintained by an employer;(C)  a government or church plan, as defined by Section 414, Internal Revenue Code of 1986, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization described under Section 457, Internal Revenue Code of 1986; or(D)  a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;(3)  settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or(4)  prepaid funeral benefits contracts, as defined by Chapter 154, Finance Code.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 8, eff. September 1, 2011.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 4, eff. September 1, 2021.|
TX Ins Code § 1115.004 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter A. General Provisions|Section 1115.004. No Cause of Action Created

Sec. 1115.004.  NO CAUSE OF ACTION CREATED.  This chapter may not be construed to create or imply a private cause of action against an agent or insurer or to subject an agent or insurer to civil liability for a violation of:(1)  this chapter or a rule adopted under this chapter; or(2)  a standard governing the conduct of a fiduciary or a fiduciary relationship.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 5, eff. September 1, 2021.|
TX Ins Code § 1115.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter A. General Provisions|Section 1115.005. Rules

Sec. 1115.005.  RULES.  The commissioner may adopt reasonable rules in the manner prescribed by Subchapter A, Chapter 36, to accomplish and enforce the purpose of this chapter.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.|
TX Ins Code § 1115.0505 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0505. Agents Exercising Material Control

Sec. 1115.0505.  AGENTS EXERCISING MATERIAL CONTROL.  (a)  This subchapter applies to each agent who:(1)  exercises material control or influence in making a recommendation or sale; and(2)  receives direct compensation as a result of the recommendation or sale, regardless of whether the agent has direct contact with the consumer.(b)  Activities that do not constitute material control or influence include providing or delivering marketing or educational materials, product wholesaling or other back office product support, general supervision of an agent, and similar activities.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 6, eff. September 1, 2021.|
TX Ins Code § 1115.0506 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0506. Transactions Not Based on Recommendation; Certain Exemptions From Subchapter

Sec. 1115.0506.  TRANSACTIONS NOT BASED ON RECOMMENDATION; CERTAIN EXEMPTIONS FROM SUBCHAPTER.  An agent does not have an obligation to a consumer under Section 1115.0513 if:(1)  the agent does not make a recommendation;(2)  the agent makes a recommendation based on materially inaccurate information provided by the consumer;(3)  the consumer refuses to provide consumer profile information; or(4)  the consumer enters into an annuity transaction that is not based on the recommendation from the agent or the insurer.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 6, eff. September 1, 2021.|
TX Ins Code § 1115.0507 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0507. Insurer Obligations

Sec. 1115.0507.  INSURER OBLIGATIONS.  (a)  Notwithstanding Section 1115.0506, an insurer's issuance of an annuity must be reasonable under the circumstances known to the insurer at the time the annuity is issued.(b)  If there is no agent involved in an annuity transaction, the obligations described in this subchapter apply to the insurer that recommends or sells the annuity in the same way those obligations would apply to an agent.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 6, eff. September 1, 2021.|
TX Ins Code § 1115.0508 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.0508. Additional Licensure Not Required

Sec. 1115.0508.  ADDITIONAL LICENSURE NOT REQUIRED.  Nothing in this subchapter may be construed to require an agent to obtain a license other than the license described by Chapter 4054.|Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 6, eff. September 1, 2021.|
TX Ins Code § 1115.051 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1115 - Suitability of Certain Annuity Transactions|Subchapter B. Duties of Insurers and Agents|Section 1115.051. Best-Interest Obligation

Sec. 1115.051.  BEST-INTEREST OBLIGATION.(a)  When making a recommendation of an annuity, an agent shall act in the best interest of the consumer under the circumstances known to the agent at the time the recommendation is made, without placing the agent's or the insurer's financial interest ahead of the consumer's interest.(b)  An agent is presumed to act in the best interest of the consumer if the agent satisfies the care, disclosure, conflict of interest, and documentation obligations described by this subchapter.(c)  Repealed by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 18(2), eff. September 1, 2021.(d)  Repealed by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 18(2), eff. September 1, 2021.(e)  Repealed by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 18(2), eff. September 1, 2021.(f)  Repealed by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 18(2), eff. September 1, 2021.|Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 9, eff. September 1, 2011.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 7, eff. September 1, 2021.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 8, eff. September 1, 2021.Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 18(2), eff. September 1, 2021.|