reglab/statecodes huggingface dataset:
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter Q. Extension of Group Life Insurance to Spouses and Children › Section 1131.803. Payment of Premiums

Sec. 1131.803.  PAYMENT OF PREMIUMS.  The premium for group life insurance extended to cover a spouse or child may be paid by:
(1)  the group policyholder;
(2)  the insured under the policy;  or
(3)  the group policyholder and the insured jointly.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter Q. Extension of Group Life Insurance to Spouses and Children › Section 1131.804. Amounts of Insurance

Sec. 1131.804.  AMOUNTS OF INSURANCE.  (a)  The amounts of insurance under the policy must be based on a plan that precludes individual selection by the insured or the policyholder.
(b)  The amount of insurance on the life of the spouse or a child may not exceed the amount of insurance for which the insured is eligible under the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter Q. Extension of Group Life Insurance to Spouses and Children › Section 1131.805. Conversion Rights

Sec. 1131.805.  CONVERSION RIGHTS.  On termination of group life insurance coverage for a spouse insured under this subchapter because the insured's employment terminates, the insured's eligibility for insurance terminates, or the insured dies, or because the group life insurance policy terminates, the spouse has the same conversion rights as to the group life insurance on the spouse's life as the insured.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter Q. Extension of Group Life Insurance to Spouses and Children › Section 1131.806. Certificate of Insurance

Sec. 1131.806.  CERTIFICATE OF INSURANCE.  Only one certificate of insurance issued for delivery to an insured is required if the certificate includes a statement concerning any spouse's or child's coverage.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.851. Applicability of Subchapter

Sec. 1131.851.  APPLICABILITY OF SUBCHAPTER.  This subchapter applies only to a group life insurance policy that is delivered or issued for delivery in this state and as to which any part of the premium is paid or is to be paid by an employer under the terms of a collective bargaining agreement.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.852. Continuation of Group Life Insurance During Labor Dispute Required for Certain Policies

Sec. 1131.852.  CONTINUATION OF GROUP LIFE INSURANCE DURING LABOR DISPUTE REQUIRED FOR CERTAIN POLICIES.  An insurer may not deliver or issue for delivery a policy subject to this subchapter unless the policy provides that if the employees covered by the policy stop work because of a labor dispute, coverage continues under the policy, on timely payment of the premium, for each employee who:
(1)  is covered under the policy on the date the work stoppage begins;
(2)  continues to pay the employee's individual contribution, subject to the conditions provided by this subchapter;  and
(3)  assumes and pays during the work stoppage the contribution due from the employer, subject to the conditions provided by this subchapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.853. Contributions if Policyholder Is Trustee

Sec. 1131.853.  CONTRIBUTIONS IF POLICYHOLDER IS TRUSTEE.  (a)  An employee's contribution for purposes of a policy as to which the policyholder is a trustee or the trustees of a fund established or maintained wholly or partly by the employer is the amount the employee and employer would have been required to contribute to the fund for the employee if:
(1)  the work stoppage had not occurred;  and
(2)  the agreement requiring the employer to make contributions to the fund were in effect.
(b)  The policy may provide that continuation of coverage is contingent on the collection of individual contributions by the policyholder or the policyholder's agent.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.854. Contributions if Policyholder Is Not Trustee

Sec. 1131.854.  CONTRIBUTIONS IF POLICYHOLDER IS NOT TRUSTEE.  (a)  A policy as to which the policyholder is not a trustee or the trustees of a fund established or maintained in whole or in part by the employer must provide that the employee's individual contribution:
(1)  is the policy rate applicable:
(A)  on the date the work stoppage begins;  and
(B)  to an individual in the class to which the employee belongs as provided by the policy;  or
(2)  if the policy does not provide for a rate applicable to an individual, is an amount equal to the amount determined by dividing:
(A)  the total monthly premium in effect under the policy on the date the work stoppage begins;  by
(B)  the total number of insureds under the policy on that date.
(b)  The policy may provide that continuation of coverage under this subchapter is contingent on the collection of individual contributions by the union or unions representing the employees.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.855. Payment of Contribution and Premium

Sec. 1131.855.  PAYMENT OF CONTRIBUTION AND PREMIUM.  A policy may provide that continuation of coverage for an employee under the policy is contingent on timely payment of:
(1)  contributions by the employee;  and
(2)  the premium by the entity responsible for collecting the individual employee contributions.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.856. Past Due Premium

Sec. 1131.856.  PAST DUE PREMIUM.  (a)  A policy may provide that the continuation of coverage is contingent on payment of any premium that:
(1)  is unpaid on the date the work stoppage begins;  and
(2)  became due before the date the work stoppage begins.
(b)  A premium described by Subsection (a) must be paid before the date the next premium becomes due under the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.857. Individual Premium Rate Increase

Sec. 1131.857.  INDIVIDUAL PREMIUM RATE INCREASE.  (a)  A policy may provide that, during the period of a work stoppage, an individual premium rate may be increased by an amount not to exceed 20 percent of the amount shown in the policy, or a greater percentage as approved by the commissioner, to provide sufficient compensation to the insurer to cover increased:
(1)  administrative costs;  and
(2)  mortality and morbidity.
(b)  If a policy provides for a premium rate increase in accordance with this section, the amount of an employee's contribution must be increased by the same percentage.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.858. Premium Rate Change Not Limited

Sec. 1131.858.  PREMIUM RATE CHANGE NOT LIMITED.  (a)  This subchapter does not limit any right of the insurer under a policy to increase or decrease a premium rate before, during, or after a work stoppage if the insurer would be entitled to increase the premium rate had a work stoppage not occurred.
(b)  A change in a premium rate made in accordance with this section takes effect on a date that is determined by the insurer in accordance with the terms of the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.859. Limitations on Continuation of Coverage

Sec. 1131.859.  LIMITATIONS ON CONTINUATION OF COVERAGE.  This subchapter does not require the continuation of coverage under a policy for a period:
(1)  longer than six months after a work stoppage occurs;
(2)  beyond the time that 75 percent of the covered employees continue the coverage;  or
(3)  as to an individual covered employee, beyond the time that the employee takes a full-time job with another employer.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance › Subchapter R. Continuation of Certain Group Life Insurance During Labor Dispute › Section 1131.860. Other Provisions; Commissioner Approval Required

Sec. 1131.860.  OTHER PROVISIONS;  COMMISSIONER APPROVAL REQUIRED.  A policy may contain any other provision relating to continuation of policy coverage during a work stoppage that the commissioner approves.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle B - Group Life Insurance › Chapter 1132 - Notice of Rate Increase for Group Life Insurance › Section 1132.001. Notice of Rate Increase

Sec. 1132.001.  NOTICE OF RATE INCREASE.  (a)  In this section, "insurer" means:
(1)  a life insurance company;
(2)  an accident insurance company;
(3)  a general casualty insurance company;
(4)  a mutual life insurance company;
(5)  a mutual or natural premium life insurance company;
(6)  a fraternal benefit society;  or
(7)  a local mutual aid association.
(b)  Not later than the 61st day before the date on which a premium rate increase takes effect on a group policy of life insurance delivered or issued for delivery in this state by an insurer, the insurer shall give written notice to the policyholder of:
(1)  the amount of the increase;  and
(2)  the date on which the increase is to take effect.
(c)  An insurer that issues a group policy described by Subsection (b) to a multiple employer trust shall give the notice required by that subsection to the trustee or group policyholder.
(d)  The notice required by this section must be based on coverage in effect on the date of the notice.
(e)  This section may not be construed to prevent an insurer, at the request of a policyholder, from negotiating a change in benefits or rates after delivery of the notice required by this section.
(f)  An insurer may not require a policyholder or trustee entitled to notice under this section to respond to the insurer to renew the policy or take other action relating to the renewal or extension of the policy before the 45th day after the date the notice described by Subsection (b) is given.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 222, Sec. 2, eff. Sept. 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter A. General Provisions › Section 1151.001. Definition

Sec. 1151.001.  DEFINITION.  In this chapter, "industrial life insurance" means life insurance under which the premiums are payable:
(1)  weekly;  or
(2)  less often than weekly but at least monthly, if the face amount of insurance coverage provided by the policy is $1,000 or less.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter A. General Provisions › Section 1151.002. General Applicability of Chapter

Sec. 1151.002.  GENERAL APPLICABILITY OF CHAPTER.  (a)  Except as provided by other law, this chapter controls the form and content of an industrial life insurance policy delivered or issued for delivery in this state by an insurance company.
(b)  This chapter does not control an industrial life insurance policy delivered or issued for delivery in this state by an association described by Section 1151.004.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter A. General Provisions › Section 1151.003. Applicability of Chapter to Policy Providing Accident and Health Benefits

Sec. 1151.003.  APPLICABILITY OF CHAPTER TO POLICY PROVIDING ACCIDENT AND HEALTH BENEFITS.  Except as otherwise provided by this chapter, if an industrial life insurance policy provides accident and health benefits in addition to natural death benefits, this chapter applies only to the life insurance benefits provided by that policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter A. General Provisions › Section 1151.004. Certain Associations Excepted

Sec. 1151.004.  CERTAIN ASSOCIATIONS EXCEPTED.  This chapter does not apply to any of the following associations operating under Chapter 886:
(1)  a local mutual aid association;
(2)  a statewide mutual life, health, and accident association;  or
(3)  a burial association.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter A. General Provisions › Section 1151.005. Certain Nonprofit Organizations Excepted

Sec. 1151.005.  CERTAIN NONPROFIT ORGANIZATIONS EXCEPTED.  This chapter does not apply to:
(1)  an order, society, association, or labor organization that:
(A)  admits to membership only persons engaged in one or more crafts or hazardous occupations in the same or similar lines of business;  and
(B)  does not operate for profit;
(2)  a ladies auxiliary to an order, society, association, or labor organization described by Subdivision (1);  or
(3)  a fraternal order, association, or society.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.051. Policy Title

Sec. 1151.051.  POLICY TITLE.  An industrial life insurance policy must contain a title on the face of the policy that:
(1)  briefly describes the form of the policy;  and
(2)  includes the printed words "Industrial Policy."
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.052. Entire Contract

Sec. 1151.052.  ENTIRE CONTRACT.  (a)  An industrial life insurance policy must provide that the policy is the entire contract between the parties, except that at the option of the insurer, the insurer may make the policy and the policy application the entire contract between the parties.
(b)  To make the policy application a part of the contract, a copy of the application must be endorsed on or attached to the policy at the time the policy is issued.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.053. Agent Unauthorized to Waive or Change Terms

Sec. 1151.053.  AGENT UNAUTHORIZED TO WAIVE OR CHANGE TERMS.  An industrial life insurance policy must provide that an agent may not waive or change the terms of an application or policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.054. Statement Made by or on Behalf of Insured

Sec. 1151.054.  STATEMENT MADE BY OR ON BEHALF OF INSURED.  An industrial life insurance policy must provide that, in the absence of fraud, a statement made by the insured or on behalf of the insured is considered a representation and not a warranty.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.055. Incontestability of Policy

Sec. 1151.055.  INCONTESTABILITY OF POLICY.  An industrial life insurance policy must provide that, after the policy has been in force for two years from its date of issue during the lifetime of the insured, the policy is incontestable except:
(1)  for nonpayment of a premium;
(2)  for violation of any policy condition relating to naval or military service in time of war;  and
(3)  concerning a provision relating to:
(A)  benefits in case of total or permanent disability as defined by the policy;  or
(B)  additional insurance:
(i)  specifically against accidental death;  or
(ii)  against loss of, or loss of use of, specific parts of the body.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.056. Adjustment of Amount Payable if Age of Insured Is Misstated

Sec. 1151.056.  ADJUSTMENT OF AMOUNT PAYABLE IF AGE OF INSURED IS MISSTATED.  An industrial life insurance policy must provide that, if the age of the insured is misstated, the amount payable under the policy is the amount of insurance that the premium paid would have purchased if the insured's age had been stated correctly.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.057. Grace Period

Sec. 1151.057.  GRACE PERIOD.  (a)  An industrial life insurance policy must provide that the insured is entitled to a grace period stated in the policy within which any premium after the first premium may be paid.  The grace period must be at least a four-week period.
(b)  During the grace period the policy continues in effect, but if an event under which the insurer may be liable under the policy occurs during the grace period and before the overdue premiums are paid, the amount of the overdue premiums may be deducted in a settlement made under the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.058. Nonforfeiture Benefits and Cash Surrender Values in General

Sec. 1151.058.  NONFORFEITURE BENEFITS AND CASH SURRENDER VALUES IN GENERAL.  An industrial life insurance policy must provide, in case of default in payment of premiums, nonforfeiture benefits and cash surrender values in accordance with:
(1)  Sections 1151.152-1151.154;  or
(2)  Chapter 1105, for a policy issued on or after the date determined under Section 1105.002(a) or (b), as applicable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.059. Surplus

Sec. 1151.059.  SURPLUS.  An industrial life insurance policy that is a participating policy must provide that the insurer shall annually determine and apportion any divisible surplus accruing on the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.060. Claim Based on Death of Insured

Sec. 1151.060.  CLAIM BASED ON DEATH OF INSURED.  An industrial life insurance policy must provide that if a claim arises as the result of the death of the insured, the insurer shall settle the claim not later than two months after the date the insurer receives at the insurer's home office:
(1)  proof of death satisfactory to the insurer;  and
(2)  proof of the right of the claimant to the insurance proceeds.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.061. Reinstatement of Policy

Sec. 1151.061.  REINSTATEMENT OF POLICY.  (a)  An industrial life insurance policy must provide that unless the cash surrender value has been paid or the term of extended insurance has expired, the policy may be reinstated not later than the first anniversary of or, at the option of the insurer, not later than the 52nd week after the date of default in payment of premiums if the insured:
(1)  pays all overdue premiums;
(2)  pays or reinstates any other debt owed to the insurer on the policy;  and
(3)  presents evidence of insurability satisfactory to the insurer.
(b)  The insurer may impose on the overdue premiums interest at an annual rate specified in the policy, not to exceed six percent.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter B. Required Policy Provisions › Section 1151.062. Exception for Policies Issued or Granted Under Certain Nonforfeiture Provisions

Sec. 1151.062.  EXCEPTION FOR POLICIES ISSUED OR GRANTED UNDER CERTAIN NONFORFEITURE PROVISIONS.  This subchapter does not apply to a policy issued or granted under a nonforfeiture provision prescribed by Section 1151.058.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter C. Authorized or Prohibited Policy Provisions › Section 1151.101. Authorized Provisions

Sec. 1151.101.  AUTHORIZED PROVISIONS.  In addition to the provisions required by Subchapter B and Section 1151.152, an industrial life insurance policy may:
(1)  exclude liability or promise a benefit that is less than the full amount payable as a death benefit if the insured:
(A)  dies by the insured's own hand, regardless of whether the insured is sane or insane; or
(B)  dies as a result of engaging in a stated hazardous occupation;
(2)  promise a benefit that is less than the full amount payable if the insured dies as a result of an aviation activity under a condition specified in the policy approved by the department as provided by Chapter 1701;
(3)  limit the maximum amount payable on the death of a child younger than 15 years of age; and
(4)  include any other provision not otherwise prohibited by this chapter.
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.008, eff. April 1, 2009.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter C. Authorized or Prohibited Policy Provisions › Section 1151.102. Prohibited Provisions

Sec. 1151.102.  PROHIBITED PROVISIONS.  (a)  An industrial life insurance policy may not:
(1)  require a cause of action based on the policy to be initiated before the second anniversary of the date the cause of action accrues;  or
(2)  except as otherwise provided by this subchapter, establish a method of settlement at maturity that provides less value than the face amount of insurance coverage provided by the policy and any dividend additions to the policy, less:
(A)  any debt owed to the insurer on the policy;  and
(B)  any premium that may be deducted under the terms of the policy.
(b)  Subsection (a)(2) does not prevent a limitation from being imposed on payment of an additional accidental death benefit in case of accidental death resulting from certain specified causes.
(c)  A nonparticipating or term policy may not incorporate any part of a provision described by Subchapter B or Section 1151.152 that does not apply to that type of policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter D. Rights of Insured Under Certain Older Policies › Section 1151.151. Extended Term or Paid-Up Insurance for Certain Policies

Sec. 1151.151.  EXTENDED TERM OR PAID-UP INSURANCE FOR CERTAIN POLICIES.  (a)  This section applies only to a policy delivered or issued for delivery in this state before March 29, 1941, under former Article 3.43 of this code.
(b)  An insured or a beneficiary of the insured is entitled to elect extended term or paid-up insurance under an industrial life insurance policy that does not by its terms provide a stipulated form of insurance to the insured or beneficiary on default in payment of premiums if:
(1)  premiums have been paid on the policy for at least three years;  and
(2)  the insured or beneficiary gives written notice of the election to the insurer at the insurer's home office before the expiration of the term of extended insurance.
(c)  An insured or beneficiary who does not make an election as provided by Subsection (b) is considered to have elected extended term insurance.
(d)  The net value of extended term or paid-up insurance shall be determined as provided by Section 1151.153.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter D. Rights of Insured Under Certain Older Policies › Section 1151.152. Provisions Concerning Stipulated Form of Insurance or Specified Cash Surrender Value in Certain Policies

Sec. 1151.152.  PROVISIONS CONCERNING STIPULATED FORM OF INSURANCE OR SPECIFIED CASH SURRENDER VALUE IN CERTAIN POLICIES.  (a)  An industrial life insurance policy issued before the date described by Section 1151.058(2) must contain a provision substantially as follows:
(1)  in case of default in payment of premiums:
(A)  after premiums have been paid for three years, a stipulated form of insurance is available, effective from the due date of the defaulted premium;  and
(B)  after premiums have been paid for five years, the stipulated form of insurance described by Paragraph (A) or a specified cash surrender value is available, at the election of the insured;  and
(2)  the stipulated form of insurance takes effect unless the insured applies in writing for the specified cash surrender value within the grace period following the due date of the defaulted premium.
(b)  The policy must:
(1)  state the amount and term of the stipulated form of insurance, computed assuming that there is no debt owed on or dividend additions to the policy;
(2)  specify the mortality table, the rate of interest, and the method of valuation, if a method of valuation other than net level premium is used, adopted for computing the reserve on the policy;  and
(3)  provide a table showing in numbers the nonforfeiture options available under the policy at the end of each year in case of default in payment of premiums.
(c)  Subsections (a), (b)(1), and (b)(3) do not apply to a term insurance policy with a term of 20 years or less.
(d)  The table described by Subsection (b)(3) must begin with the year in which the numbers on the nonforfeiture options become available and must cover not more than the first 20 years of the policy.  On the expiration of the period for which the numbers are shown by the policy, the insurer shall provide an extension of the table on request.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter D. Rights of Insured Under Certain Older Policies › Section 1151.153. Computation of Net Value of Stipulated Form of Insurance or Specified Cash Surrender Value

Sec. 1151.153.  COMPUTATION OF NET VALUE OF STIPULATED FORM OF INSURANCE OR SPECIFIED CASH SURRENDER VALUE.  (a)  The net value of the stipulated form of insurance or the specified cash surrender value available under Section 1151.152 may not be less than the reserve on the policy at the end of the last completed quarter of the policy year for which premiums have been paid, less:
(1)  an amount of not more than:
(A)  2-1/2 percent of the maximum amount insured under the policy and any dividend additions to the policy, if the age of the insured on the date the policy was issued is younger than 10 years;  or
(B)  2-1/2 percent of the amount insured under the policy at the time the computation is made and any dividend additions to the policy, if the age of the insured on the date the policy was issued is 10 years or older;  and
(2)  any existing debt to the insurer on or secured under the policy.
(b)  The reserve described by Subsection (a):
(1)  includes:
(A)  the reserve for any paid-up additions to the policy;  and
(B)  the amount of any dividends credited to the policy;  and
(2)  excludes any reserve on:
(A)  total or permanent disability, as defined by the policy;  and
(B)  additional accidental death benefits.
(c)  In computing the value of paid-up term insurance with any accompanying pure endowment, a rate of mortality may be assumed that is not more than:
(1)  130 percent of the rate of mortality according to the applicable table, if the 1941 Standard Industrial Mortality Table or the 1941 Sub-standard Industrial Mortality Table is adopted for computing the reserve;  or
(2)  the rate of mortality shown by:
(A)  the Commissioners 1961 Industrial Extended Term Insurance Table, if the Commissioners 1961 Standard Industrial Mortality Table is adopted for computing the reserve;  or
(B)  any other mortality table specified by the insurer and approved by the department, if the policy is substandard.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1151 - Industrial Life Insurance › Subchapter D. Rights of Insured Under Certain Older Policies › Section 1151.154. Surrender of Policy for Specified Cash Surrender Value

Sec. 1151.154.  SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER VALUE.  (a)  An industrial life insurance policy issued before the date described by Section 1151.058(2) under which the insured applies for cash surrender value must be surrendered for the specified cash surrender value to the insurer at the insurer's home office within the grace period following the due date of the defaulted premium.
(b)  The insurer may defer payment for a period of not more than six months after the date of application for the specified cash surrender value.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter A. General Provisions › Section 1152.001. Applicability of Code

Sec. 1152.001.  APPLICABILITY OF CODE.  (a)  Except as provided by Subsection (b), this code applies to separate accounts described by this chapter and contracts relating to those accounts.
(b)  The following sections do not apply to the separate accounts and contracts:
(1)  Sections 882.303 and 882.703;
(2)  Subchapters H and J, Chapter 882;
(3)  Sections 1101.002(b), 1101.005, 1101.009, 1101.012, 1101.052, 1101.055, and 1101.152-1101.156;
(4)  Chapter 1105;  and
(5)  Section 1131.103.
(c)  A separate account established under former Article 3.39 Part III, 3.72, or 3.73 is considered to be established under this chapter.  A policy or other agreement issued before September 1, 1984, under one of those articles remains subject to the article, as the article existed immediately before September 1, 1984.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter A. General Provisions › Section 1152.002. Rules

Sec. 1152.002.  RULES.  The commissioner may adopt rules that are fair, reasonable, and appropriate to augment and implement this chapter, including rules establishing requirements for:
(1)  agent licensing;
(2)  standard policy provisions;  and
(3)  disclosure.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.051. Establishment of Separate Accounts

Sec. 1152.051.  ESTABLISHMENT OF SEPARATE ACCOUNTS.  A domestic life insurance company may establish separate accounts under this subchapter and may allocate to each account amounts, including proceeds applied under optional modes of settlement or under dividend options, to:
(1)  provide for life insurance, an annuity, or a benefit incidental to the insurance or annuity, payable in a fixed amount, a variable amount, or both a fixed amount and a variable amount;  or
(2)  fund a benefit for a pension, retirement, or profit sharing plan payable in a fixed amount, a variable amount, or both a fixed amount and a variable amount.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.052. Ownership of Amounts in Separate Account

Sec. 1152.052.  OWNERSHIP OF AMOUNTS IN SEPARATE ACCOUNT.  (a)  An insurance company owns an amount allocated to a separate account under this subchapter.
(b)  The company is not and may not represent itself as a trustee regarding an amount allocated to a separate account under this subchapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.053. Transfer of Assets Between Separate Accounts

Sec. 1152.053.  TRANSFER OF ASSETS BETWEEN SEPARATE ACCOUNTS.  (a)  Except as provided by Subsection (b), an insurance company may not sell, exchange, or otherwise transfer an asset between the company's separate accounts or between any other investment account and a separate account unless:
(1)  in case of a transfer into a separate account, the transfer is made solely to establish the account or to support the operation of a contract regarding the separate account to which the transfer was made;  and
(2)  the transfer, whether into or from a separate account, is made:
(A)  by a transfer of cash;  or
(B)  by a transfer of securities if the securities have a readily determinable market value and the commissioner approves the transfer.
(b)  The commissioner may approve a transfer between accounts other than a transfer described by Subsection (a) if, in the commissioner's opinion, the transfer would not be inequitable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.054. Compliance With Federal or State Law for Separate Account

Sec. 1152.054.  COMPLIANCE WITH FEDERAL OR STATE LAW FOR SEPARATE ACCOUNT.  (a)  To comply with a federal or state law, an insurance company with respect to any separate account, including a separate account that is a management investment company or a unit investment trust, may, to the extent the company considers it necessary, provide:
(1)  for appropriate voting and other rights for persons who have an interest in the account;  and
(2)  special rights and procedures to conduct the business of the account, including rights and procedures related to:
(A)  investment policy;
(B)  investment advisory services;
(C)  selection of independent public accountants;  and
(D)  selection of a committee to manage the business of the account.
(b)  The members of a committee selected under Subsection (a)(2)(D) are not required to be affiliated with the company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.055. Guaranteed Benefits and Money Restriction for Separate Accounts

Sec. 1152.055.  GUARANTEED BENEFITS AND MONEY RESTRICTION FOR SEPARATE ACCOUNTS.  A domestic insurance company may not maintain a reserve for a benefit guaranteed as to dollar amount and duration or funds guaranteed as to principal amount or stated rate of interest in a separate account except with the commissioner's approval and under conditions for investments, and other matters, that recognize the guaranteed nature of the benefits provided and that are prescribed by the department.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 412 (H.B. 1587), Sec. 2, eff. June 9, 2023.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.056. Investment Limits Not Applicable to Separate Account

Sec. 1152.056.  INVESTMENT LIMITS NOT APPLICABLE TO SEPARATE ACCOUNT.  Except as provided by Section 1152.055:
(1)  an amount allocated to a separate account, including an accumulation on that amount, may be invested without regard to a law of this state governing a life insurance company investment;  and
(2)  an investment in a separate account may not be considered in applying an investment limit otherwise applicable to the insurance company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.057. Allocation of Income, Gains, or Losses on Separate Account

Sec. 1152.057.  ALLOCATION OF INCOME, GAINS, OR LOSSES ON SEPARATE ACCOUNT.  An insurance company shall credit to or charge against a separate account the income, gain, or loss, realized or unrealized, from an asset allocated to the account without regard to other income, gains, or losses of the insurance company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.058. Asset Valuation in Separate Account

Sec. 1152.058.  ASSET VALUATION IN SEPARATE ACCOUNT.  An asset allocated to a separate account is valued:
(1)  at its market value on the date of valuation;
(2)  as provided under a contract, rule, or other written agreement applicable to the separate account, if a readily available market does not exist;
(3)  as provided by the rules otherwise applicable to the insurance company's assets for any portion of the assets that is equal to the company's reserve liability with regard to the guaranteed benefits and funds under Section 1152.055;  or
(4)  under any other method approved by the commissioner.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter B. Separate Accounts › Section 1152.059. Separate Account Not Chargeable With Other Liabilities

Sec. 1152.059.  SEPARATE ACCOUNT NOT CHARGEABLE WITH OTHER LIABILITIES.  To the extent provided under the applicable contracts, the portion of a separate account's assets equal to the reserves and other contract liabilities regarding that account is not chargeable with a liability arising out of any other business of the insurance company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter C. Variable Contracts › Section 1152.101. Sole Authority to Regulate Variable Contracts

Sec. 1152.101.  SOLE AUTHORITY TO REGULATE VARIABLE CONTRACTS.  The commissioner has sole authority to regulate the issuance and sale of a variable contract under:
(1)  this chapter;  and
(2)  rules adopted under Section 1152.002.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter C. Variable Contracts › Section 1152.102. Authorization Required for Variable Contracts

Sec. 1152.102.  AUTHORIZATION REQUIRED FOR VARIABLE CONTRACTS.  (a)  An insurance company may not deliver or issue for delivery a variable contract in this state unless authorized by the commissioner under this section.
(b)  If the commissioner finds, after notice and hearing, that the company is qualified to issue, deliver, and use a variable contract under this chapter and rules adopted under Section 1152.002, the commissioner shall issue an order relating to the company's authority to issue, deliver, and use a variable contract in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter C. Variable Contracts › Section 1152.103. Consideration of Company's Condition or Method of Operation

Sec. 1152.103.  CONSIDERATION OF COMPANY'S CONDITION OR METHOD OF OPERATION.  (a)  For purposes of this section, the domicile of an alien company is its state of entry.
(b)  In considering a company's condition or method of operation, the factors the commissioner shall consider must include:
(1)  the company's history and financial condition;
(2)  the character, responsibility, and fitness of the company's officers and directors;
(3)  the law, including rules, under which the company is authorized to do business in the state of domicile to issue a variable contract;  and
(4)  whether the condition or method of operation in connection with the issuance of a variable contract will make the company's operation hazardous to the public or the company's policyholders in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle C - Specialized Coverages › Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products › Subchapter C. Variable Contracts › Section 1152.104. Authorization for Subsidiary or Affiliate of Authorized Life Insurance Company

Sec. 1152.104.  AUTHORIZATION FOR SUBSIDIARY OR AFFILIATE OF AUTHORIZED LIFE INSURANCE COMPANY.  The commissioner may determine, after notice and hearing, that a company that is a subsidiary of or affiliated with an authorized life insurance company through common management or ownership meets the requirements of this subchapter if either the company or the parent or affiliated company meets the requirements of this subchapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.