reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.901 - Purpose and Scope

Current through Reg. 49, No. 28; July 12, 2024
The purpose of this subchapter is to address the
					 reinstatement requirements for individual life policies that lapse due to the
					 mental incapacity of the insured under certain conditions as prescribed in this
					 subchapter.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.902 - Applicability

Current through Reg. 49, No. 28; July 12, 2024
This subchapter applies to all individual life policies
					 which do not provide nonforfeiture benefits issued to Texas residents by
					 insurers licensed in this state, including stipulated premium companies and
					 fraternal benefit societies, which lapse due to the mental incapacity of the
					 insured, and which qualify for reinstatement under the eligibility requirements
					 set forth in §
										3.905 of
					 this title (relating to Eligibility Requirements).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.903 - Severability

Current through Reg. 49, No. 28; July 12, 2024
Where any term or section of this subchapter is determined
					 by a court of competent jurisdiction to be inconsistent with the statutes of
					 this state or to be unconstitutional, the remaining terms and provisions of
					 this subchapter shall remain in effect.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.904 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings, unless the context clearly
					 indicates otherwise.
(1)
				  Commissioner--The Commissioner of Insurance.
(2) Department--The Texas Department of
				  Insurance.
(3) Insured--The person
				  whose life is insured under the policy. For purposes of this subchapter, the
				  insured is the owner, unless the insured and owner are different parties as set
				  forth in the policy.
(4) Mental
				  Incapacity--Lacking the ability, based on reasonable medical judgment, to
				  understand and appreciate the nature and consequences of a decision regarding
				  failure to pay a premium when due and the ability to reach an informed decision
				  in the matter.
(5) Owner--The
				  person who has all the rights and all the responsibilities of the
				  policy.
(6) Policyholder--The owner
				  of the policy.
(7) Proof of mental
				  incapacity--The clinical diagnosis of a physician licensed in this state and
				  qualified to make the diagnosis.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.905 - Eligibility Requirements

Current through Reg. 49, No. 28; July 12, 2024
An eligible policy that is subject to this subchapter shall
					 be reinstated, without evidence of insurability, on payment of past due
					 premiums and interest if it meets the requirements set forth in paragraphs
					 (1)-(4) of this subsection:
(1) it has
				  been in force continuously for at least five years immediately prior to the
				  date of lapse;
(2) all premiums
				  have been paid during such period, or within the grace period;
(3) there is a subsequent unintentional
				  default in premium payments caused by the mental incapacity of the insured;
				  and
(4) proof and request for
				  reinstatement are submitted within one year from the date of lapse.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.906 - Payment of Past Due Premiums

Current through Reg. 49, No. 28; July 12, 2024
The insurer may require, as a condition of reinstatement,
					 payment of past due premiums, plus interest at a rate not to exceed 6.0% per
					 annum.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.907 - Coverage Dates Back to Date of Lapse

Current through Reg. 49, No. 28; July 12, 2024
Upon reinstatement, the policy will continue in force as
					 though it had not lapsed.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.908 - Exceptions to Reinstatement

Current through Reg. 49, No. 28; July 12, 2024
An insurer is not required to reinstate coverage or pay
					 benefits under this subchapter if the insured first became mentally
					 incapacitated after the expiration of the grace period contained in the
					 policy.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.909 - Notification and Disclosure Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  The insurer is required to send notice of the conditions set forth in this
				  subchapter under which the policy may qualify for reinstatement due to the
				  mental incapacity of the insured. The notice must be sent to the owner of any
				  individual life policy which does not provide nonforfeiture benefits if the
				  policy is in force, renewed or issued on or after September 1, 1995. The notice
				  required to be provided by this subsection must be provided within 90 days
				  following lapse of an eligible policy.
(b) For all policies issued on or after
				  September 1, 1995, disclosure of the conditions set forth in this subchapter
				  under which the policy may qualify for reinstatement due to the mental
				  incapacity of the insured may be made by incorporating the language of §
										3.913
				  of this title (relating to Notice and Disclosure Form), either in the policy or
				  in an endorsement attached to the policy, in lieu of the notice requirements
				  set forth in subsection (a) of this section.
(c) The notice required to be provided by
				  this subsection will be deemed to be in compliance if mailed by first class
				  mail to the last known address of the policyholder or if contained in the
				  policy or included as an endorsement thereto.
(d) The notice required by this subsection
				  must be provided in the form set forth in §
										3.913
				  of this title (relating to Notice and Disclosure Form).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.910 - Reinstatement Procedures

Current through Reg. 49, No. 28; July 12, 2024
(a) The insurer
				  shall accept a request for reinstatement and proof of mental incapacity that is
				  filed by:
(1) the insured, or the owner, if
				  the insured and owner are not the same party;
(2) the legal guardian of the
				  insured;
(3) other legal
				  representative of the insured; or
(4) the legal representative of the estate of
				  the insured.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.911 - Reduced Benefits

Current through Reg. 49, No. 28; July 12, 2024
The insurer shall pay the death benefit under an eligible
					 policy if the insured dies within one year of the date of lapse and the
					 requirements for submitting proof of mental incapacity and request for
					 reinstatement are met. The insurer shall reduce the death benefit under a
					 policy that is eligible for reinstatement under this subchapter by the amount
					 of premiums due and unpaid on the date of death, plus interest on such premiums
					 at the reinstatement interest rate, if there is an uncontroverted claim for
					 benefits that exceeds the amount of premiums and interest
					 owed.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.912 - Form Filing Procedures

Current through Reg. 49, No. 28; July 12, 2024
(a) For all new
				  forms subject to this subchapter filed on or after September 1, 1995, the
				  insurer must include with the form filing written notification to the
				  department specifying the method of notification as set forth in §
										3.909
				  of this title (relating to Notification and Disclosure Requirements) by which
				  the notice requirements of §
										3.913
				  of this title (relating to Notice and Disclosure Form) will be met.
(b) For all forms subject to this subchapter
				  approved or filed before September 1, 1995, the insurer must submit to the
				  department a certification, signed by an officer of the company, specifying the
				  method or methods of notification as set forth in §
										3.909
				  of this title (relating to Notification and Disclosure Requirements) by which
				  the notice requirements of §
										3.913
				  of this title (relating to Notice and Disclosure Form) will be met.
(c) All policies and endorsements are subject
				  to the filing requirements of Subchapter A of this chapter (relating to
				  Requirements for Filing of Policy Forms, Riders, Amendments, and Endorsements
				  for Life, Accident, and Health Insurance and Annuities).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter J - REQUIRED REINSTATEMENT RELATING TO MENTAL INCAPACITY OF THE INSURED FOR INDIVIDUAL LIFE POLICIES WITHOUT NONFORFEITURE BENEFITS › Section 3.913 - Notice and Disclosure Form

Current through Reg. 49, No. 28; July 12, 2024
(a) If the
				  elected method of compliance is notification to all existing policyholders as
				  described in §
										3.902(a)(2)
				  of this title (relating to Notification and Disclosure Requirements), the
				  notice required by this subchapter shall be provided in the following manner:
Attached
					 Graphic
(b) If
				  the elected method of compliance is notification within 90 days following the
				  lapse of an eligible policy as described in §
										3.909(a)(1)
				  of this title (relating to Notification and Disclosure Requirements), the
				  notice required by this subchapter shall be provided in the following manner:
Attached
					 Graphic
(c) If
				  the elected method of compliance is incorporating the language of this section
				  in the policy or in an endorsement, the insurer may incorporate the text of
				  subsection (a) of this section, omitting the titles referencing "Notice" and
				  substituting an appropriate prominent title, such as "Reinstatement Due to the
				  Mental Incapacity of the Insured."
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1001 - Authority

Current through Reg. 49, No. 28; July 12, 2024
This subchapter is prescribed and promulgated in respect to
					 the provisions of Insurance Code §
										982.114;
					 Chapter 425, Subchapter B; Chapter 1701; Chapter 404; and other applicable
					 provisions.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1002 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
It is the purpose of this subchapter:
(1) to encourage a company's awareness that
				  imprudent guarantees on annuity contracts and miscellaneous funds may lead to a
				  hazardous financial condition, and to call attention of the fact that the
				  commissioner of insurance may wish to make use of the early warning
				  system;
(2) to provide for proper
				  disclosure of benefits provided by annuity contracts and miscellaneous funds;
				  and
(3) to clarify the
				  interpretation of Insurance Code Chapter 425, Subchapter B, as it relates to
				  the computation of reserves for annuity contracts and miscellaneous
				  funds.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1003 - Unallocated Group Annuity

Current through Reg. 49, No. 28; July 12, 2024
An unallocated group annuity is a contract covering
					 multiple lives issued to an employer or trustee as the policyholder or contract
					 holder or similar term where the values under the contract are not allocated to
					 specific individuals. This definition specifically includes deposit
					 administration contracts where no allocation of funds to specific individuals
					 is made except to provide a cash benefit such as at death, termination of
					 employment, or retirement.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1004 - Policy Form Review

Current through Reg. 49, No. 28; July 12, 2024
Annuity and miscellaneous fund submissions which at any
					 point of time make use of an interest rate in excess of the applicable maximum
					 valuation interest rate as defined in the standard valuation law for that type
					 of annuity or pure endowment contract in determining policyholder values will
					 be reviewed and approved or disapproved in accordance with the following
					 standard.
(1) Either of the following
				  alternatives in subparagraphs (A) or (B) of this paragraph, to be selected at
				  the option of the insurance company, must be met at the time the contract is
				  filed for review, except that only the alternative in subparagraph (A) of this
				  paragraph is acceptable for a fixed premium deferred annuity.
(A) A detailed statement of the reserves to
				  be held for such contracts may be furnished prior to policy form approval. The
				  form will not be approved unless the reserves comply with the minimum standards
				  specified herein.
(B) A
				  certification by a qualified actuary may be furnished stating that the reserves
				  to be held on the contract will be equal to or greater than the minimum
				  standards specified in §
											3.1005 of
				  this title (relating to Reserve Requirements). Submission of a detailed
				  statement of methods will then be required subsequent to form approval, and
				  this detailed statement may be checked for compliance with the minimum
				  standards specified herein.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1005 - Reserve Requirements

Current through Reg. 49, No. 28; July 12, 2024
The Standard Valuation Law, as it appears in Texas
					 statutes, discusses interest rates appropriate for the calculation of minimum
					 reserves. The Standard Valuation Law also defines the commissioner's annuity
					 reserve method which is required to be used to compute the minimum reserves for
					 annuity and pure endowment contracts. Reserves must never be less than
					 corresponding cash values.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1007 - Disclosure Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) For the
				  deferred annuities, except unallocated group annuities, within the scope of
				  these sections, interest rates, whether guaranteed or subject to future
				  determinations by the company, must not be presented in a manner which might
				  lead the prospect to believe that the complete premium or other consideration
				  under the contract will accumulate at those rates unless such is the case. The
				  sales presentation and any sales material must clearly disclose any loading,
				  policy fees, charges or other items of the contract which represent expenses to
				  the policyholder.
(b) If written
				  material stating the guaranteed interest rate (or current or illustrated rate,
				  if a higher rate than the guarantee may be actually applied subject to future
				  determination by the company) is presented to the prospect, then such material
				  must prominently illustrate the actual cash value which would be generated by
				  level periodic premiums and the use of the guaranteed interest rates.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1008 - Application

Current through Reg. 49, No. 28; July 12, 2024
These sections apply to all insurers licensed to transact
					 insurance business in the State of Texas unless exempted by controlling
					 law.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS › Section 3.1009 - Effective Date

Current through Reg. 49, No. 28; July 12, 2024
These sections are effective beginning August 20, 1975.
					 These sections apply to any contract issued on and after that date; they do
					 not, however, apply to reserves to be held for contracts issued prior to that
					 date.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter L - STRENGTHENED RESERVES PURSUANT TO INSURANCE CODE SECTION 425.067 › Section 3.1101 - Strengthened Reserves Pursuant to Insurance Code Section 425.067

Current through Reg. 49, No. 28; July 12, 2024
A life insurance company may increase the amount of its
					 reserve liabilities by changing the basis of computation as provided in
					 Insurance Code §
										425.067.
					 The insurer may establish a higher reserving basis by reporting an increase in
					 reserve in Exhibit 5A of its annual statement. Thereafter the insurer must
					 continue to report on the higher basis. An insurer may, with the approval of
					 the Texas Department of Insurance, as provided in Insurance Code §
										425.067,
					 adopt a lower standard of valuation, but not lower than the minimum standard
					 provided in Insurance Code §
										425.053.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter M - DISCRETIONARY CLAUSES › Section 3.1201 - Applicability, Effective Dates, and Severability

Current through Reg. 49, No. 28; July 12, 2024
(a) This subchapter applies to any form filed
				  under the Insurance Code Chapters 1701 or 1271, including forms filed by
				  Lloyd's plans and fraternal benefit societies.
(b) Except as specified in subsections (c)
				  and (d) of this section, this subchapter applies to forms offered, issued,
				  renewed, or delivered on or after June 1, 2011, including forms that include
				  premium waiver provisions based upon a disability determination.
(c) For forms that include disability income
				  protection coverage providing for periodic payments during disability due to
				  sickness and/or accident, whether provided through a policy, certificate, or
				  rider, this subchapter applies to forms offered, issued, renewed, or delivered
				  on or after February 1, 2011.
(d)
				  For forms issued or delivered prior to the effective date of this subchapter
				  that do not contain a renewal date, this subchapter applies on or after the
				  effective date of any rate increase applicable to the form or any change,
				  modification, or amendment of the form occurring on or after June 1,
				  2011.
(e) If any section or portion
				  of a section of this subchapter is held to be invalid for any reason, all valid
				  parts are severable from the invalid parts and remain in effect. If any section
				  or portion of a section is held to be invalid in one or more of its
				  applications, the part remains in effect in all valid applications that are
				  severable from the invalid applications. To this end, all provisions of this
				  subchapter (relating to Discretionary Clauses) are declared to be
				  severable.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter M - DISCRETIONARY CLAUSES › Section 3.1202 - Discretionary Clauses Defined

Current through Reg. 49, No. 28; July 12, 2024
For the purpose of this subchapter, a discretionary clause
					 is a provision that:
(1) purports or
				  acts to bind the claimant to, or grant deference in subsequent proceedings to,
				  adverse claim decisions or policy interpretations by the insurer or health
				  maintenance organization;
(2)
				  specifies that a policyholder or other claimant may not contest or appeal a
				  denial of a claim;
(3) specifies
				  that the insurer's or health maintenance organization's interpretation of the
				  terms of a form or its decision to deny coverage or the amount of benefits is
				  binding upon a policyholder or other claimant;
(4) specifies that in any appeal the
				  insurer's or health maintenance organization's decision-making power as to the
				  interpretation of the terms of a form or as to coverage is binding;
				  or
(5) specifies or gives rise to a
				  standard of review in any appeal process that gives deference to the original
				  claim decision or provides standards of interpretation or review that are
				  inconsistent with the laws of this state.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter M - DISCRETIONARY CLAUSES › Section 3.1203 - Discretionary Clauses Prohibited

Current through Reg. 49, No. 28; July 12, 2024
Inclusion of a discretionary clause in any form to which
					 this subchapter applies is prohibited.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1301 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of these sections is to permit individual life
					 insurance policies to provide the same cash values and paid up nonforfeiture
					 benefits to both men and women. (No change in minimum valuation standards is
					 implied by these sections. For example, the reserve held for any policy must be
					 at least as large as the corresponding cash value for that particular policy,
					 calculated on an individual policy basis.)
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1302 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings, unless the context clearly
					 indicates otherwise.
(1) 1980 CET
				  Table--That mortality table consisting of separate rates of mortality for male
				  and female lives, developed by the Society of Actuaries Committee to Recommend
				  New Mortality Tables for Valuation of Standard Individual Ordinary Life
				  Insurance, incorporated in the 1980 National Association of Insurance
				  Commissioners (NAIC) amendments to the Model Standard Valuation Law and
				  Standard Nonforfeiture Law for Life Insurance, and referred to in those models
				  as the Commissioners 1980 Extended Term Insurance Table.
(2) 1980 CET Table (F)--That mortality table
				  consisting of the rates of mortality for female lives from the 1980 CET
				  Table.
(3) 1908 CET Table (M)--That
				  mortality table consisting of the rates of mortality for male lives from the
				  1980 CET Table.
(4) 1980 CSO Table,
				  with or without Ten-Year Select Mortality Factors--That mortality table,
				  consisting of separate rates of mortality for male and female lives, developed
				  by the Society of Actuaries Committee to Recommend New Mortality for Valuation
				  of Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC
				  amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law
				  for Life Insurance, and referred to in those models as the Commissioners 1980
				  Standard Ordinary Mortality Table, with or without Ten-Year Select Mortality
				  Factors.
(5) 1980 CSO Table (F),
				  with or without Ten-Year Select Mortality Factors--That mortality table
				  consisting of the rates of mortality for female lives from the 1980 CSO Table,
				  with or without Ten-Year Select Mortality Factors.
(6) 1980 CSO Table (M), with or without
				  Ten-Year Select Mortality Factors--That mortality table consisting of the rates
				  of mortality for male lives from the 1980 CSO Table, with or without Ten-Year
				  Select Mortality Factors.
(7) 1980
				  CSO and 1980 CET smoker and nonsmoker mortality tables--The mortality tables
				  derived from the 1980 CSO and 1980 CET mortality tables by the Society of
				  Actuaries Task Force on Smoker/Nonsmoker Mortality and adopted by the National
				  Association of Insurance Commissioners in December 1983.
(8) Norris decision--The decision of the
				  United States Supreme Court in the case of Arizona Governing Committee for Tax
				  Deferred Annuity and Deferred Compensation Plans v. Norris,
				  463
				  U.S.1073(1983).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1303 - Standard

Current through Reg. 49, No. 28; July 12, 2024
(a) For any policy of insurance on the life
				  of either a male or female insured, delivered, or issued for delivery in this
				  state after the operative date of former Insurance Code Article 3.44a, §8
				  (recodified in Insurance Code Chapter 1105, Subchapter B, §§1105.051
				  - 1105.057), and before January 1, 2017, for that policy form, the following
				  tables described in paragraphs (1) and (2) of this subsection may be used as
				  specified in subsection (b) of this section in determining minimum cash
				  surrender values, amounts of paid up nonforfeiture benefits, or benefits under
				  extended term insurance provisions included in the policy. For policies issued
				  on or after January 1, 2017, the valuation manual, adopted under Insurance Code
				  Chapter 425, Subchapter B, provides the tables to be used.
(1) A mortality table which is a blend of the
				  1980 CSO Table (M) and 1980 CSO Table (F), with or without Ten-Year Select
				  Mortality Factors, may, at the option of the company, be substituted for the
				  1980 CSO Table, with or without Ten-Year Select Mortality Factors.
(2) A mortality table which is of the same
				  blend as used in paragraph (1) of this subsection, but applied to form a blend
				  of the 1980 CET Table (M) and the 1980 CET Table (F), may, at the option of the
				  company, be substituted for the 1980 CET Table.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1304 - Alternate Rule

Current through Reg. 49, No. 28; July 12, 2024
(a) In determining
				  minimum cash surrender value and amounts of paid-up nonforfeiture benefits for
				  any policy of insurance on either a male or a female insured on a form of
				  insurance with separate rates for smokers and nonsmokers delivered or issued
				  for delivery in this state after the operative date of former Insurance Code
				  Article 3.44a, §8 (recodified in Insurance Code Chapter 1105, Subchapter
				  B, §§1105.051 - 1105.057), and before January 1, 2017, for that
				  policy form, in addition to the mortality tables that may be used according to
				  §
										3.1303 of
				  this title (relating to Standard), the tables in paragraphs (1) and (2) of this
				  subsection may be used. For policies issued on or after January 1, 2017, the
				  valuation manual, adopted under Insurance Code Chapter 425, Subchapter B,
				  provides the tables to be used.
(1) A
				  mortality table which is a blend of the male and female rates of mortality
				  according to the 1980 CSO Smoker Mortality Table, in the case of lives
				  classified as smokers, or the 1980 CSO Nonsmoker Mortality Table, in the case
				  of lives classified as nonsmokers, with or without 10-year select mortality
				  factors, may at the option of the company be substituted for the 1908 CSO
				  Table, with or without 10-year select mortality factors.
(2) A mortality table which is of the same
				  blend as used in paragraph (1) of this subsection but applied to form a blend
				  of the male and female rates of mortality according to the corresponding 1980
				  CET Smoker Mortality Table or 1980 CET Nonsmoker Mortality Table or 1980 CET
				  Nonsmoker Mortality Table may, at the option of the company, be substituted for
				  the 1980 CET Table.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1305 - Unfair Discrimination

Current through Reg. 49, No. 28; July 12, 2024
It is not a violation of Insurance Code §
										541.057
					 for an insurer to issue the same kind of policy of life insurance on both a
					 sex-distinct and sex-neutral basis, as permitted by this
					 subchapter.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1306 - Severability

Current through Reg. 49, No. 28; July 12, 2024
If any provision of these sections or the application
					 thereof to any person or circumstance is for any reason held to be invalid, the
					 remainder of the provisions of this subchapter and the application of such
					 provisions to other persons or circumstances shall not be affected
					 thereby.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter N - NONFORFEITURE STANDARDS FOR INDIVIDUAL LIFE INSURANCE IN EMPLOYER PENSION PLANS › Section 3.1307 - 2001 CSO Mortality Table

Current through Reg. 49, No. 28; July 12, 2024
The 2001 CSO Mortality Table shall be used for purposes of
					 this subchapter pursuant to the requirements of §§
										3.9101-
					 3.9106 of
					 this title (relating to 2001 CSO Mortality Table).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter O - SMOKER-NONSMOKER COMPOSITE MORTALITY TABLES › Section 3.1401 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of these sections is to permit the use of
					 mortality tables that reflect differences in mortality between smokers and
					 nonsmokers in determining minimum reserve liabilities and minimum cash
					 surrender values and amounts of paid-up nonforfeiture benefits or benefits
					 under any extended term insurance provision for plans of insurance with
					 separate premium rates for smokers and nonsmokers.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter O - SMOKER-NONSMOKER COMPOSITE MORTALITY TABLES › Section 3.1402 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in these sections,
					 shall have the following meanings, unless the context clearly indicates
					 otherwise.
(1) 1958 CET Table--That
				  mortality table developed by the Society of Actuaries Special Committee on New
				  Mortality Tables, incorporated in the National Association of Insurance
				  Commissioners (NAIC) Model Standard Nonforfeiture Law for Life Insurance, and
				  referred to in that model as the Commissioners 1958 Extended Term Insurance
				  Table.
(2) 1980 CET Table--That
				  mortality table consisting of separate rates of mortality for male and female
				  lives, developed by the Society of Actuaries Committee to Recommend New
				  Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance,
				  incorporated in the 1980 NAIC amendments to the Model Standard Nonforfeiture
				  Law for Life Insurance, and referred to in those models as the Commissioners
				  1980 Extended Term Insurance Table.
(3) 1958 CSO Table--That mortality table
				  developed by the Society of Actuaries Special Committee on New Mortality
				  Tables, incorporated in the NAIC Model Standard Nonforfeiture Law for Life
				  Insurance, and referred to in that model as the Commissioners 1958 Standard
				  Ordinary Mortality Table.
(4) 1980
				  CSO Table, with or without Ten-Year Select Mortality Factors--That mortality
				  table, consisting of separate rates of mortality for male and female lives,
				  developed by the Society of Actuaries Committee to Recommend New Mortality
				  Tables for Valuation of Standard Individual Ordinary Life Insurance,
				  incorporated in the 1980 NAIC amendments to the Model Standard Valuation Law
				  and Standard Nonforfeiture Law for Life Insurance, and referred to in those
				  models as the Commissioners 1980 Standard Ordinary Mortality Table, with or
				  without Ten-Year Select Mortality Factors. The same select factors will be used
				  for both smokers and nonsmokers tables.
(5) Composite mortality tables--The mortality
				  tables previously defined in this section as they were originally published
				  with rates of mortality that do not distinguish between smokers and
				  nonsmokers.
(6) Smoker and
				  nonsmoker mortality tables--The mortality tables with separate rates of
				  mortality for smokers and nonsmokers derived from the tables defined elsewhere
				  in this section, which were developed by the Society of Actuaries Task Force on
				  Smoker/Nonsmoker Mortality and the California Insurance Department staff and
				  recommended by the NAIC Technical Staff Actuarial Group.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter O - SMOKER-NONSMOKER COMPOSITE MORTALITY TABLES › Section 3.1403 - Alternate Tables

Current through Reg. 49, No. 28; July 12, 2024
(a) For any policy
				  of insurance delivered or issued for delivery in this state after the operative
				  date of former Insurance Code Article 3.44a, §8 (recodified in Insurance
				  Code Chapter 1105, Subchapter B, §§1105.051 - 1105.057), for that
				  policy form and before January 1, 1989, at the option of the company and
				  subject to the conditions stated in §
										3.1404 of
				  this title (relating to Conditions):
(1) the
				  1958 CSO Smoker and Nonsmoker Mortality Tables may be substituted for the 1980
				  CSO Table, with or without Ten-Year Select Mortality Factors; and
(2) the 1958 CET Smoker and Nonsmoker
				  Mortality Tables may be substituted for the 1980 CET Table.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter O - SMOKER-NONSMOKER COMPOSITE MORTALITY TABLES › Section 3.1404 - Conditions

Current through Reg. 49, No. 28; July 12, 2024
For each plan of insurance with separate rates for smokers
					 and nonsmokers, an insurer may:
(1)
				  use composite mortality tables to determine minimum reserve liabilities and
				  minimum cash surrender values and amounts of paid-up nonforfeiture benefits or
				  benefits under any extended term insurance provision;
(2) use smoker and nonsmoker mortality tables
				  to determine the valuation net premiums and additional minimum reserves, if
				  any, required by Insurance Code §
										425.068,
				  and use composite mortality tables to determine the basic minimum reserves,
				  minimum cash surrender values, and amounts of paid-up nonforfeiture benefits,
				  or benefits under any extended term insurance provision; or
(3) use smoker and nonsmoker mortality tables
				  to determine minimum reserve liabilities and minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits, or benefits under any extended term
				  insurance provision.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter O - SMOKER-NONSMOKER COMPOSITE MORTALITY TABLES › Section 3.1405 - Severability

Current through Reg. 49, No. 28; July 12, 2024
If any provision of these sections or the application
					 thereof to any person or circumstance is for any reason held to be invalid, the
					 remainder of the sections and the application of such provision to other
					 persons or circumstances shall not be affected thereby.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter O - SMOKER-NONSMOKER COMPOSITE MORTALITY TABLES › Section 3.1406 - 2001 CSO Mortality Table

Current through Reg. 49, No. 28; July 12, 2024
The 2001 CSO Mortality Table shall be used for purposes of
					 this subchapter pursuant to the requirements of §§
										3.9101-
					 3.9106 of
					 this title (relating to 2001 CSO Mortality Table).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter P - ANNUITY MORTALITY TABLES › Section 3.1501 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of this subchapter is to approve and adopt the
					 following mortality tables and establish the effective dates of their use in
					 determining the minimum standard of valuation for annuity and pure endowment
					 contracts:
(1) the 1983 Table "a";
Attached
					 Graphic
(2) the
				  1983 GAM Table;
Attached
					 Graphic
(3) the
				  Annuity 2000 Mortality Table;
Attached
					 Graphic
(4) the
				  1994 GAR Table; and
Attached
					 Graphic
(5) the
				  2012 Individual Annuity Reserving (2012 IAR) Table which, under §
										3.1506
				  of this title (relating to Application of the 2012 IAR Mortality Table), is
				  derived from the following tables:
(A) the
				  2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table; and
Attached
					 Graphic
(B) the
				  Projection Scale G2 (Scale G2) table of annual rates.
Attached
					 Graphic
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter P - ANNUITY MORTALITY TABLES › Section 3.1502 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this
					 subchapter, have the following meanings, unless the context clearly indicates
					 otherwise.
(1) 1983 GAM
				  Table--Mortality table developed by the Society of Actuaries' Committee on
				  Annuities and adopted as a recognized mortality table for annuities in December
				  1983, by the National Association of Insurance Commissioners.
(2) 1983 Table "a"--Mortality table developed
				  by the Society of Actuaries' Committee to Recommend a New Mortality Basis for
				  Individual Annuity Valuation and adopted as a recognized mortality table for
				  annuities in June 1982, by the National Association of Insurance
				  Commissioners.
(3) 1994 GAR
				  Table--The 1994 Group Annuity Reserving Table developed by the Society of
				  Actuaries' Group Annuity Valuation Table Task Force and adopted as a recognized
				  mortality table for annuities on December 16, 1996, by the National Association
				  of Insurance Commissioners.
(4)
				  Annuity 2000 Mortality Table--Mortality table developed by the Society of
				  Actuaries' Committee on Life Insurance Research and adopted as a recognized
				  mortality table for annuities on December 16, 1996, by the National Association
				  of Insurance Commissioners.
(5)
				  Period Table--Table of mortality rates applicable to a given calendar
				  year.
(6) Generational Mortality
				  Table--Mortality table containing a set of mortality rates that decrease for a
				  given age from one year to the next based on a combination of a Period Table
				  and a projection scale containing rates of mortality improvement.
(7) 2012 IAR Table--Generational mortality
				  table developed by the Society of Actuaries' Committee on Life Insurance
				  Research and containing rates,
				  qx2012+n, derived from a
				  combination of the 2012 IAM Period Table and Projection Scale G2, using the
				  methodology stated in §
										3.1506
				  of this title (relating to Application of the 2012 IAR Mortality
				  Table).
(8) 2012 Individual Annuity
				  Mortality Period Life (2012 IAM Period) Table--The Period table containing
				  loaded mortality rates for calendar year 2012. This table contains rates,
				  qx2012, developed by the
				  Society of Actuaries' Committee on Life Insurance Research.
(9) Projection Scale G2 (Scale G2)--Table of
				  annual rates, G2x, of mortality improvement by age for
				  projecting future mortality rates beyond calendar year 2012. The Society of
				  Actuaries' Committee on Life Insurance Research developed this table.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter P - ANNUITY MORTALITY TABLES › Section 3.1503 - Individual Annuity or Pure Endowment Contracts

Current through Reg. 49, No. 28; July 12, 2024
(a) Except as provided in subsections (b) and
				  (c) of this section, the 1983 Table "a" is recognized and approved as an
				  individual annuity mortality table for valuation and, at the option of the
				  company, may be used to determine the minimum standard of valuation for any
				  individual annuity or pure endowment contract issued on or after August 29,
				  1977.
(b) Except as provided in
				  subsection (c) of this section, either the 1983 Table "a" or the Annuity 2000
				  Mortality Table must be used to determine the minimum standard of valuation for
				  any individual annuity or pure endowment contract delivered or issued for
				  delivery on or after January 1, 1987.
(c) Except as provided in subsection (e) of
				  this section, the Annuity 2000 Mortality Table must be used to determine the
				  minimum standard of valuation for any individual annuity or pure endowment
				  contract issued on or after January 1, 2000.
(d) The 1983 Table "a" without projection
				  must be used to determine the minimum standard of valuation for an individual
				  annuity or pure endowment contract issued on or after January 1, 2000, solely
				  when the contract is based on life contingencies and is issued to fund periodic
				  benefits arising from:
(1) settlements of
				  various forms of claims pertaining to court settlements or out of court
				  settlements from tort actions;
(2)
				  settlements involving similar actions such as workers' compensation claims;
				  or
(3) settlements of long term
				  disability claims where a temporary or life annuity has been used instead of
				  continuing disability payments.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter P - ANNUITY MORTALITY TABLES › Section 3.1504 - Group Annuity or Pure Endowment Contracts

Current through Reg. 49, No. 28; July 12, 2024
(a) Except as provided in subsections (b) and
				  (c) of this section, the 1983 GAM Table, the 1983 Table "a", and the 1994 GAR
				  Table are recognized and approved as group annuity mortality tables for
				  valuation and, at the option of the company, any one of these tables may be
				  used for purposes of valuation for any annuity or pure endowment purchased on
				  or after August 29, 1977, under a group annuity or pure endowment
				  contract.
(b) Except as provided in
				  subsection (c) of this section, either the 1983 GAM Table or the 1994 GAR Table
				  must be used to determine the minimum standard of valuation for any annuity of
				  pure endowment purchased on or after January 1, 1987, under a group annuity or
				  pure endowment contract.
(c) The
				  1994 GAR Table must be used to determine the minimum standard of valuation for
				  any annuity or pure endowment purchased on or after January 1, 2000, under a
				  group annuity or pure endowment contract.