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 LL - HEALTH COVERAGE AWARENESS AND EDUCATION PROGRAM › Section 3.9304 - Limitations on Offerees and Donors

Current through Reg. 49, No. 28; July 12, 2024
(a) Prior
				  to executing the donation agreement described by §
										3.9306
				  of this subchapter (relating to Procedures for Acceptance of Donations), an
				  offeree seeking to contract with the department shall:
(1) notify the department, in a form
				  acceptable to the department, that the offeree is seeking to contract with the
				  department; and
(2) disclose all
				  previous donations made to the department or any other state agency within the
				  preceding two years. The disclosure shall be in a form acceptable to the
				  department and shall include the nature and value of the donation and the date
				  the donation was made. If the donation is ongoing, the date of the donation
				  shall be the last date the donation was delivered to the department or other
				  state agency.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter LL - HEALTH COVERAGE AWARENESS AND EDUCATION PROGRAM › Section 3.9305 - Limitations on Entities Subject to Department Regulation

Current through Reg. 49, No. 28; July 12, 2024
(a) Prior to executing the donation agreement
				  described by §
										3.9306
				  of this subchapter (relating to Procedures for Acceptance of Donations), an
				  offeree subject to department regulation pursuant to the Insurance Code, the
				  Labor Code, or federal law, must notify the department, on a completed form
				  that is acceptable to the department, whether the offeree:
(1) is the subject of an open investigation
				  or enforcement action of the department;
(2) has applied for a certificate of
				  authority, license, or other department issued permit;
(3) is seeking a letter of consent pursuant
				  to
				  18
				  U.S.C. §1033; or
(4) is the subject of an enforcement action
				  of another state agency.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter LL - HEALTH COVERAGE AWARENESS AND EDUCATION PROGRAM › Section 3.9306 - Procedures for Acceptance of Donations

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Donation agreement. Prior to accepting any donation, the offeree and the
				  commissioner or the commissioner's designee shall execute a donation agreement
				  that includes the following information:
(1)
				  the name of the offeree;
(2) a
				  description of the donation, including a determination of the value;
(3) a statement by the offeree attesting to
				  its ownership rights in the property, including intellectual property ownership
				  rights;
(4) the signature of the
				  offeree if the offeree is an individual or its official representative if the
				  offeree is a business organization;
(5) the signature of the commissioner or the
				  commissioner's designee;
(6) the
				  purpose of the donation;
(7) the
				  mailing address of the offeree and principal place of business if the offeree
				  is a business entity;
(8) a
				  statement identifying any official relationship between the offeree and the
				  department;
(9) a statement
				  identifying whether the disclosures required by §
											3.9304
				  and §
											3.9305
				  of this subchapter (relating to Limitations on Offeree and Donors and
				  Limitations on Entities Subject to Department Regulation) are applicable to the
				  offeree, and, if so, whether the offeree has tendered the disclosures to the
				  department in a form acceptable to the department; and
(10) a statement advising the offeree to seek
				  any desired legal and/or tax advice from its own legal counsel.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter MM - PREFERRED MORTALITY TABLES › Section 3.9401 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of this subchapter is to recognize and permit
					 the use of mortality tables that reflect differences in mortality between
					 preferred and standard lives in determining minimum reserve liabilities in
					 accordance with Insurance Code § 425.058(c)(3) and §
										3.4505
					 of this title (relating to General Calculation Requirements for Basic Reserves
					 and Premium Deficiency Reserves). Policies issued on or after January 1, 2017,
					 must follow the applicable mortality table requirements provided by the
					 valuation manual adopted under Insurance Code Chapter 425, Subchapter
					 B.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter MM - PREFERRED MORTALITY TABLES › Section 3.9402 - 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) 2001 CSO
				  Mortality Table--Mortality tables, consisting of separate rates of mortality
				  for male and female lives, developed by the American Academy of Actuaries CSO
				  Task Force from the Valuation Basic Mortality Table developed by the Society of
				  Actuaries Individual Life Insurance Valuation Mortality Task Force, and adopted
				  by the National Association of Insurance Commissioners (NAIC) in December 2002.
				  The 2001 CSO Mortality Table is included in the Proceedings of the NAIC (2nd
				  Quarter 2002) and supplemented by the 2001 CSO Preferred Class Structure
				  Mortality Table defined below. Unless the context indicates otherwise, the 2001
				  CSO Mortality Table includes both the ultimate form of that table and the
				  select and ultimate form of that table and includes both the smoker and
				  nonsmoker mortality tables and the composite mortality tables. It also includes
				  both the age-nearest-birthday and age-last-birthday bases of the mortality
				  tables. Mortality tables in the 2001 CSO Mortality Table include the following:
(A) 2001 CSO Mortality Table (F)--Mortality
				  table consisting of the rates of mortality for female lives from the 2001 CSO
				  Mortality Table.
(B) 2001 CSO
				  Mortality Table (M)--Mortality table consisting of the rates of mortality for
				  male lives from the 2001 CSO Mortality Table.
(C) Composite mortality tables--Mortality
				  tables with rates of mortality that do not distinguish between smokers and
				  nonsmokers.
(D) Smoker and
				  nonsmoker mortality tables--Mortality tables with separate rates of mortality
				  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 MM - PREFERRED MORTALITY TABLES › Section 3.9403 - 2001 CSO Preferred Class Structure Table

Current through Reg. 49, No. 28; July 12, 2024
(a) Policies issued on or after January 1,
				  2007, and before January 1, 2017. At the election of the insurer, for each
				  calendar year of issue, for any one or more specified plans of insurance and
				  subject to satisfying the conditions stated in this subchapter, the 2001 CSO
				  Preferred Class Structure Mortality Table may be substituted in place of the
				  2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard
				  for policies issued on or after January 1, 2007. Policies issued on or after
				  January 1, 2017, must follow the mortality table requirements provided by the
				  valuation manual adopted under Insurance Code Chapter 425, Subchapter
				  B.
(b) Policies issued on or after
				  May 1, 2003, and prior to January 1, 2007. At the election of the insurer and
				  with the consent of the commissioner, for policies issued on or after May 1,
				  2003, and prior to January 1, 2007, the 2001 CSO Preferred Class Structure
				  Mortality Table may be substituted in place of the 2001 CSO Smoker or Nonsmoker
				  Mortality Table as the minimum valuation standard subject to the conditions of
				  §
										3.9404 of
				  this title (relating to Conditions). In determining such consent, the
				  commissioner may rely on the consent of the commissioner of the insurer's state
				  of domicile.
(c) Requirement to
				  make election. No election in subsection (a) or (b) of this section may be made
				  until the insurer demonstrates that at least 20% of the business to be valued
				  on this table is in one or more of the preferred classes.
(d) 2001 CSO Preferred Class Structure
				  Mortality Table Treatment. A table from the 2001 CSO Preferred Class Structure
				  Mortality Table used in place of a 2001 CSO Mortality Table, pursuant to the
				  requirements of this subchapter, will be treated as part of the 2001 CSO
				  Mortality Table only for purposes of reserve valuation pursuant to the
				  requirements of §§
										3.9101-
				  3.9106 of
				  this title (relating to 2001 CSO Mortality Table).
(e) Adoption by reference. The commissioner
				  adopts by reference the 2001 CSO Preferred Class Structure Mortality Table. The
				  table is available from the Texas Department of Insurance, Financial Regulation
				  Division, Actuarial Office, MC-FRD, P.O. Box 12030, Austin, Texas 78711-2030 or
				  on the internet by accessing the department's website at
www.tdi.texas.gov/reports/life/ficso.html
.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter MM - PREFERRED MORTALITY TABLES › Section 3.9404 - Conditions

Current through Reg. 49, No. 28; July 12, 2024
(a) For each plan of insurance with separate
				  rates for preferred and standard nonsmoker lives, an insurer may use the super
				  preferred nonsmoker, preferred nonsmoker, and residual standard nonsmoker
				  tables to substitute for the nonsmoker mortality table found in the 2001 CSO
				  Mortality Table to determine minimum reserves. At the time of election and
				  annually thereafter, except for business valued under the residual standard
				  nonsmoker table, the appointed actuary shall certify that:
(1) the present value of death benefits over
				  the next ten years after the valuation date, using the anticipated mortality
				  experience without recognition of mortality improvement beyond the valuation
				  date for each class, is less than the present value of death benefits using the
				  valuation basic table corresponding to the valuation table being used for that
				  class; and
(2) the present value of
				  death benefits over the future life of the contracts, using anticipated
				  mortality experience without recognition of mortality improvement beyond the
				  valuation date for each class, is less than the present value of death benefits
				  using the valuation basic table corresponding to the valuation table being used
				  for that class.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter NN - CONSUMER NOTICES FOR LIFE INSURANCE POLICY AND ANNUITY CONTRACT REPLACEMENTS › Section 3.9501 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of this subchapter is to specify the content
					 and procedural requirements for consumer notices for life insurance policy and
					 annuity contract replacements as required by the Insurance Code §
										1114.006.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter NN - CONSUMER NOTICES FOR LIFE INSURANCE POLICY AND ANNUITY CONTRACT REPLACEMENTS › Section 3.9502 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
When used in this subchapter, the words "agent" and
					 "producer" shall mean, unless the context clearly indicates otherwise, an
					 individual who holds a license under Insurance Code Chapter 4054 and who sells,
					 solicits, or negotiates life insurance or annuities in this
					 state.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter NN - CONSUMER NOTICES FOR LIFE INSURANCE POLICY AND ANNUITY CONTRACT REPLACEMENTS › Section 3.9503 - Co nsumer Notice Content and Format Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) The text contained in Figure: 28 TAC
				  §
										3.9504(b),
				  Figure: 28 TAC §
										3.9505(1)
				  and Figure: 28 TAC §
										3.9505(2)
				  must be in at least 10-point type and presented in the same order as indicated
				  in each figure and without any change to the specified text, including bolding
				  effects, except as provided in subsections (b), (c), and (d) of this
				  section.
(b) Pursuant to §
										3.9506
				  of this title (relating to Filing Procedures for Substantially Similar Consumer
				  Notices), in lieu of using the notices contained in Figure: 28 TAC §
										3.9504(b)
				  or Figure: 28 TAC §
										3.9505(1),
				  an insurer may file a notice with the department that is substantially similar
				  to the text contained in Figure: 28 TAC §
										3.9504(b)
				  or Figure: 28 TAC §
										3.9505(1)
				  for review and approval by the commissioner. The commissioner will approve the
				  notice if, in the commissioner's opinion, the notice protects the rights and
				  interests of applicants to at least the same extent as the notices adopted in
				  Figure: 28 TAC §
										3.9504(b)
				  or Figure: 28 TAC §
										3.9505(1).
				  An insurer required to send the notice specified in Figure: 28 TAC §
										3.9505(2)
				  may not file a notice that is substantially similar to that figure for review
				  and approval by the commissioner.
(c) Commissioner approval of a notice is not
				  required if a notice promulgated or approved under this subchapter is used and
				  amendments to that notice are limited to the omission of references not
				  applicable to the product being sold or replaced. For purposes of this
				  subchapter, a reference in any notice required under this subchapter to a
				  product that is being sold or replaced is applicable if the reference could be
				  applicable under any possible circumstances and therefore may not be omitted
				  from the required notice.
(d) An
				  insurer may add a company name and identifying form number to notices specified
				  under this subchapter without obtaining commissioner approval.
(e) The promulgated forms specified in this
				  subchapter are available upon request from the Texas Department of Insurance,
				  Life and Health Division, Life and Health Lines, MC-LH-LHL, P.O. Box 12030,
				  Austin, Texas 78711-2030, or by accessing the department website at
www.tdi.texas.gov/form
s.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter NN - CONSUMER NOTICES FOR LIFE INSURANCE POLICY AND ANNUITY CONTRACT REPLACEMENTS › Section 3.9504 - Consumer Notice Regarding Replacement for Insurers Using Agents

Current through Reg. 49, No. 28; July 12, 2024
(a) An agent who initiates an application for
				  a life insurance policy or annuity contract shall submit to the insurer, with
				  or as part of the application, a statement signed by both the applicant and the
				  agent as to whether the applicant has existing life insurance policies or
				  annuity contracts.
(b) If the
				  applicant states that the applicant does have existing policies or contracts,
				  the agent shall present and read to the applicant, not later than at the time
				  of taking the application, a notice regarding replacement that contains the
				  text contained in Figure: 28 TAC § 3.9504(b), or substantially similar
				  notice filed with the department and approved under this subchapter. The notice
				  shall be signed by both the applicant and the agent attesting that the notice
				  has been read aloud by the agent or that the applicant did not wish the notice
				  to be read aloud, in which case the agent is not required to read the notice
				  aloud.
Attached
					 Graphic
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter NN - CONSUMER NOTICES FOR LIFE INSURANCE POLICY AND ANNUITY CONTRACT REPLACEMENTS › Section 3.9505 - Direct Response Consumer Notices

Current through Reg. 49, No. 28; July 12, 2024
In the case of a life insurance or annuity application
					 initiated as a result of a direct response solicitation, the insurer shall
					 inquire whether the applicant, by applying for the proposed policy or contract,
					 intends to replace, discontinue, or change an existing life insurance policy or
					 annuity contract. The inquiry may be included with, or submitted as a part of,
					 each completed application for such policy or contract.
(1) If the insurer has proposed the
				  replacement or if the applicant indicates a replacement is intended and the
				  insurer continues with the replacement, the insurer shall send a notice that
				  contains the text in Figure: 28 TAC § 3.9505(1), or a substantially
				  similar notice filed with the department and approved under this subchapter.
Attached
					 Graphic
(2) If
				  the applicant indicates a replacement or change is not intended or if the
				  applicant fails to respond to the statement, the insurer shall send the
				  applicant, with the policy or contract, a new policy or contract notice that
				  contains the statements in Figure: 28 TAC § 3.9505(2).
Attached
					 Graphic
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter NN - CONSUMER NOTICES FOR LIFE INSURANCE POLICY AND ANNUITY CONTRACT REPLACEMENTS › Section 3.9506 - Filing Procedures for Substantially Similar Consumer Notices

Current through Reg. 49, No. 28; July 12, 2024
(a) Beginning with the effective date of this
				  subchapter and ending January 31, 2008, an insurer subject to Insurance Code
				  Chapter 1114 may use a consumer notice that is substantially similar to the
				  text promulgated in Figure: 28 TAC §
										3.9504(b)
				  orFigure: 28 TAC §
										3.9505(1)
				  immediately after filing the consumer notice with the department. An insurer
				  who has filed a consumer notice that is substantially similar to the text
				  promulgated in Figure: 28 TAC §
										3.9504(b)
				  orFigure: 28 TAC §
										3.9505(1)
				  in the period of time beginning with the effective date of this subchapter and
				  ending on January 31, 2008, will receive a notice of approval or disapproval of
				  the consumer notice from the commissioner.
(1) An insurer who has filed a consumer
				  notice that is substantially similar to the text promulgated in Figure: 28 TAC
				  §
											3.9504(b)
				  orFigure: 28 TAC §
											3.9505(1)
				  in the period of time beginning with the effective date of this subchapter and
				  ending on January 31, 2008, who receives a notice of approval from the
				  commissioner may continue to use the approved consumer notice unless and until
				  such time as the commissioner withdraws approval of the notice.
(2) An insurer who has filed a consumer
				  notice that is substantially similar to the text promulgated in Figure: 28 TAC
				  §
											3.9504(b)
				  orFigure: 28 TAC §
											3.9505(1)
				  in the period of time beginning with the effective date of this subchapter and
				  ending on January 31, 2008, who receives a notice of disapproval from the
				  commissioner shall stop using the consumer notice, but may refile the notice
				  subject to the requirements of §
											3.5(b)(6)
				  of this chapter (relating to Filing Authorities and Categories).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter OO - PRENEED LIFE INSURANCE MINIMUM MORTALITY STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 3.9601 - Purpose and Applicability

Current through Reg. 49, No. 28; July 12, 2024
(a) The purpose
				  of this subchapter is to establish the minimum mortality standards for reserves
				  and nonforfeiture values for preneed life insurance policies or certificates,
				  and to recognize, permit, and prescribe the use of the Ultimate 1980 CSO in
				  determining the minimum standard of valuation of reserves and the minimum
				  standard nonforfeiture values for preneed life insurance policies or
				  certificates in accordance with §
										425.058(c)
				  and §
										1105.055
				  of the Insurance Code and §
										3.4505(a)
				  of this chapter (relating to General Calculation Requirements for Basic
				  Reserves and Premium Deficiency Reserves).
(b) This subchapter applies to all preneed
				  life insurance policies and certificates issued on or after January 1,
				  2009.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter OO - PRENEED LIFE INSURANCE MINIMUM MORTALITY STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 3.9602 - 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) 2001 CSO
				  Mortality Table--Mortality tables, consisting of separate rates of mortality
				  for male and female lives, developed by the American Academy of Actuaries CSO
				  Task Force from the Valuation Basic Mortality Table developed by the Society of
				  Actuaries Individual Life Insurance Valuation Mortality Task Force, and adopted
				  by the NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				  2nd Quarter 2002
Proceedings of the NAIC.
Unless the context
				  indicates otherwise, the 2001 CSO Mortality Table includes both the ultimate
				  form of that table and the select and ultimate form of that table and includes
				  both the smoker and nonsmoker mortality tables and the composite mortality
				  tables. It also includes both the age-nearest-birthday and age-last-birthday
				  bases of the mortality tables.
(2)
				  Department--The Texas Department of Insurance.
(3) NAIC--National Association of Insurance
				  Commissioners.
(4) Prepaid funeral
				  benefits--As defined in the Finance Code §
										154.002(9).
(5) Prepaid funeral benefits contract--A
				  contract or agreement for prepaid funeral benefits subject to the requirements
				  of the Finance Code Chapter 154.
(6) Preneed life insurance--A life insurance
				  policy or certificate that is approved by the department, issued by an
				  insurance company licensed by the department, issued in conjunction with an
				  insurance-funded prepaid funeral benefits contract, and which, whether by
				  assignment or otherwise, has the purpose of funding prepaid funeral benefits to
				  be provided at the time of or immediately following the death of the insured.
				  For purposes of this subchapter, the definition of preneed life insurance does
				  not include an annuity contract or policy.
(7) Ultimate 1980 CSO--The Commissioners 1980
				  Standard Ordinary Mortality Table without 10-year selection factors,
				  incorporated into the 1980 amendments to the NAIC Standard Valuation Law
				  approved in December 1983.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter OO - PRENEED LIFE INSURANCE MINIMUM MORTALITY STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 3.9603 - Minimum Valuation Mortality Standards

Current through Reg. 49, No. 28; July 12, 2024
Except as provided by §
										3.9606
					 of this subchapter (relating to Transitional Use of the 2001 CSO Mortality
					 Table), the Ultimate 1980 CSO shall be the minimum mortality standard for
					 determining reserve liabilities and nonforfeiture values for both male and
					 female insureds for preneed life insurance policies issued on or after January
					 1, 2009.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter OO - PRENEED LIFE INSURANCE MINIMUM MORTALITY STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 3.9604 - Minimum Valuation Interest Rate Standards

Current through Reg. 49, No. 28; July 12, 2024
(a) The interest rates used in determining
				  the minimum standard for valuation of preneed life insurance shall be the
				  calendar year statutory valuation rates as defined in the Insurance Code
				  Chapter 425 Subchapter B (Standard Valuation Law).
(b) The interest rates used in determining
				  the minimum standard for nonforfeiture values for preneed life insurance shall
				  be the calendar year statutory nonforfeiture interest rates as defined in the
				  Insurance Code Chapter 1105 (Standard Nonforfeiture Law for Life
				  Insurance).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter OO - PRENEED LIFE INSURANCE MINIMUM MORTALITY STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 3.9605 - Minimum Valuation Method Standards

Current through Reg. 49, No. 28; July 12, 2024
(a) The method used in determining the
				  standard for the minimum valuation of reserves for preneed life insurance shall
				  be the method defined in the Insurance Code Chapter 425 Subchapter B (Standard
				  Valuation Law).
(b) The method used
				  in determining the standard for the minimum nonforfeiture values for preneed
				  life insurance shall be the method defined in the Insurance Code Chapter 1105
				  (Standard Nonforfeiture Law for Life Insurance).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter OO - PRENEED LIFE INSURANCE MINIMUM MORTALITY STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 3.9606 - Transitional Use of the 2001 CSO Mortality Table

Current through Reg. 49, No. 28; July 12, 2024
(a) For preneed life insurance policies or
				  certificates issued on or after January 1, 2009, and before January 1, 2012,
				  the 2001 CSO Mortality Table may be used as the minimum standard for reserves
				  and minimum standard for nonforfeiture benefits for both male and female
				  insureds in accordance with the requirements of §§
										3.9101-
				  3.9106 of
				  this chapter (relating to 2001 CSO Mortality Table).
(b) If a company elects to use the 2001 CSO
				  Mortality Table as a minimum standard for any preneed life insurance policy or
				  certificate issued on or after the effective date of this subsection and before
				  January 1, 2012, the company shall provide, as a part of the actuarial opinion
				  memorandum submitted in support of the company's asset adequacy analysis, an
				  annual written notification to the domiciliary commissioner. The notification
				  shall include:
(1) a complete list of all
				  preneed life insurance policy and certificate forms that use the 2001 CSO
				  Mortality Table as a minimum standard;
(2) a certification signed by the appointed
				  actuary stating that the reserve methodology, employed by the company in
				  determining reserves for the preneed life insurance policies or certificates
				  issued after the effective date of this subchapter and using the 2001 CSO
				  Mortality Table as a minimum standard, develops adequate reserves (for the
				  purposes of this certification, the preneed life insurance policies or
				  certificates using the 2001 CSO Mortality Table as a minimum standard cannot be
				  aggregated with any other policies); and
(3) supporting information regarding the
				  adequacy of reserves for preneed life insurance policies or certificates issued
				  after the effective date of this subchapter and using the 2001 CSO Mortality
				  Table as a minimum standard for reserves.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9701 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of this subchapter is to:
(1) provide standards for the disclosure of
					 certain minimum information about annuity contracts; and
(2) assist purchasers of annuity contracts to
					 understand certain basic features of annuity contracts.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9702 - Applicability and Scope

Current through Reg. 49, No. 28; July 12, 2024
(a) This subchapter
					 applies to all group and individual annuity contracts and certificates except
					 as provided by subsection (b) of this section.
(b) This subchapter does not apply to the
					 following annuity products except as provided in subsection (c) of this
					 section:
(1) immediate and deferred annuities
					 that contain no non-guaranteed elements;
(2) annuities used to fund:
(A) an employee pension plan subject to the
					 Employee Retirement Income Security Act of 1974 (29 U.S.C. Section
					 1001 et seq.);
(B) a plan described by the Internal Revenue
					 Code of 1986 §§401(a), 401(k), or 403(b), in which the plan, for
					 purposes of the Employee Retirement Income Security Act of 1974 (29 U.S.C. Section
					 1001 et seq.), is established or maintained
					 by an employer;
(C) a governmental
					 or church plan as defined by the Internal Revenue Code of 1986 §414, or a
					 deferred compensation plan of a state or local government or a tax-exempt
					 organization under the Internal Revenue Code of 1986 §457;
(D) a nonqualified deferred compensation
					 arrangement established or maintained by an employer or plan sponsor;
					 or
(E) prepaid funeral benefits, as
					 defined by the Finance Code Chapter 154;
(3) a structured settlement
					 annuity;
(4) a charitable gift
					 annuity qualified under the Insurance Code Chapter 102; or
(5) a funding agreement.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9703 - Effective Date

Current through Reg. 49, No. 28; July 12, 2024
This subchapter shall apply only to annuity transactions
						subject to regulation under this subchapter that occur on or after the date
						that is six months after the effective date of this
						subchapter.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9704 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
(a) Words and terms defined in the Insurance
					 Code Chapter 102 shall have the same meaning when used in this
					 subchapter.
(b) The following words
					 and terms, when used in this subchapter, shall have the following meanings
					 unless the context clearly indicates otherwise.
(1) Agent--An individual who holds a license
					 under the Insurance Code Chapter 4054 and who sells, solicits, or negotiates
					 annuities in this state.
(2)
					 Buyer's guide--A document specified as a buyer's guide and adopted by the
					 National Association of Insurance Commissioners (NAIC) to be used in
					 implementation of the NAIC Annuity Disclosure Model Regulation.
(3) Contract owner--The owner named in the
					 annuity contract or, in the case of a group annuity contract, the certificate
					 holder.
(4) Disclosure document--A
					 document intended for consumers that provides information regarding the
					 features and restrictions of a specific annuity product and that satisfies the
					 requirements of §
												3.9709 of
					 this subchapter (relating to Disclosure Document).
(5) Funding agreement--An agreement for an
					 insurer to accept and accumulate funds and to make one or more payments at
					 future dates in amounts that are not based on mortality or morbidity
					 contingencies.
(6) Generic name--A
					 short title descriptive of the annuity contract being illustrated or for which
					 an applicant is applying, such as "single premium deferred annuity."
(7) Structured settlement annuity--A
					 "qualified funding asset," as defined by the Internal Revenue Code of 1986
					 §130(d), or an annuity that would be a qualified funding asset but for the
					 fact that the annuity is not owned by an assignee under a qualified
					 assignment.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9705 - Determinable Elements

Current through Reg. 49, No. 28; July 12, 2024
(a) For the
					 purposes of this subchapter, "determinable elements" means elements derived
					 from processes or methods that are guaranteed at issue and are not subject to
					 company discretion, but for which the values or amounts cannot be determined
					 until some point after issue. The term includes:
(1) premiums;
(2) credited interest rates, including any
					 bonus;
(3) benefits;
(4) values;
(5) non-interest based credits;
(6) charges; and
(7) elements of formulas used to determine
					 any element described by paragraphs (1) - (6) of this subsection.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9706 - Guaranteed and Non-Guaranteed Elements

Current through Reg. 49, No. 28; July 12, 2024
(a)
					 For the purposes of this subchapter, "guaranteed element" means an element
					 listed in §3.9705(a)(1) - (7) of this subchapter (relating to Determinable
					 Elements) that is guaranteed and determined at issue. An element is considered
					 guaranteed if all of the underlying elements used in its computation are
					 guaranteed.
(b) For the purposes of
					 this subchapter, "non-guaranteed element" means an element listed in
					 §3.9705(a)(1) - (7) of this subchapter that is subject to the insurer's
					 discretion and is not guaranteed at issue. An element is considered
					 non-guaranteed if any underlying element used in its computation is
					 non-guaranteed.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9707 - Effect on Other Law

Current through Reg. 49, No. 28; July 12, 2024
Compliance with this subchapter is not a defense in any
						action brought by or for the department alleging a violation of the Insurance
						Code, or, except for this subchapter, any rule adopted pursuant to the
						Insurance Code.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9708 - Required Consumer Notices

Current through Reg. 49, No. 28; July 12, 2024
(a) If an
					 application for an annuity contract or certificate is taken in a face-to-face
					 meeting, the applicant shall be given at or before the time of application both
					 a disclosure document and the appropriate buyer's guide specified in §
											3.9710
					 of this subchapter (relating to Buyer's Guide).
(b) If the application is taken by means
					 other than in a face-to-face meeting the applicant shall be sent not later than
					 the fifth business day after the date on which the completed application is
					 received by the insurer both a disclosure document and the appropriate buyer's
					 guide specified in §
											3.9710
					 of this subchapter.
(c) If the
					 insurer receives the application as a result of a direct solicitation through
					 the mail, the insurer's providing the appropriate buyer's guide and a
					 disclosure document in a mailing inviting prospective applicants to apply for
					 an annuity contract or certificate satisfies the requirement in subsection (b)
					 of this section that the appropriate buyer's guide and the disclosure document
					 be provided not later than the fifth business day after the date of receipt of
					 the application.
(d) If the
					 application is received through the Internet, and if the insurer takes
					 reasonable steps to ensure that the appropriate buyer's guide and a disclosure
					 document are available for viewing and printing on the insurer's website which
					 are opened or acknowledged by the prospective applicant, the provided buyer's
					 guide and disclosure document shall be deemed to satisfy the requirement that
					 the appropriate buyer's guide and the disclosure document be provided not later
					 than the fifth business day after the date of receipt of the
					 application.
(e) A solicitation for
					 an annuity contract that is provided in a manner other than a face-to-face
					 meeting must include a statement that the proposed applicant may contact the
					 insurer for a free annuity buyer's guide.
(f) Insurers receiving an application for
					 private placement contracts as defined by the Insurance Code §
											1152.110(a)
					 are not required to provide the buyer's guide specified in §
											3.9710
					 of this subchapter.
(g) This
					 section applies regardless of whether an insurer is providing a 15-day free
					 look period like that required in §
											3.9711(a)
					 of this subchapter (relating to Free Look Period) prior to the adoption of this
					 subchapter or whether the insurer begins providing the 15-day free look period
					 in accordance with §
											3.9711(a)
					 of this subchapter.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9709 - Disclosure Document

Current through Reg. 49, No. 28; July 12, 2024
(a) At a minimum,
					 the following information, if applicable, must be included in the disclosure
					 document required to be provided under this subchapter:
(1) the generic name of the contract; the
					 insurer product name, if different from the generic name; the product's form
					 number; and a statement of the fact that the contract is an annuity;
(2) the insurer's name and address;
(3) a description of the contract and the
					 benefits provided under the contract; the description must emphasize the
					 long-term nature of the contract and include examples of the long-term nature
					 as appropriate;
(4) the guaranteed,
					 non-guaranteed, and determinable elements of the contract, any limitations of
					 those elements, and an explanation of how those elements operate;
(5) an explanation of the initial crediting
					 rate, specifying any bonus or introductory portion, the duration of the initial
					 crediting rate, and the fact that rates may change from time to time and are
					 not guaranteed;
(6) periodic income
					 options, both on a guaranteed and non-guaranteed basis;
(7) any value reductions caused by
					 withdrawals from or surrender of the contract;
(8) how values in the contract can be
					 accessed;
(9) the death benefit, if
					 available, and how the death benefit is computed;
(10) a summary of:
(A) the federal tax status of the contract;
					 and
(B) any penalties applicable on
					 withdrawal of values from the contract;
(11) the impact of any rider, such as a
					 long-term care rider;
(12) a list
					 of the specific dollar amount or percentage charges and fees, with an
					 explanation of how those charges and fees apply; and
(13) information about the current guaranteed
					 rate for new contracts that contains a clear notice that the rate is subject to
					 change.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9710 - Buyer's Guide

Current through Reg. 49, No. 28; July 12, 2024
For the purposes of this subchapter, an appropriate
						buyer's guide is the latest version of the buyer's guide adopted by the NAIC
						that applies to the particular type of annuity (such as fixed deferred annuity,
						equity-indexed annuity, or variable annuity) that is the subject of the
						transaction. If the NAIC has not adopted a buyer's guide for equity-indexed
						annuities, then the appropriate buyer's guide is the Buyer's Guide to Fixed
						Deferred Annuities that has been most recently adopted by the NAIC. If the NAIC
						has not adopted a buyer's guide for variable annuities, then no buyer's guide
						is required until one year after the date on which this subchapter becomes
						effective. If the NAIC has not adopted a buyer's guide for variable annuities
						within one year after the date on which this subchapter becomes effective, then
						for purposes of this subchapter the appropriate buyer's guide is the latest
						version of the SEC's Office of Investor Education and Advocacy "Variable
						Annuities: What You Should Know", SEC Pub.011.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9711 - Free Look Period

Current through Reg. 49, No. 28; July 12, 2024
(a) If the buyer's
					 guide and the disclosure document required by this subchapter are not provided
					 at or before the time of application, a free look period of at least 15
					 calendar days must be provided during which the applicant may return the
					 contract without penalty.
(b)
					 Notice of the free look period required under this section must be provided to
					 consumers in a notice that is included on or attached to the cover page of the
					 delivered annuity contract. The notice must prominently disclose information
					 concerning the 15-day free look period.
(c) The free look period shall begin on the
					 date the consumer receives the annuity contract and shall run concurrently with
					 any other free look period required under the Texas Administrative Code, the
					 Texas Insurance Code, or another law of this state.
(d) An unconditional refund without penalty
					 for purposes of this section for variable or modified guaranteed annuity
					 contracts shall mean a refund equal to the cash surrender value provided in the
					 annuity contract, plus any fees or charges deducted from the premiums or
					 imposed under the contract.
(e) The
					 refund and free look period requirements in this section do not apply if the
					 prospective owner is an accredited investor, as defined in Regulation D as
					 adopted by the United States Securities and Exchange Commission.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 1 - ANNUITY CONTRACT DISCLOSURES › Section 3.9712 - Report to Contract Owners

Current through Reg. 49, No. 28; July 12, 2024
(a) For
					 annuities in the payout period with changes in non-guaranteed elements and for
					 the accumulation period of a deferred annuity, the insurer shall provide each
					 contract owner with a report, at least annually, on the status of the
					 contract.
(b) The report must
					 contain at least the following information:
(1) the beginning and ending dates of the
					 current reporting period;
(2) the
					 accumulation and cash surrender value, if any, at the end of:
(A) the previous reporting period;
					 and
(B) the current reporting
					 period;
(3) the total
					 amounts, if any, that have been credited, charged to the contract or
					 certificate value, or paid during the current reporting period; and
(4) the amount of any outstanding loans as of
					 the end of the current reporting period.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 2 - ANNUITY SUITABILITY DISCLOSURES › Section 3.9721 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of this division is to provide standards for
						the disclosure of certain minimum information about annuity suitability and to
						adopt related forms to meet the requirements of Insurance Code Chapter 1115,
						concerning Suitability of Certain Annuity Transactions.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES › Subchapter PP - ANNUITY DISCLOSURES › Division 2 - ANNUITY SUITABILITY DISCLOSURES › Section 3.9722 - Required Forms

Current through Reg. 49, No. 28; July 12, 2024
(a) Before the
					 recommendation or sale of an annuity, an agent must provide to the consumer a
					 form that meets the requirements of Insurance Code § 1115.0514(b),
					 concerning Disclosure Obligation. The agent must use:
(1) form FIN194 (07/21), which is adopted by
					 reference and is available on the department's form website;
(2) the Insurance Agent (Producer) Disclosure
					 for Annuities form, adopted by the National Association of Insurance
					 Commissioners in the Suitability in Annuity Transactions Model Regulation;
					 or
(3) another form that:
(A) meets the requirements of Insurance Code
					 § 1115.0514(b) and is substantially similar to the form specified in
					 paragraph (2) of this subsection;
(B) is understandable to a person with an
					 8th-grade reading level; and
(C) is
					 written in plain language, consistent with federal plain language
					 recommendations from the Plain Language Action and Information
					 Network.