Texas Insurance Code - Not Codified - Article 3.11. Certain Guarantees In Life Insurance Policies
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Art. 3.11. CERTAIN GUARANTEES IN LIFE INSURANCE
POLICIES. Section 841.253 of this code does not prohibit the
issuance of life insurance policies guaranteeing, by coupons or
otherwise, definite payments or reductions in premiums, but any
such guarantee contained in policies or coupons issued after the
effective date of this Act shall be treated as a definite contract
benefit and so valued according to the reserve requirements of this
Chapter using in the case of policies or coupons issued before the
date determined under Section 1105.002(a) or (b) of this code, as
applicable to the company, reserve valuation net premium for such
benefits which is a uniform percentage of the gross premiums,
provided that any policy containing such a contract benefit may be
valued on a basis which provides for not more than one (1) year
preliminary term insurance, and using in the case of policies or
coupons issued on or after the date determined under Section
1105.002(a) or (b) of this code, as applicable to the company, the
commissioners reserve valuation method as defined in Article 3.28.
Nothing in this Section with respect to reserves shall apply to any
policy issued prior to September 7, 1955.
Acts 1951, 52nd Leg., ch. 491. Amended by Acts 1955, 54th Leg., p.
916, ch. 363, Sec. 8; Acts 1963, 58th Leg., p. 1117, ch. 434, Sec.
1; Acts 1963, 58th Leg., p. 1362, ch. 518, Sec. 1.
Amended by Acts 1987, 70th Leg., ch. 813, Sec. 3, eff. June 18,
1987; Acts 2001, 77th Leg., ch. 1419, Sec. 9, eff. June 1, 2003.
Article: 2.10 2.10-1 2.10-2 2.10-3A 2.10-4 2.10-5 3.10 3.11 3.16 3.17 3.18 3.28 3.29 3.31 3.32
Last modified: August 11, 2007
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