Texas Insurance Code - Section 425.069. Reserve Computation: Indeterminate Premium Plans And Certain Other Plans
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 425.069. Reserve Computation: Indeterminate Premium Plans And Certain Other Plans
§ 425.069. RESERVE COMPUTATION: INDETERMINATE PREMIUM
PLANS AND CERTAIN OTHER PLANS. (a) For a life insurance plan that
provides for future premium determination, the amounts of which are
to be determined by the insurance company based on estimates of
future experience, or a life insurance plan or annuity for which the
minimum reserves cannot be determined by the methods described by
Sections 425.064, 425.065, and 425.068, the reserves held must:
(1) be appropriate in relation to the benefits
and the pattern of premiums for the plan; and
(2) be computed by a method that is consistent
with the principles of this subchapter, as determined by
commissioner rule.
(b) Notwithstanding any other provision of state law, the
commissioner must affirmatively approve a policy, contract, or
certificate that provides life insurance under a plan described by
Subsection (a) before the policy, contract, or certificate may be
marketed, issued, delivered, or used in this state.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 425.062 425.063 425.064 425.065 425.066 425.067 425.068 425.069 425.070 425.101 425.102 425.103 425.104 425.105 425.106
Last modified: August 11, 2007
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