Texas Insurance Code - Section 463.204. Obligations Excluded
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§ 463.204. OBLIGATIONS EXCLUDED. A contractual
obligation does not include:
(1) death benefits in an amount in excess of $300,000
or a net cash surrender or net cash withdrawal value in an amount in
excess of $100,000 in the aggregate under one or more policies on a
single life;
(2) an amount in excess of:
(A) $100,000 in the aggregate under one or more
annuity contracts issued to the same holder of individual annuity
policies or to the same annuitant or participant under group
annuity policies; or
(B) $5 million in unallocated annuity contract
benefits with respect to a single contract holder regardless of the
number of those contracts;
(3) an amount in excess of $200,000 in the aggregate
under one or more accident, health, or accident and health
insurance policies on a single life; or
(4) punitive, exemplary, extracontractual, or bad
faith damages, regardless of whether the damages are:
(A) agreed to or assumed by an insurer or
insured; or
(B) imposed by a court.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.160 463.161 463.162 463.163 463.201 463.202 463.203 463.204 463.205 463.251 463.252 463.253 463.254 463.255 463.256
Last modified: August 10, 2007
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