Sec. 1107.107. COMPUTATIONS NOT AFFECTED BY ADDITIONAL BENEFITS. (a) Notwithstanding any other provision of this subchapter or Section 1107.006, a computation of a minimum nonforfeiture amount or of a paid-up annuity, cash surrender, or death benefit under this chapter may not include:
(1) any additional benefit that is:
(A) payable in the event of total and permanent disability;
(B) payable as a reversionary annuity or deferred reversionary annuity benefit; or
(C) payable as another policy benefit in addition to life insurance, endowment, or annuity benefits; or
(2) the considerations paid for the additional benefit.
(b) A paid-up benefit under an annuity contract is not required to include an additional benefit described by Subsection (a) unless the additional benefit separately requires:
(1) a minimum nonforfeiture amount; or
(2) a paid-up annuity, cash surrender, or death benefit.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.
Section: Previous 1107.006 1107.051 1107.052 1107.053 1107.054 1107.055 1107.056 1107.057 1107.101 1107.102 1107.103 1107.104 1107.105 1107.106 1107.107Last modified: September 28, 2016