Sec. 1115.003. APPLICABILITY; EXEMPTIONS. (a) This chapter applies to any recommendation to purchase, replace, or exchange an annuity that:
(1) is made to a consumer by an agent, or an insurer if an agent is not involved; and
(2) results in the recommended purchase, replacement, or exchange.
(b) Unless otherwise specifically included, this chapter does not apply to transactions involving:
(1) direct response solicitations if there is no recommendation based on information collected from the consumer under this chapter; or
(2) contracts used to fund:
(A) an employee pension benefit plan or employee welfare benefit plan covered by the Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.);
(B) a plan described by Section 401(a), 401(k), 403(b), 408(k), or 408(p), Internal Revenue Code of 1986, if established or maintained by an employer;
(C) a government or church plan, as defined by Section 414, Internal Revenue Code of 1986, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization described under Section 457, Internal Revenue Code of 1986;
(D) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(E) settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(F) prepaid funeral benefits contracts, as defined by Chapter 154, Finance Code.
Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 8, eff. September 1, 2011.
Section: Previous 1115.001 1115.002 1115.003 1115.004 1115.005 1115.051 1115.052 1115.053 1115.054 1115.055 1115.056 1115.101 NextLast modified: September 28, 2016