Sec. 884.403. POLICY REQUIREMENTS. (a) A policy issued under Section 884. 402(1) or (2) must be reserved and must comply with the law, including rules, applicable to a policy issued by a company authorized to engage in or engaging in the business of insurance under Chapter 841.
(b) A policy of life insurance issued under Section 884.402(3):
(1) must be reserved in accordance with a reserve table adopted by the department as appropriate for that type of policy;
(2) must contain:
(A) on its first page, a notice that the policy does not provide cash surrender values or other paid up nonforfeiture benefits or loan values; and
(B) provisions for a grace period for the payment of each premium after the first payment during which the policy remains in force; and
(3) may not be approved until the commissioner has adopted the standard of valuation, including an appropriate mortality table and interest rate.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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