Texas Insurance Code Title 7, Chapter 1107 - Standard Nonforfeiture Law For Certain Annuities

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 1107.001 - Applicability Of Chapter
  (a) This chapter applies to an annuity contract issued on or after August 29, 1979. (b) This chapter also applies to an annuity contract issued...
• Texas Section 1107.002 - Exemptions
  (a) This chapter does not apply to: (1) a reinsurance contract; (2) a group annuity contract that is purchased under a retirement plan or plan...
• Texas Section 1107.003 - Required Nonforfeiture Provisions
  (a) An annuity contract delivered or issued for delivery in this state must contain in substance the provisions prescribed by this section or corresponding provisions...
• Texas Section 1107.004 - Optional Termination Provision
  (a) Notwithstanding the requirements of Section 1107.003, an annuity contract may provide that the company has the option to terminate the contract by making a...
• Texas Section 1107.005 - Contact Disclosure That Certain Benefits Not Provided
  An annuity contract that does not provide a cash surrender benefit or that does not provide a death benefit that is at least equal to...

SUBCHAPTER B COMPUTATION OF MINIMUM NONFORFEITURE AMOUNT

• Texas Section 1107.006 - Maturity Date
  In determining the value of benefits under Sections 1107.102, 1107.103, and 1107.104, the maturity date is the latest date on which an election is permitted...
• Texas Section 1107.051 - Minimum Nonforfeiture Amount
  The minimum value under Subchapter C of a paid-up annuity, cash surrender, or death benefit shall be computed on the basis of the minimum nonforfeiture...
• Texas Section 1107.052 - Contract With Flexible Considerations
  (a) This section applies only to an annuity contract that provides for the payment of flexible considerations. (b) The minimum nonforfeiture amount on or before...
• Texas Section 1107.053 - Contract With Fixed, Scheduled Considerations
  (a) For an annuity contract that provides for the payment of fixed, scheduled considerations, the minimum nonforfeiture amount is computed in the same manner as...
• Texas Section 1107.054 - Contract With Single Consideration
  For an annuity contract that provides for the payment of a single consideration, the minimum nonforfeiture amount is computed in the same manner as the...
• Texas Section 1107.055 - Interest Rate
  The interest rate used in determining minimum nonforfeiture amounts shall be an annual rate of interest determined as the lesser of three percent per annum...
• Texas Section 1107.056 - Additional Interest Rate Adjustments
  The commissioner may adopt rules to provide for further adjustments to Section 1107.055 for annuity contracts that provide substantive participation in an equity index benefit...

SUBCHAPTER C VALUE OF NONFORFEITURE BENEFITS

• Texas Section 1107.057 - Minimum Nonforfeiture Amount
  (a) The minimum values as specified in Sections 1107.006 and 1107.101-1107.105 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract...
• Texas Section 1107.101 - Present Value Of Nonforfeiture Benefits
  (a) The present value of any paid-up annuity benefit available under an annuity contract on the date annuity payments are to begin may not be...
• Texas Section 1107.102 - Computation Of Paid-up Annuity Benefit Under Certain Contracts
  (a) This section applies only to an annuity contract that does not provide a cash surrender benefit. (b) Subject to Subsection (e), the present value...
• Texas Section 1107.103 - Computation Of Cash Surrender Benefit
  (a) Subject to Subsection (c), the value of a cash surrender benefit available under an annuity contract before the maturity date may not be less...
• Texas Section 1107.104 - Computation Of Death Benefit
  The value of a death benefit available under an annuity contract that provides a cash surrender benefit may not be less than the value of...
• Texas Section 1107.105 - Computation Of Benefits Available At The Time Other Than Contract Anniversary
  For an annuity contract that requires payment of fixed, scheduled considerations, the value of a paid-up annuity, cash surrender, or death benefit that is available...
• Texas Section 1107.106 - Minimum Nonforfeiture Values Under Contract That Provides Annuity And Life Insurance Benefits
  For a contract that provides, by rider or by supplemental provision, both annuity benefits and life insurance benefits that exceed the greater of the value...
• Texas Section 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,...
• Texas Section 1107.108 - Rules
  The commissioner may adopt rules to implement the provisions of this chapter. Added by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20,

Last modified: September 28, 2016