Texas Insurance Code Title 7, Chapter 1111a - Life Settlement Contracts
- Texas Section 1111A.001 - Short Title
This Act may be cited as the Life Settlements Act. Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September...
- Texas Section 1111A.002 - Definitions
In this chapter: (1) "Advertisement" means a written, electronic, or printed communication or a communication by means of a recorded telephone message or transmitted on...
- Texas Section 1111A.003 - Licensing Requirements; Exemption
(a) A person, wherever located, may not act as a provider or broker with an owner who is a resident of this state, unless the...
- Texas Section 1111A.004 - License Suspension, Revocation, Or Refusal To Renew
(a) The commissioner may suspend, revoke, or refuse to renew the license of a license holder if the commissioner finds that: (1) there was a...
- Texas Section 1111A.005 - Requirements For Contract Forms, Disclosure Forms, And Advertisements
(a) A person may not use any form of life settlement contract in this state unless the form has been filed with and approved, if...
- Texas Section 1111A.006 - Reporting Requirements And Privacy
(a) For a policy settled not later than the fifth anniversary of the date of policy issuance, each provider shall file with the commissioner not...
- Texas Section 1111A.007 - Examination
Subchapter B, Chapter 401, applies to a person engaged in the business of life settlements. Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B....
- Texas Section 1111A.008 - Immunity From Liability
(a) No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives, or any examiner appointed by...
- Texas Section 1111A.009 - Investigative Authority Of The Commissioner
The commissioner may investigate a suspected fraudulent life settlement act and a person engaged in the business of life settlements. Added by Acts 2011, 82nd...
- Texas Section 1111A.010 - Cost Of Examinations
The reasonable and necessary cost of an examination under this chapter is to be assessed against the person being examined in accordance with Section 751.208....
- Texas Section 1111A.011 - Advertising
(a) A broker or provider licensed pursuant to this chapter may conduct or participate in an advertisement in this state. The advertisement must comply with...
- Texas Section 1111A.012 - Disclosures To Owners
(a) The broker, or the provider if no broker is involved in the application, shall provide in writing, in a separate document that is signed...
- Texas Section 1111A.013 - Disclosure To Insurer
(a) Without limiting the ability of an insurer to assess the insurability of a policy applicant and to determine whether to issue the policy, and...
- Texas Section 1111A.014 - General Rules
(a) Before entering into a life settlement contract with an owner of a policy with respect to which the insured is terminally or chronically ill,...
- Texas Section 1111A.015 - Authority To Adopt Rules
(a) The commissioner may adopt rules implementing this chapter and regulating the activities and relationships of providers, brokers, insurers, and their authorized representatives. (b) The...
- Texas Section 1111A.016 - Conflict Of Laws
(a) If there is more than one owner on a single policy, and the owners are residents of different states, the life settlement contract is...
- Texas Section 1111A.017 - Prohibited Practices
(a) A person may not: (1) enter into a life settlement contract if the person knows or reasonably should have known that the life insurance...
- Texas Section 1111A.018 - Fraud Prevention And Control
(a) A person may not commit a fraudulent life settlement act. (b) A person may not interfere with the enforcement of this chapter or an...
- Texas Section 1111A.019 - Mandatory Reporting Of Fraudulent Life Settlement Acts
A person engaged in the business of life settlements has a duty under Section 701.051 to report a fraudulent life settlement act. Added by Acts...
- Texas Section 1111A.020 - Confidentiality
(a) The documents and evidence obtained by the commissioner in an investigation of a suspected or an actual fraudulent life settlement act are privileged and...
- Texas Section 1111A.021 - Other Law Enforcement Or Regulatory Authority
This chapter does not: (1) preempt the authority or relieve the duty of another law enforcement or regulatory agency to investigate, examine, and prosecute a...
- Texas Section 1111A.022 - Life Settlement Antifraud Initiatives
(a) A provider or broker shall implement antifraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent life settlement acts. At the discretion of the...
- Texas Section 1111A.023 - Injunction; Civil Remedies; Cease And Desist Orders
(a) In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule implementing this chapter,...
- Texas Section 1111A.024 - Penalties
(a) It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements to...
- Texas Section 1111A.025 - Applicability Of Other Insurance Laws
The following laws apply to a person engaged in the business of life settlements: (1) Chapters 82, 83, 84, 101, 481, and 701; (2) Sections...
- Texas Section 1111A.026 - Applicability Of Certain Provisions To Life Expectancy Estimators
(a) The following provisions do not apply to a broker who acts solely as a life expectancy estimator: (1) Section 1111A.003(p); (2) Section 1111A.012; and...
Last modified: September 28, 2016