Texas Insurance Code Title 7, Chapter 1114 - Replacement Of Certain Life Insurance Policies And Annuities

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 1114.001 - Purpose
  The purpose of this chapter is to: (1) regulate the activities of insurers and agents with respect to the replacement of existing life insurance and...
• Texas Section 1114.002 - General Definitions
  In this chapter: (1) "Agent" means an individual who holds a license under Chapter 4054 and who sells, solicits, or negotiates life insurance or annuities...
• Texas Section 1114.003 - Definition Of Policy Summary
  (a) For purposes of this chapter, "policy summary" has the meaning assigned by this section. (b) For a policy or contract other than a universal...
• Texas Section 1114.004 - Applicability; Exemptions
  (a) Except as otherwise specifically provided by this chapter, this chapter does not apply to transactions involving: (1) credit life insurance; (2) group life insurance...
• Texas Section 1114.005 - Financed Purchase
  (a) If a withdrawal, surrender, or borrowing involving the policy values of an existing policy is used to pay premiums on a new policy that...
• Texas Section 1114.006 - Consumer Notice Documents
  (a) The commissioner by rule shall adopt or approve model documents to be used for consumer notices under this chapter. (b) The department may develop...

SUBCHAPTER B DUTIES OF INSURERS AND AGENTS

• Texas Section 1114.007 - Rules
  The commissioner may adopt reasonable rules in the manner prescribed by Subchapter A, Chapter 36, to accomplish and enforce the purpose of this chapter. Added...
• Texas Section 1114.051 - Duties Of Agent; Notice
  (a) An agent who initiates an application for a life insurance policy or annuity contract shall submit to the insurer, with or as part of...
• Texas Section 1114.052 - Duties Of Insurers That Use Agents
  (a) An insurer that uses an agent shall comply with this section. (b) Each insurer shall maintain a system of supervision and control to ensure...
• Texas Section 1114.053 - Duties Of Replacing Insurers That Use Agents
  (a) If a transaction under this chapter involves a replacement, the replacing insurer shall comply with this section. (b) The replacing insurer shall verify that...
• Texas Section 1114.054 - Duties Of Existing Insurer
  (a) If a transaction involves a replacement, the existing insurer shall comply with this section. (b) The existing insurer shall retain and be able to...
• Texas Section 1114.055 - Duties Of Insurers Regarding Direct Response Solicitations
  (a) In the case of an application initiated as a result of a direct response solicitation, the insurer shall require submission of a statement asking...
• Texas Section 1114.056 - Registered Contracts
  A registered contract is exempt from the requirements of Sections 1114.053(c) and 1114.054(c) with respect to the provision of illustrations or policy summaries, but must...

SUBCHAPTER C ENFORCEMENT

• Texas Section 1114.057 - Disclosure Of Availability Of Waiver Of Surrender Charges
  An insurer that offers to waive surrender charges as described by Section 541.058(b)(4) shall provide reasonable notice of that offer to the insurer's prospective or...
• Texas Section 1114.101 - Unfair Method Of Competition; Sanctions And Penalties
  (a) A failure by an insurer or agent to comply with this chapter constitutes a violation of Chapter 541 and is subject to sanctions and...
• Texas Section 1114.102 - Additional Sanctions
  (a) In addition to sanctions and penalties under Chapter 541 as provided by Section 1114.101, an insurer or agent that violates this chapter is subject...

Last modified: September 28, 2016