Texas Insurance Code Title 7, Chapter 1115 - Suitability Of Certain Annuity Transactions

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 1115.001 - Purpose
  The purpose of this chapter is to establish standards and procedures regarding recommendations made to a consumer that result in a transaction involving annuity products,...
• Texas Section 1115.002 - Definitions
  In this chapter: (1) "Agent" means an individual who holds a license under Chapter 4054 and who sells, solicits, or negotiates insurance or annuity contracts...
• Texas Section 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...
• Texas Section 1115.004 - No Cause Of Action Created
  This chapter may not be construed to create or imply a private cause of action for a violation of this chapter. Added by Acts 2007,...

SUBCHAPTER B DUTIES OF INSURERS AND AGENTS

• Texas Section 1115.005 - 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 1115.051 - Suitability Of Annuity Product Required
  (a) In recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series...
• Texas Section 1115.052 - Supervision System
  (a) Each insurer shall establish supervision that is reasonably designed to achieve the insurer's and the insurer's agents' compliance with this chapter. (b) An insurer...
• Texas Section 1115.053 - Certification Requirements
  A person may not provide a certification under Section 1115.052(c)(1) unless the person: (1) is a senior manager with responsibility for the delegated functions; and...
• Texas Section 1115.054 - Compliance With Certain National Standards
  (a) Subject to Subsection (c), sales made in compliance with the conduct rules of the Financial Industry Regulatory Authority (FINRA) relating to suitability and supervision...
• Texas Section 1115.055 - Recordkeeping Requirements
  (a) Each agent, independent agency, and insurer shall maintain, or otherwise be able to make available to the commissioner, records of the information collected from...

SUBCHAPTER C ENFORCEMENT

• Texas Section 1115.056 - Agent Training Requirements
  (a) An agent may not solicit the sale of an annuity product unless the agent has adequate knowledge of the product to recommend the annuity...
• Texas Section 1115.101 - Mitigation
  An insurer is responsible for compliance with this chapter. If a violation occurs because of the action or inaction of the insurer or the insurer's...
• Texas Section 1115.102 - Sanctions
  (a) The commissioner may impose sanctions as provided by Chapter 82 for a violation of this chapter. (b) The commissioner shall reduce or eliminate a...

Last modified: September 28, 2016