Texas Insurance Code Title 7, Chapter 1152 - Separate Accounts, Variable Contracts, And Related Products
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 1152.001 - Applicability Of Code
(a) Except as provided by Subsection (b), this code applies to separate accounts described by this chapter and contracts relating to those accounts. (b) The...
SUBCHAPTER B SEPARATE ACCOUNTS
- Texas Section 1152.002 - Rules
The commissioner may adopt rules that are fair, reasonable, and appropriate to augment and implement this chapter, including rules establishing requirements for: (1) agent licensing;...
- Texas Section 1152.051 - Establishment Of Separate Accounts
A domestic life insurance company may establish separate accounts under this subchapter and may allocate to each account amounts, including proceeds applied under optional modes...
- Texas Section 1152.052 - Ownership Of Amounts In Separate Account
(a) An insurance company owns an amount allocated to a separate account under this subchapter. (b) The company is not and may not represent itself...
- Texas Section 1152.053 - Transfer Of Assets Between Separate Accounts
(a) Except as provided by Subsection (b), an insurance company may not sell, exchange, or otherwise transfer an asset between the company's separate accounts or...
- Texas Section 1152.054 - Compliance With Federal Or State Law For Separate Account
(a) To comply with a federal or state law, an insurance company with respect to any separate account, including a separate account that is a...
- Texas Section 1152.055 - Guaranteed Benefits And Money Restriction For Separate Accounts
An insurance company may not maintain a reserve for a benefit guaranteed as to dollar amount and duration or funds guaranteed as to principal amount...
- Texas Section 1152.056 - Investment Limits Not Applicable To Separate Account
Except as provided by Section 1152.055: (1) an amount allocated to a separate account, including an accumulation on that amount, may be invested without regard...
- Texas Section 1152.057 - Allocation Of Income, Gains, Or Losses On Separate Account
An insurance company shall credit to or charge against a separate account the income, gain, or loss, realized or unrealized, from an asset allocated to...
- Texas Section 1152.058 - Asset Valuation In Separate Account
An asset allocated to a separate account is valued: (1) at its market value on the date of valuation; (2) as provided under a contract,...
SUBCHAPTER C VARIABLE CONTRACTS
- Texas Section 1152.059 - Separate Account Not Chargeable With Other Liabilities
To the extent provided under the applicable contracts, the portion of a separate account's assets equal to the reserves and other contract liabilities regarding that...
- Texas Section 1152.101 - Sole Authority To Regulate Variable Contracts
The commissioner has sole authority to regulate the issuance and sale of a variable contract under: (1) this chapter; and (2) rules adopted under Section...
- Texas Section 1152.102 - Authorization Required For Variable Contracts
(a) An insurance company may not deliver or issue for delivery a variable contract in this state unless authorized by the commissioner under this section....
- Texas Section 1152.103 - Consideration Of Company's Condition Or Method Of Operation
(a) For purposes of this section, the domicile of an alien company is its state of entry. (b) In considering a company's condition or method...
- Texas Section 1152.104 - Authorization For Subsidiary Or Affiliate Of Authorized Life Insurance Company
The commissioner may determine, after notice and hearing, that a company that is a subsidiary of or affiliated with an authorized life insurance company through...
- Texas Section 1152.105 - Waiver Of Hearing Requirement
(a) If a company, its parent, or a commonly controlled affiliate is an authorized life insurance company, the company may apply to the commissioner for...
- Texas Section 1152.106 - Reserve Liability For Variable Contract
The reserve liability for a variable contract must be established under actuarial procedures that recognize: (1) the variable nature of the benefits provided; and (2)...
- Texas Section 1152.107 - Separate Annual Statement Required
(a) An insurance company authorized under this subchapter to issue, deliver, or use a variable annuity contract or variable life contract shall file with the...
- Texas Section 1152.108 - Grace, Reinstatement, And Nonforfeiture Provisions Required
(a) An individual variable life insurance or individual variable annuity contract delivered or issued for delivery in this state must contain grace, reinstatement, and nonforfeiture...
- Texas Section 1152.109 - Variable Benefits Provisions
(a) A contract providing benefits payable in variable amounts that is delivered or issued for delivery in this state must state the essential features of...
SUBCHAPTER D VARIABLE CONTRACT AGENTS
- Texas Section 1152.110 - Private Placement Contracts
(a) In this section, "private placement contract" means a variable annuity contract or variable life insurance policy that is: (1) issued exclusively to an accredited...
SUBCHAPTER E MODIFIED GUARANTEED CONTRACTS
- Texas Section 1152.151 - Agent's License Required
(a) A person may not sell or offer for sale in this state a variable contract, or act to negotiate, make, or consummate a variable...
- Texas Section 1152.201 - Definition
In this subchapter, "modified guaranteed contract" means an individual life insurance policy or deferred annuity contract as to which: (1) the underlying assets are held...
- Texas Section 1152.202 - Applicability Of Laws Governing Life Insurance Companies
Unless otherwise approved by the commissioner, the laws of this state governing the investments of life insurance companies apply to an asset held in a...
- Texas Section 1152.203 - Rules
In addition to any rules adopted under Section 1152.002, the commissioner may adopt reasonable rules that apply only to a modified guaranteed contract, to appropriately...
- Texas Section 1152.204 - Nonforfeiture Values
(a) A modified guaranteed contract must contain nonforfeiture values that are based on a market-value adjustment formula if the contract is held for a period...
- Texas Section 1152.205 - Separate Account Statement
An insurance company that files a separate account statement under Section 1152.107 shall include in that statement a statement for each separate account that relates...
Last modified: September 28, 2016