Tex. Fin. Code § 154.206 · Subchapter E. INSURANCE-FUNDED PREPAID FUNERAL BENEFITS
ASSIGNMENT OF RIGHT TO BENEFITS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The purchaser of an insurance-funded contract may assign the purchaser's ownership of and rights to benefits under the insurance policy to the seller, the funeral provider, the trustee, or other person.
(b) An assignment to the seller, the funeral provider, or an affiliated trustee may not be made irrevocable unless:
(1) the assignment is made solely to facilitate the eligibility of the purchaser under Title XIX, Social Security Act (42 U.S.C. Section 1396 et seq.), or other law providing for a public assistance program; or
(2) the assignee is specifically prohibited from exercising any right under the policy except administration of the benefits.
(c) An assignee under this section is subject to a fiduciary duty to apply the insurance policy benefits as provided by the contract and this chapter.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 19, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.154.htm
- Text hash
- sha256 2086827dfd2ca499f139d6171a8c55167cd7759d9ae0df360f14d56a19ff8fe9
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.