Tex. Ins. Code § 1107.054 · Subchapter B. COMPUTATION OF MINIMUM NONFORFEITURE AMOUNT
CONTRACT WITH SINGLE CONSIDERATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
For an annuity contract that provides for the payment of a single consideration, the minimum nonforfeiture amount is computed in the same manner as the minimum nonforfeiture amount for a contract with flexible considerations, except that:
(1) the net consideration amount to be used to compute the minimum nonforfeiture amount is the amount of the gross considerations paid under the contract less a contract charge of $75; and
(2) the percentage of the net consideration amount to be used to compute the minimum nonforfeiture amount is 90 percent.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1107.htm
- Text hash
- sha256 80ef55965396bc37db3ee48ea5fc8a0489c9e0d7606f6ee7a3eba047ed2555a2
- 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
Cited by 1 provision
Provisions in this library whose text cites Tex. Ins. Code § 1107.054. Each shows the citation as that text prints it.
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.