Tex. Ins. Code § 1116.003 · Chapter 1116. REQUIRED PROVISIONS FOR ANNUITY CONTRACT
RULEMAKING AUTHORITY FOR CONTINGENT DEFERRED ANNUITY CONTRACTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "contingent deferred annuity contract" means an annuity contract in which a life insurer makes periodic payments for the annuitant's lifetime beginning when a designated investment that is not owned or held by the insurer is depleted to an amount specified by the contract due to contractually permitted withdrawals, market performance, fees, or other charges.
(b) The commissioner by rule may adopt reasonable standards for contingent deferred annuity contracts, including standards for:
(1) the procedures for department review and approval of contingent deferred annuity contracts and the criteria the department will use in approving the contracts;
(2) replacement, suitability, and disclosure requirements that are consistent with applicable model regulations developed by the National Association of Insurance Commissioners; and
(3) advertising of contingent deferred annuity contracts that are consistent with applicable model regulations developed by the National Association of Insurance Commissioners.
Notes and commentary — not statutory text
History
Added by Acts 2015, 84th Leg., R.S., Ch. 375 (S.B. 1107), Sec. 2, eff. June 9, 2015.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1116.htm
- Text hash
- sha256 713047b20de0456ef823e6225769c34c5eae667c58cf951706123c7d55e18b38
- 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 § 1116.003. Each shows the citation as that text prints it.
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