Tex. Ins. Code § 885.302 · Subchapter G. BENEFITS PROVIDED BY FRATERNAL BENEFIT SOCIETIES
ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A fraternal benefit society may, as provided by a resolution of its supreme governing body, establish and operate one or more separate accounts and issue benefit contracts on a variable basis, subject to laws regulating a life insurance company that establishes those types of accounts and issues those types of contracts. To comply with applicable federal or state laws or rules, the society may:
(1) issue on a variable basis contracts to which Sections 885.306(b) and (c) and 885.311(a) do not apply; and
(2) adopt special procedures for conducting the business and affairs of a separate account and provide special voting and other rights for a person having beneficial interests in a separate account, including special procedures and rights relating to:
(A) investment policy;
(B) investment advisory services;
(C) selection of certified public accountants; and
(D) selection of a committee to manage the business and affairs of the account.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 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.885.htm
- Text hash
- sha256 065d70209b00a3e8a4b85887be7279ba593d1d2f5f118853a2a8b37de438b035
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
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.