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Texas Laws | Insurance Code
INSURANCE CODE
TITLE 7. LIFE INSURANCE AND ANNUITIES

(5) "Group annuity contract" means an annuity contract issued to a group and not an individual. (28354)

(6) "Guaranteed investment contract" means a type of annuity contract issued by a life insurer: (28355)

(A) that is a funding vehicle typically issued to a retirement plan; and (28356)

(B) under which the life insurer accepts a deposit or series of deposits from the purchaser and guarantees to pay a specified interest rate of return on the funds deposited during a specified period. (28357)

(7) "Life insurer" means an insurance company authorized to engage in the business of life insurance, including issuing annuity contracts, in this state. (28358)

(8) "Synthetic guaranteed investment contract" means a group annuity contract or other agreement issued by a life insurer that, wholly or partly, establishes the life insurer's obligations by reference to a segregated portfolio of assets that the life insurer does not own. (28359)

Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015. (28360)

Sec. 1154.004. APPLICABILITY OF CERTAIN OTHER LAW. (28361)(Text)

Chapters 521, 1107, 1115, and 1131 do not apply to funding agreements, guaranteed investment contracts, or synthetic guaranteed investment contracts without mortality or morbidity contingencies. (28362)

Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015. (28363)

Sec. 1154.005. RULES. (28364)(Text)

The commissioner may adopt rules to implement or clarify this chapter. (28365)

Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015. (28366)

SUBCHAPTER B. FUNDING AGREEMENTS (28367)(Text)
Sec. 1154.051. ESTABLISHMENT OF FUNDING AGREEMENTS. (28368)(Text)

(a) A life insurer may issue a funding agreement to generate an income stream for the purchaser of the agreement or fund a future liability or program of the purchaser or the purchaser's designee. A life insurer may issue a funding agreement to: (28369)

(1) an accredited investor, as defined by 17 C.F.R. Section 230.501; (28370)

(2) a governmental body; or (28371)

(3) an institution with assets in excess of $25 million. (28372)

(b) A life insurer that issues a funding agreement in this state engages in the business of insurance for the purpose of regulation. (28373)

Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015. (28374)

SUBCHAPTER C. GUARANTEED INVESTMENT CONTRACTS (28375)(Text)
Sec. 1154.101. ESTABLISHMENT OF GUARANTEED INVESTMENT CONTRACTS. (28376)(Text)

A life insurer may issue a guaranteed investment contract to provide a benefit in a fixed amount or a variable amount or a fixed amount and a variable amount. (28377)

Added by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015. (28378)

TITLE 8. HEALTH INSURANCE AND OTHER HEALTH COVERAGES (28379)(Text)

SUBTITLE A. HEALTH COVERAGE IN GENERAL (28380)(Text)

CHAPTER 1201. ACCIDENT AND HEALTH INSURANCE (28381)(Text)
Sec. 1201.001. DEFINITIONS. (28382)(Text)

In this chapter: (28383)

(1) "Accident and health insurance policy" includes any policy or contract that provides insurance against loss resulting from: (28384)

(A) accidental bodily injury; (28385)

(B) accidental death; or (28386)

(C) sickness. (28387)

(2) "Policy" means the entire contract between an insurer and an insured and includes riders, endorsements, and the application, if attached. (28388)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 3, eff. April 1, 2005. (28389)

Sec. 1201.002. PURPOSE. (28390)(Text)

The purpose of this chapter is to: (28391)

(1) provide for reasonable standardization, readability, and simplification of terms and coverages in individual accident and health insurance policies; (28392)

(2) promote public understanding of coverages; (28393)

(3) eliminate provisions in individual accident and health insurance policies that may be unjust, unfair, misleading, or unreasonably confusing in connection with: (28394)

(A) the purchase of coverage; or (28395)

(B) the settlement of claims; and (28396)

(4) provide for full and fair disclosure in sales of accident and health coverage. (28397)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 3, eff. April 1, 2005. (28398)

Sec. 1201.003. APPLICABILITY OF CHAPTER. (28399)(Text)

(a) This chapter applies only to an accident and health insurance policy delivered or issued for delivery in this state. (28400)

(b) Except as otherwise provided by this chapter, this chapter applies only to an individual accident and health insurance policy delivered or issued for delivery by: (28401)

(1) a life, health, and accident insurance company; (28402)

(2) a mutual insurance company, including: (28403)

(A) a mutual life insurance company; and (28404)

(B) a mutual assessment life insurance company; (28405)

(3) a local mutual aid association; (28406)

(4) a mutual or natural premium life or casualty insurance company; (28407)

(5) a general casualty company; (28408)

(6) a Lloyd's plan; (28409)

(7) a reciprocal or interinsurance exchange; (28410)

(8) a nonprofit hospital, medical, or dental service corporation, including a corporation operating under Chapter 842; or (28411)

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