Sec. 1107.105. COMPUTATION OF BENEFITS AVAILABLE AT THE TIME OTHER THAN CONTRACT ANNIVERSARY. For an annuity contract that requires payment of fixed, scheduled considerations, the value of a paid-up annuity, cash surrender, or death benefit that is available under the contract on a date other than an anniversary of the contract date shall be computed to allow for the lapse of time and any scheduled considerations paid after the beginning of the contract year in which payment of considerations under the contract ceased.
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.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle A - Life Insurance in General
Chapter 1107 - Standard Nonforfeiture Law for Certain Annuities
Subchapter C. Value of Nonforfeiture Benefits
Section 1107.101. Present Value of Nonforfeiture Benefits
Section 1107.102. Computation of Paid-Up Annuity Benefit Under Certain Contracts
Section 1107.103. Computation of Cash Surrender Benefit
Section 1107.104. Computation of Death Benefit
Section 1107.105. Computation of Benefits Available at the Time Other Than Contract Anniversary
Section 1107.107. Computations Not Affected by Additional Benefits