Sec. 1107.106. MINIMUM NONFORFEITURE VALUES UNDER CONTRACT THAT PROVIDES ANNUITY AND LIFE INSURANCE BENEFITS. For a contract that provides, by rider or by supplemental provision, both annuity benefits and life insurance benefits that exceed the greater of the value of the cash surrender benefit or the amount with interest of the gross considerations paid on the contract, the minimum nonforfeiture benefits are equal to the sum of the minimum nonforfeiture benefits for the annuity portion of the contract and the minimum nonforfeiture benefits, if any, for the life insurance portion of the contract, computed as if each portion were a separate contract.
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