Sec. 1115.0505. AGENTS EXERCISING MATERIAL CONTROL. (a) This subchapter applies to each agent who:
(1) exercises material control or influence in making a recommendation or sale; and
(2) receives direct compensation as a result of the recommendation or sale, regardless of whether the agent has direct contact with the consumer.
(b) Activities that do not constitute material control or influence include providing or delivering marketing or educational materials, product wholesaling or other back office product support, general supervision of an agent, and similar activities.
Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 6, eff. September 1, 2021.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle A - Life Insurance in General
Chapter 1115 - Suitability of Certain Annuity Transactions
Subchapter B. Duties of Insurers and Agents
Section 1115.0505. Agents Exercising Material Control
Section 1115.0506. Transactions Not Based on Recommendation; Certain Exemptions From Subchapter
Section 1115.0507. Insurer Obligations
Section 1115.0508. Additional Licensure Not Required
Section 1115.051. Best-Interest Obligation
Section 1115.0513. Care Obligation
Section 1115.0514. Disclosure Obligation
Section 1115.0515. Conflict of Interest Obligation
Section 1115.0516. Documentation Obligation
Section 1115.052. Supervision System
Section 1115.0521. Prohibited Practices
Section 1115.053. Certification Requirements