Sec. 1131.453. PAYMENT OF PREMIUMS. The policyholder must pay the premium for the policy from:
(1) the creditor's funds;
(2) charges collected from the insured debtors; or
(3) both the creditor's funds and charges collected from the insured debtors.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle B - Group Life Insurance
Chapter 1131 - Group Life Insurance and Wholesale, Franchise, or Employee Life Insurance
Subchapter J. Group Life Insurance Policies Issued to Creditors: Additional Requirements
Section 1131.451. Applicability of Subchapter
Section 1131.452. Eligible Debtors
Section 1131.453. Payment of Premiums
Section 1131.454. Minimum Enrollment
Section 1131.455. Amount of Insurance
Section 1131.456. Payment of Proceeds
Section 1131.457. Annuities and Endowment Insurance Prohibited