Sec. 1152.051. ESTABLISHMENT OF SEPARATE ACCOUNTS. A domestic life insurance company may establish separate accounts under this subchapter and may allocate to each account amounts, including proceeds applied under optional modes of settlement or under dividend options, to:
(1) provide for life insurance, an annuity, or a benefit incidental to the insurance or annuity, payable in a fixed amount, a variable amount, or both a fixed amount and a variable amount; or
(2) fund a benefit for a pension, retirement, or profit sharing plan payable in a fixed amount, a variable amount, or both a fixed amount and a variable amount.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle C - Specialized Coverages
Chapter 1152 - Separate Accounts, Variable Contracts, and Related Products
Subchapter B. Separate Accounts
Section 1152.051. Establishment of Separate Accounts
Section 1152.052. Ownership of Amounts in Separate Account
Section 1152.053. Transfer of Assets Between Separate Accounts
Section 1152.054. Compliance With Federal or State Law for Separate Account
Section 1152.055. Guaranteed Benefits and Money Restriction for Separate Accounts
Section 1152.056. Investment Limits Not Applicable to Separate Account
Section 1152.057. Allocation of Income, Gains, or Losses on Separate Account
Section 1152.058. Asset Valuation in Separate Account
Section 1152.059. Separate Account Not Chargeable With Other Liabilities