Sec. 1152.108. GRACE, REINSTATEMENT, AND NONFORFEITURE PROVISIONS REQUIRED. (a) An individual variable life insurance or individual variable annuity contract delivered or issued for delivery in this state must contain grace, reinstatement, and nonforfeiture provisions appropriate to the contract.
(b) A group variable contract delivered or issued for delivery in this state must contain a grace period provision appropriate to the contract.
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 C. Variable Contracts
Section 1152.101. Sole Authority to Regulate Variable Contracts
Section 1152.102. Authorization Required for Variable Contracts
Section 1152.103. Consideration of Company's Condition or Method of Operation
Section 1152.104. Authorization for Subsidiary or Affiliate of Authorized Life Insurance Company
Section 1152.105. Waiver of Hearing Requirement
Section 1152.106. Reserve Liability for Variable Contract
Section 1152.107. Separate Annual Statement Required
Section 1152.108. Grace, Reinstatement, and Nonforfeiture Provisions Required