Sec. 1152.109. VARIABLE BENEFITS PROVISIONS. (a) A contract providing benefits payable in variable amounts that is delivered or issued for delivery in this state must state the essential features of the procedures the insurance company will follow in determining the dollar amount of the variable benefits.
(b) A contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued under that group contract, must state:
(1) on its first page, that the benefits under the contract are on a variable basis; and
(2) that the dollar amount will vary.
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