Sec. 154.203. PAYMENT OF PREMIUMS. (a) The premiums for an insurance policy that funds prepaid funeral benefits may only be collected by a licensed insurance agent appointed by the insurance company issuing the policy and shall be paid to the insurance company in accordance with the agency agreement between the insurance company and the agent.
(b) Receipt of premiums by the agent of the insurance company is considered receipt of premiums by the insurance company for purposes of continuing the policy in force.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 17, eff. September 1, 2009.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 154 - Prepaid Funeral Services
Subchapter E. Insurance-Funded Prepaid Funeral Benefits
Section 154.201. Requirements for Solicitation of Insurance-Funded Benefits
Section 154.202. Execution of Contract in Conjunction With Application for Policy
Section 154.2021. Requirements for Insurance Policies
Section 154.203. Payment of Premiums
Section 154.204. Conversion From Trust-Funded Prepaid Funeral Benefits
Section 154.205. Cancellation of Insurance-Funded Contract
Section 154.206. Assignment of Right to Benefits