Sec. 154.207. RECEIPT OF BENEFITS PAYABLE UNDER POLICY. (a) A seller or funeral provider that has been assigned the benefits payable under an insurance policy funding prepaid funeral benefits may not receive payment of the benefits until:
(1) the beneficiary named in the contract dies;
(2) the funeral service is completed;
(3) the funeral provider has completed the provider's obligations under Section 154.161(a) with respect to the contract; and
(4) the insurance company is presented with:
(A) certification from the funeral provider attesting to matters required by Subdivisions (2) and (3); and
(B) other documents as required by the insurance company to process and pay the claim.
(b) The seller shall maintain copies of the documentation submitted to the insurance company and a copy of the death certificate for examination by the department.
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. 20, 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