Sec. 885.309. NONFORFEITURE BENEFITS. (a) The value of a nonforfeiture benefit provided under a benefit certificate issued before January 1, 2001, must comply with the law applicable to the certificate immediately before that date.
(b) The value of a nonforfeiture benefit provided under a benefit certificate issued on or after January 1, 2001, is computed as provided under:
(1) the provisions of Chapters 1105 and 1107 applicable to life insurance companies issuing policies containing similar benefits; and
(2) the applicable tables required by those chapters.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 885 - Fraternal Benefit Societies
Subchapter G. Benefits Provided by Fraternal Benefit Societies
Section 885.301. Types of Benefits Permitted
Section 885.302. Issuance of Benefit Contracts on Variable Basis
Section 885.303. Benefits for Children
Section 885.304. Beneficiaries
Section 885.305. Organization as Beneficiary
Section 885.306. Benefit Certificate
Section 885.308. Assignment of Life Insurance Benefit Contract
Section 885.309. Nonforfeiture Benefits
Section 885.310. Enforcing Payment of Premiums; Control of Benefit Certificates
Section 885.311. Deficiency Payments
Section 885.312. Continuation of Benefit Certificate on Expulsion or Suspension of Member
Section 885.313. Continuation of Benefit Certificate Issued on Child
Section 885.314. Responsibility for Payment of Benefits