Texas Estates Code

§ 1161.104 — PROCEDURE FOR INVESTING IN INSURANCE OR ANNUITIES

ES § 1161.104Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part E. ADMINISTRATION OF GUARDIANSHIP · Ch. 1161. INVESTMENTS AND LOANS OF ESTATES OF WARDS · Art. C. INVESTMENTS IN CERTAIN INSURANCE OR ANNUITIES

Statute text

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(a)Before the guardian of the estate may invest in life, term, or endowment insurance policies, in annuity contracts, or in both, the guardian must first apply to the court for an order that authorizes the investment.

(b)The application must include a report that shows:

(1)in detail the estate's financial condition on the date the application is filed;

(2)the name and address of the authorized life insurance company from which the insurance policy or annuity contract is to be purchased and that:

(A)the company is licensed by the Texas Department of Insurance to transact that business in this state on the date the application is filed; or

(B)the policy or contract is administered by the Department of Veterans Affairs;

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.