Texas Insurance Code

§ 1105.009 — COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS

IN § 1105.009Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1105. STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE · Art. A. GENERAL PROVISIONS

Statute text

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Any paid-up nonforfeiture benefit available under the policy on default in the payment of a premium due on a policy anniversary must be such that its present value as of the policy anniversary is at least equal to:

(1)the cash surrender value then available under the policy; or

(2)if a cash surrender value is not available under the policy, the cash surrender value that would have been required by this chapter in the absence of the condition that premiums must have been paid for at least a specified period.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.