Texas Insurance Code
§ 1110.004 — MAXIMUM INTEREST RATE ON POLICY LOANS
IN § 1110.004Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1110. INTEREST RATES ON CERTAIN POLICY LOANS
Statute text
View on source(a)In this section, "published monthly average" means:
(1)Moody's Corporate Bond Yield Average--Monthly Average Corporates as published by Moody's Investors Service, Inc., or a successor to that corporation; or
(2)if the rate described by Subdivision (1) is no longer published, a substantially similar average established by rule of the commissioner.
(b)A life insurance policy must include a provision for an interest rate on a policy loan that:
(1)does not exceed 10 percent a year; or
(2)is an adjustable maximum interest rate established from time to time by the life insurer as permitted by law and does not exceed the lesser of:
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.