Texas Insurance Code
§ 1111A.018 — FRAUD PREVENTION AND CONTROL
IN § 1111A.018Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1111A. LIFE SETTLEMENT CONTRACTS
Statute text
View on source(a)A person may not commit a fraudulent life settlement act.
(b)A person may not interfere with the enforcement of this chapter or an investigation of a suspected or actual violation of this chapter.
(c)A person in the business of life settlements may not knowingly or intentionally permit a person convicted of a felony involving dishonesty or breach of trust to participate in the business of life settlements.
(d)A life settlement contract and an application for a life settlement contract, regardless of the form of transmission, must contain the following, or a substantially similar, statement: "Any person who knowingly presents false information in an application for insurance or a life settlement contract is guilty of a crime and may be subject to fines and confinement in prison."
(e)The failure to include a statement as required in Subsection (d) is not a defense in any prosecution for a fraudulent life settlement act.
Legislative history
Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.