Texas Insurance Code

§ 1111A.024 — PENALTIES

IN § 1111A.024Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1111A. LIFE SETTLEMENT CONTRACTS

Statute text

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(a)It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act.

(b)A person who knowingly, recklessly, or intentionally commits a fraudulent life settlement act commits a criminal offense and is subject to penalties under Chapter 35, Penal Code.

(c)Subtitle B, Title 2, applies to a violation of this chapter.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.