Texas Insurance Code

§ 1114.053 — DUTIES OF REPLACING INSURERS THAT USE AGENTS

IN § 1114.053Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1114. REPLACEMENT OF CERTAIN LIFE INSURANCE POLICIES AND ANNUITIES · Art. B. DUTIES OF INSURERS AND AGENTS

Statute text

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(a)If a transaction under this chapter involves a replacement, the replacing insurer shall comply with this section.

(b)The replacing insurer shall verify that the required forms are received and are in compliance with this chapter.

(c)The replacing insurer shall:

(1)notify any existing insurer that may be affected by the proposed replacement not later than the fifth business day after:

(A)the date of receipt of a completed application indicating replacement; or

(B)the date that replacement is identified if it is not indicated on the application; and

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.