Texas Insurance Code
§ 1114.0541 — PROCESSING OF ANNUITY CONTRACT EXCHANGES
IN § 1114.0541Title 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
View on source(a)In this section, "exchange" means an annuity replacement transaction:
(1)in which the money in an existing annuity contract must pass directly from the existing annuity contract and existing insurer to a new annuity contract and a replacing insurer; and
(2)in which the owner and annuitant of the new contract are the same as the owner and annuitant of the existing contract, regardless of whether the owner or annuitant may be changed after completion of the transaction.
(b)If a transaction involves an exchange of an annuity contract, the existing insurer and the replacing insurer shall comply with this section.
(c)To initiate an exchange of an annuity contract, the replacing insurer shall provide the existing insurer an exchange request notice of the proposed exchange.
(d)An exchange request notice:
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Legislative history
Added by Acts 2025, 89th Leg., R.S., Ch. 658 (H.B. 4386), Sec. 1, eff. September 1, 2025.