Texas Insurance Code
§ 1114.0542 — PROCESSING OF SURRENDER REQUESTS FOR ANNUITY CONTRACTS
IN § 1114.0542Title 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)To initiate a surrender of an annuity contract, a contract owner must submit a surrender request to the insurer in the form and manner required by the insurer. An insurer that issues an annuity contract shall make available to the contract owner the form and manner in which the contract owner may submit the surrender request.
(b)An insurer that receives a surrender request from a contract owner shall, subject to Subsection (c), transfer the current cash surrender value of the annuity contract to the contract owner not later than the 30th business day after the date the insurer receives the request unless:
(1)the contract being surrendered has a provision that gives the insurer the right to defer payment for a different period;
(2)the insurer and contract owner agree to a different transfer period, including an agreement to make the transfer on a specific future date;
(3)a different transfer period is required under state or federal law; or
(4)the insurer makes a determination or reasonably suspects the surrender request involves a fraudulent insurance act the insurer is required to report under Section 701.051.
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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.