Texas Insurance Code

§ 1114.055 — DUTIES OF INSURERS REGARDING DIRECT RESPONSE SOLICITATIONS

IN § 1114.055Title 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)In the case of an application initiated as a result of a direct response solicitation, the insurer shall require submission of a statement asking whether the applicant, by applying for the proposed policy or contract, intends to replace, discontinue, or change an existing policy or contract. The statement may be included with, or submitted as part of, each completed application for a policy or contract. If the applicant indicates a replacement or change is not intended or if the applicant fails to respond to the statement, the insurer shall send the applicant, with the policy or contract, a notice, in a form adopted or approved by the commissioner, regarding replacement.

(b)If the insurer has proposed the replacement or if the applicant indicates a replacement is intended and the insurer continues with the replacement, the insurer shall:

(1)provide to the applicant or prospective applicant, with the policy or contract, a notice adopted or approved by the commissioner; and

(2)comply with the requirements of:

(A)Section 1114.053(c), if the applicant furnishes the names of the existing insurers; and

(B)Sections 1114.053(d), (e), and (f).

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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.