Texas Insurance Code
§ 1114.101 — UNFAIR METHOD OF COMPETITION; SANCTIONS AND PENALTIES
IN § 1114.101Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1114. REPLACEMENT OF CERTAIN LIFE INSURANCE POLICIES AND ANNUITIES · Art. C. ENFORCEMENT
Statute text
View on source(a)A failure by an insurer or agent to comply with this chapter constitutes a violation of Chapter 541 and is subject to sanctions and penalties as provided by that chapter. For purposes of this section, examples of violations include:
(1)deceptive or misleading information set forth in any sales material;
(2)failing to ask the applicant in completing the application the pertinent questions regarding the possibility of financing or replacement;
(3)intentionally recording an answer incorrectly;
(4)advising an applicant to respond negatively to any question regarding replacement in order to prevent notice to the existing insurer; or
(5)advising a policy or contract owner to contact the insurer directly in such a way as to attempt to obscure the identity of the replacing agent or insurer.
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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.