Texas Insurance Code

§ 1115.0506 — TRANSACTIONS NOT BASED ON RECOMMENDATION; CERTAIN EXEMPTIONS FROM SUBCHAPTER

IN § 1115.0506Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1115. SUITABILITY OF CERTAIN ANNUITY TRANSACTIONS · Art. B. DUTIES OF INSURERS AND AGENTS

Statute text

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An agent does not have an obligation to a consumer under Section 1115.0513 if:

(1)the agent does not make a recommendation;

(2)the agent makes a recommendation based on materially inaccurate information provided by the consumer;

(3)the consumer refuses to provide consumer profile information; or

(4)the consumer enters into an annuity transaction that is not based on the recommendation from the agent or the insurer.

Legislative history

Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 6, eff. September 1, 2021.