Texas Insurance Code

§ 1115.0514 — DISCLOSURE OBLIGATION

IN § 1115.0514Title 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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(a)Before the recommendation or sale of an annuity, an agent shall provide a disclosure to the consumer on a form prescribed by the commissioner by rule.

(b)The prescribed form must be substantially similar to the National Association of Insurance Commissioners Insurance Agent Disclosure for Annuities form. The form must include:

(1)a description of the scope and terms of the agent's relationship with the consumer and role in the transaction;

(2)an affirmative statement on whether the agent is licensed and authorized to sell:

(A)fixed annuities;

(B)fixed indexed annuities;

…

Legislative history

Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 9, eff. September 1, 2021.