Texas Insurance Code

§ 556.152 — PROMOTIONAL MATERIALS DISCLOSURE

IN § 556.152Title 5. PROTECTION OF CONSUMER INTERESTS · Part C. DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICES · Ch. 556. UNFAIR METHODS OF COMPETITION AND UNFAIR PRACTICES BY FINANCIAL INSTITUTIONS · Art. D. DISCLOSURES

Statute text

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(a)This section applies to each agent that is a depository institution or that, on the premises of a depository institution or in connection with a product offering of a depository institution, sells or solicits the purchase of insurance recommended or sponsored by the depository institution.

(b)Promotional materials relating to an insurance product distributed to a customer or potential customer must clearly disclose that an insurance product sold through an agent affiliated with a depository institution:

(1)is not insured by the Federal Deposit Insurance Corporation;

(2)is not issued, guaranteed, or underwritten by the depository institution or the Federal Deposit Insurance Corporation; and

(3)involves investment risk, if appropriate, including potential loss of principal.

Legislative history

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.