Texas Insurance Code

§ 884.403 — POLICY REQUIREMENTS

IN § 884.403Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. I. AUTHORITY TO ISSUE OTHER COVERAGE

Statute text

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(a)A policy issued under Section 884. 402(1) or (2) must be reserved and must comply with the law, including rules, applicable to a policy issued by a company authorized to engage in or engaging in the business of insurance under Chapter 841.

(b)A policy of life insurance issued under Section 884.402(3):

(1)must be reserved in accordance with a reserve table adopted by the department as appropriate for that type of policy;

(2)must contain:

(A)on its first page, a notice that the policy does not provide cash surrender values or other paid up nonforfeiture benefits or loan values; and

(B)provisions for a grace period for the payment of each premium after the first payment during which the policy remains in force; and

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Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.