Texas Insurance Code

§ 885.302 — ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS

IN § 885.302Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 885. FRATERNAL BENEFIT SOCIETIES · Art. G. BENEFITS PROVIDED BY FRATERNAL BENEFIT SOCIETIES

Statute text

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A fraternal benefit society may, as provided by a resolution of its supreme governing body, establish and operate one or more separate accounts and issue benefit contracts on a variable basis, subject to laws regulating a life insurance company that establishes those types of accounts and issues those types of contracts. To comply with applicable federal or state laws or rules, the society may:

(1)issue on a variable basis contracts to which Sections 885.306(b) and (c) and 885.311(a) do not apply; and

(2)adopt special procedures for conducting the business and affairs of a separate account and provide special voting and other rights for a person having beneficial interests in a separate account, including special procedures and rights relating to:

(A)investment policy;

(B)investment advisory services;

(C)selection of certified public accountants; and

…

Legislative history

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