Texas Insurance Code

§ 885.309 — NONFORFEITURE BENEFITS

IN § 885.309Title 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)The value of a nonforfeiture benefit provided under a benefit certificate issued before January 1, 2001, must comply with the law applicable to the certificate immediately before that date.

(b)The value of a nonforfeiture benefit provided under a benefit certificate issued on or after January 1, 2001, is computed as provided under:

(1)the provisions of Chapters 1105 and 1107 applicable to life insurance companies issuing policies containing similar benefits; and

(2)the applicable tables required by those chapters.

Legislative history

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