Texas Property Code

§ 142.009 — ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT

PR § 142.009Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part A. PERSONS UNDER DISABILITY · Ch. 142. MANAGEMENT OF PROPERTY RECOVERED IN SUIT BY A NEXT FRIEND OR GUARDIAN AD LITEM

Statute text

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(a)An insurance company providing an annuity contract for a structured settlement as provided by Section 142.008 must:

(1)be licensed to write annuity contracts in this state;

(2)have a minimum of $1 million of capital and surplus; and

(3)be approved by the court and comply with any requirements imposed by the court to ensure funding to satisfy periodic settlement payments.

(b)In approving an insurance company under Subsection (a)(3), the court may consider whether the company:

(1)holds an issuer credit rating equivalent to a National Association of Insurance Commissioners NAIC 1 designation from a national or international rating agency that:

…

Legislative history

Acts 2019, 86th Leg., R.S., Ch. 912 (H.B. 3771), Sec. 1, eff. June 10, 2019.