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AN ACT
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relating to adoption of requirements regarding the replacement of |
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existing life insurance policies and certain annuities; imposing |
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penalties. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle A, Title 7, Insurance Code, is amended |
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by adding Chapter 1114 to read as follows: |
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CHAPTER 1114. REPLACEMENT OF CERTAIN LIFE INSURANCE POLICIES AND |
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ANNUITIES |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 1114.001. PURPOSE. The purpose of this chapter is to: |
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(1) regulate the activities of insurers and agents |
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with respect to the replacement of existing life insurance and |
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annuities; |
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(2) protect the interests of purchasers of life |
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insurance or annuities by establishing minimum standards of conduct |
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to be observed in replacement or financed purchase transactions; |
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(3) ensure that purchasers receive information with |
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which a decision in the purchaser's best interest may be made; |
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(4) reduce the opportunity for misrepresentation and |
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incomplete disclosure; and |
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(5) establish penalties for failure to comply with the |
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requirements adopted under this chapter. |
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Sec. 1114.002. GENERAL DEFINITIONS. In this chapter: |
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(1) "Agent" means an individual who holds a license |
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under Chapter 4054 and who sells, solicits, or negotiates life |
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insurance or annuities in this state. |
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(2) "Direct-response solicitation" means a |
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solicitation made: |
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(A) by a sponsoring or endorsing entity or |
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individually; and |
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(B) solely through mails, telephone, the |
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Internet, or other mass communication media. |
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(3) "Existing insurer" means the insurer, the policy |
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or contract of which is or will be changed or affected by a |
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replacement. |
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(4) "Existing policy or contract" means an individual |
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life insurance policy or annuity contract that is in force, |
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including a policy under a binding or conditional receipt or a |
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policy or contract that is within an unconditional refund period. |
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(5) "Financed purchase" means the purchase of a new |
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policy that involves the actual or intended use of funds to pay all |
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or part of any premium due on the new policy obtained by: |
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(A) the withdrawal or surrender of an existing |
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policy; or |
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(B) borrowing from values of an existing policy. |
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(6) "Illustration" means a presentation or depiction |
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that includes nonguaranteed elements of a life insurance policy |
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over a period of years. |
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(7) "Registered contract" means a variable annuity |
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contract or variable life insurance policy subject to the |
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prospectus delivery requirements of the Securities Act of 1933 (15 |
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U.S.C. Section 77a et seq.). |
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(8) "Replacement" means a transaction under which a |
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new policy or contract is to be purchased, and for which it is known |
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or should be known to the proposing agent or proposing insurer that, |
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by reason of the transaction, an existing policy or contract has |
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been or is to be: |
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(A) lapsed, forfeited, surrendered or partially |
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surrendered, assigned to a replacing insurer, or otherwise |
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terminated; |
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(B) converted to reduced paid-up insurance, |
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continued as extended term insurance, or otherwise reduced in value |
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by the use of nonforfeiture benefits or other policy values; |
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(C) amended so as to effect a reduction in |
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benefits or in the term for which coverage would otherwise remain in |
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force or for which benefits would be paid; |
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(D) reissued with any reduction in cash value; or |
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(E) used in a financed purchase. |
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(9) "Replacing insurer" means the insurer that issues |
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or proposes to issue a new policy or contract that: |
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(A) replaces an existing policy or contract; or |
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(B) is a financed purchase. |
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(10) "Sales material" means a sales illustration and |
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any other written, printed, or electronically presented |
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information: |
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(A) created or completed or provided by the |
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insurer or agent; and |
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(B) used in the presentation to the policy or |
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contract owner relating to the policy or contract purchased. |
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Sec. 1114.003. DEFINITION OF POLICY SUMMARY. (a) For |
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purposes of this chapter, "policy summary" has the meaning assigned |
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by this section. |
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(b) For a policy or contract other than a universal life |
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insurance policy, "policy summary" means a written statement |
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regarding the policy or contract that at minimum contains, to the |
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extent applicable, the following information: |
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(1) the current death benefit; |
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(2) the annual contract premium; |
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(3) the current cash surrender value; |
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(4) the current dividend; |
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(5) the application of the current dividend; and |
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(6) the amount of any outstanding loan. |
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(c) For a universal life insurance policy, "policy summary" |
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means a written statement that contains, at minimum, the following |
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information: |
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(1) the beginning and ending date of the current |
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reporting period; |
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(2) the policy value at the end of the previous |
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reporting period and at the end of the current reporting period; |
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(3) the total amounts that have been credited or |
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debited to the policy value during the current reporting period, |
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identifying each by type, including interest, mortality, expense, |
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and riders; |
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(4) the current death benefit at the end of the current |
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reporting period on each life covered by the policy; |
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(5) the net cash surrender value of the policy as of |
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the end of the current reporting period; and |
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(6) the amount of any outstanding loans as of the end |
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of the current reporting period. |
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Sec. 1114.004. APPLICABILITY; EXEMPTIONS. (a) Except as |
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otherwise specifically provided by this chapter, this chapter does |
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not apply to transactions involving: |
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(1) credit life insurance; |
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(2) group life insurance or group annuities for which |
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there is no direct solicitation of individuals by an agent; |
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(3) group life insurance and annuities used to fund |
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prepaid funeral benefits contracts, as defined by Chapter 154, |
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Finance Code; |
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(4) an application to: |
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(A) exercise a contractual change or a conversion |
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privilege made to the insurer that issued the existing policy or |
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contract; |
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(B) replace an existing policy or contract by the |
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insurer that issued the existing policy or contract under a program |
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filed with and approved by the commissioner; or |
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(C) exercise a term conversion privilege among |
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corporate affiliates; |
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(5) life insurance proposed to replace life insurance |
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under a binding or conditional receipt issued by the same insurer; |
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(6) a policy or contract used to fund: |
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(A) an employee pension benefit plan or employee |
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welfare benefit plan that is covered by the Employee Retirement |
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Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.); |
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(B) a plan described by Section 401(a), 401(k), |
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or 403(b), Internal Revenue Code of 1986, if established or |
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maintained by an employer; |
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(C) a government or church plan, as defined by |
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Section 414, Internal Revenue Code of 1986, a government or church |
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welfare benefit plan, or a deferred compensation plan of a state or |
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local government or tax exempt organization described under Section |
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457, Internal Revenue Code of 1986; or |
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(D) a nonqualified deferred compensation |
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arrangement established or maintained by an employer or plan |
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sponsor; |
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(7) new coverage provided under a life insurance |
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policy or contract if the cost is borne wholly by the insured's |
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employer or by an association of which the insured is a member; |
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(8) an existing life insurance policy that is a |
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nonconvertible term life insurance policy scheduled to expire in |
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five years or less and that cannot be renewed; |
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(9) immediate annuities purchased with proceeds from |
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an existing contract; or |
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(10) structured settlements. |
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(b) Notwithstanding Subsection (a)(6), this chapter applies |
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to policies or contracts used to fund any plan or arrangement that |
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is funded solely by contributions an employee elects to make, |
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whether on a pre-tax or after-tax basis, if: |
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(1) the insurer has been notified that plan |
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participants may choose from among two or more insurers; and |
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(2) there is a direct solicitation of an individual |
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employee by an insurance agent for the purchase of a contract or |
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policy. |
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(c) Group life insurance or group annuity certificates |
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marketed through direct response solicitation are subject to |
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Section 1114.055. |
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(d) Notwithstanding Subsection (a)(9), immediate annuities |
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purchased with proceeds from an existing policy are not exempted |
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from the requirements of this chapter. |
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(e) For the purpose of Subsections (a), (b), and (c), |
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"direct solicitation" does not include a group meeting held by an |
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insurance agent solely for the purpose of: |
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(1) educating or enrolling individuals; or |
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(2) if initiated by an individual member of the group, |
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assisting with the selection of investment options offered by a |
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single insurer in connection with enrolling that individual. |
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Sec. 1114.005. FINANCED PURCHASE. (a) If a withdrawal, |
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surrender, or borrowing involving the policy values of an existing |
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policy is used to pay premiums on a new policy that is owned by the |
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same policyholder and is issued by the same insurer not earlier than |
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four months before the effective date of the new policy or 13 months |
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after the effective date of the new policy, it is deemed prima facie |
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evidence of the policyholder's intent to finance the purchase of |
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the new policy with existing policy values. |
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(b) Subsection (a) applies only to regulatory review of an |
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individual transaction. |
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(c) The prima facie standard under Subsection (a) is not |
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intended to increase or decrease the monitoring obligations |
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contained in Section 1114.052(g). |
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Sec. 1114.006. CONSUMER NOTICE DOCUMENTS. (a) The |
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commissioner by rule shall adopt or approve model documents to be |
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used for consumer notices under this chapter. |
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(b) The department may develop model documents under this |
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section, or the commissioner may approve model documents developed |
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by insurers or published by national organizations recognized by |
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the commissioner. |
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Sec. 1114.007. RULES. The commissioner may adopt |
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reasonable rules in the manner prescribed by Subchapter A, Chapter |
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36, to accomplish and enforce the purpose of this chapter. |
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[Sections 1114.008-1114.050 reserved for expansion] |
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SUBCHAPTER B. DUTIES OF INSURERS AND AGENTS |
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Sec. 1114.051. DUTIES OF AGENT; NOTICE. (a) An agent who |
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initiates an application for a life insurance policy or annuity |
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contract shall submit to the insurer, with or as part of the |
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application, a statement signed by both the applicant and the agent |
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as to whether the applicant has existing policies or contracts. |
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(b) If the applicant states that the applicant does not have |
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existing policies or contracts, the agent's duties, after |
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compliance with Subsection (a), with respect to replacement are |
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complete. |
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(c) If the applicant states that the applicant does have |
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existing policies or contracts, the agent shall present and read to |
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the applicant, not later than at the time of taking the application, |
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a notice regarding replacements as provided by Subsection (d). |
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(d) Except as provided by Subsection (e), the notice |
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required by this section must be given in a form adopted or approved |
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by the commissioner. The notice shall be signed by both the |
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applicant and the agent attesting that the notice has been read |
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aloud by the agent or that the applicant did not wish the notice to |
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be read aloud, in which case the agent is not required to read the |
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notice aloud. The notice must be left with the applicant unless it |
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is presented to the applicant by electronic means and signed |
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electronically, in which case the insurer shall mail the applicant |
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a copy of the notice not later than the third business day after the |
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date the application is received by the insurer. The notice must |
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list all life insurance policies or annuities proposed to be |
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replaced, properly identified by the name of the insurer, the name |
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of the insured or annuitant, and the policy or contract number if |
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available, and include a statement as to whether each policy or |
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contract will be replaced or whether a policy will be used as a |
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source of financing for the new policy or contract. If a policy or |
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contract number has not been issued by the existing insurer, |
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alternative identification, such as an application or receipt |
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number, must be listed. |
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(e) Commissioner approval of a notice is not required if a |
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notice adopted or approved by the commissioner is used and |
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amendments to that notice are limited to the omission of references |
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not applicable to the product being sold or replaced. |
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(f) In connection with a replacement transaction, the agent |
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shall leave with the applicant, at the time an application for a new |
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policy or contract is completed, the original of all sales material |
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or a copy of that material. Electronically presented sales material |
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must be provided to the policy or contract owner in printed form not |
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later than the date that the policy or contract is delivered. |
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(g) Except as provided by Section 1114.053(g), in |
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connection with a replacement transaction, the agent shall submit |
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to the insurer to which an application for a policy or contract is |
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presented: |
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(1) a copy of each document required by this section; |
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(2) a statement identifying any preprinted or |
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electronically presented insurer-approved sales materials used; |
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and |
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(3) copies of any individualized sales materials, |
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including any illustrations related to the specific policy or |
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contract purchased. |
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Sec. 1114.052. DUTIES OF INSURERS THAT USE AGENTS. (a) An |
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insurer that uses an agent shall comply with this section. |
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(b) Each insurer shall maintain a system of supervision and |
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control to ensure compliance with the requirements of this chapter. |
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Under the system, the insurer must, at minimum: |
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(1) inform its agents of the requirements of this |
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chapter and incorporate the requirements of this chapter into all |
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relevant agent training manuals prepared by the insurer; |
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(2) provide each agent a written statement of the |
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insurer's position with respect to the acceptability of |
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replacements and provide guidance to the agent as to the |
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appropriateness of these transactions; |
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(3) review the appropriateness of each replacement |
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transaction that the agent does not indicate is in accord with |
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Subdivision (2); |
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(4) implement procedures to confirm that the |
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requirements of this chapter have been met; and |
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(5) implement procedures to detect transactions that |
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are replacements of existing policies or contracts by the existing |
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insurer but that have not been reported as such by the applicant or |
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agent. |
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(c) Compliance with Subsection (b)(5) may include |
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systematic customer surveys, interviews, confirmation letters, or |
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programs of internal monitoring. |
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(d) Each insurer must have the capacity to monitor each |
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agent's life insurance policy and annuity contract replacements for |
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that insurer. The insurer shall maintain records regarding the |
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monitoring and shall produce and make the records available to the |
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department on request. The capacity to monitor under this |
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subsection must include the ability to produce records for: |
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(1) each agent's life insurance replacements, |
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including financed purchases, as a percentage of the agent's total |
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annual sales for life insurance; |
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(2) the number of lapses of policies by the agent as a |
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percentage of the agent's total annual sales for life insurance; |
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(3) each agent's annuity contract replacements as a |
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percentage of the agent's total annual annuity contract sales; |
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(4) the number of transactions that are unreported |
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replacements of existing policies or contracts by the existing |
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insurer detected by the insurer's monitoring system as required by |
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Subsection (b)(5); and |
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(5) replacements, indexed by replacing agent and |
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existing insurer. |
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(e) Each insurer shall require, with or as a part of each |
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application for life insurance or an annuity, a signed statement by |
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both the applicant and the agent as to whether the applicant has |
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existing policies or contracts. |
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(f) Each insurer shall require, with each application for |
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life insurance or an annuity that indicates an existing policy or |
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contract, a completed notice regarding replacements. |
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(g) If the applicant has existing policies or contracts, |
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each insurer must be able to produce, for at least five years after |
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the date of termination or expiration of the proposed policy or |
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contract, copies of any sales material required by Section |
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1114.051(g), the basic illustration and any supplemental |
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illustrations related to the specific policy or contract that is |
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purchased, and the agent's and applicant's signed statements with |
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respect to financing and replacement. |
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(h) The insurer shall ascertain that the sales material and |
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illustrations required by Section 1114.051(g) meet the |
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requirements of this chapter and are complete and accurate for the |
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proposed policy or contract. |
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(i) If an application does not meet the requirements of this |
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chapter, the insurer shall notify the agent and applicant and |
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fulfill the outstanding requirements. |
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(j) The insurer shall maintain records required by this |
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section in paper, photographic, microprocess, magnetic, |
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mechanical, or electronic media or by any process that accurately |
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reproduces the actual document. |
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Sec. 1114.053. DUTIES OF REPLACING INSURERS THAT USE |
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AGENTS. (a) If a transaction under this chapter involves a |
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replacement, the replacing insurer shall comply with this section. |
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(b) The replacing insurer shall verify that the required |
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forms are received and are in compliance with this chapter. |
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(c) The replacing insurer shall: |
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(1) notify any existing insurer that may be affected |
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by the proposed replacement not later than the fifth business day |
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after: |
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(A) the date of receipt of a completed |
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application indicating replacement; or |
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(B) the date that replacement is identified if it |
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is not indicated on the application; and |
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(2) mail a copy of the available illustration or |
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policy summary for the proposed policy or available disclosure |
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document for the proposed contract to the existing insurer not |
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later than the fifth business day after the date of a request from |
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the existing insurer. |
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(d) The replacing insurer must be able to produce copies of |
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the notification regarding replacement required by Section |
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1114.051(d), indexed by agent, until the later of: |
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(1) the fifth anniversary of the date of the |
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notification; or |
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(2) the date of the replacing insurer's next regular |
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examination by the insurance regulatory authority of the insurer's |
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state of domicile. |
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(e) The replacing insurer shall provide to the policy or |
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contract owner notice of the owner's right to return the policy or |
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contract within 30 days of the delivery of the policy or contract |
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and to receive an unconditional full refund of all premiums or |
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considerations paid on the policy or contract, including any policy |
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fees or charges or, in the case of a variable or market value |
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adjustment policy or contract, a payment of the cash surrender |
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value provided under the policy or contract plus the fees and other |
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charges deducted from the gross premiums or considerations or |
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imposed under the policy or contract. The notice may be combined |
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with other notices required under this chapter in accordance with |
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rules of the commissioner. |
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(f) In transactions in which the replacing insurer and the |
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existing insurer are the same or are subsidiaries or affiliates |
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under common ownership or control, the replacing insurer shall |
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allow credit for the period that has elapsed under the replaced |
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policy's or contract's incontestability and suicide period up to |
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the face amount of the existing policy or contract. With regard to |
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financed purchases, the credit may be limited to the amount that the |
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face amount of the existing policy is reduced by the use of existing |
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policy values to fund the new policy or contract. |
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(g) If an insurer prohibits the use of sales material other |
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than that approved by the insurer, as an alternative to the |
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requirements under Section 1114.051(g), the insurer shall: |
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(1) require with each application a statement signed |
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by the agent that: |
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(A) represents that the agent used only |
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insurer-approved sales material; and |
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(B) states that copies of all sales material were |
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left with the applicant in accordance with Section 1114.051(f); |
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(2) not later than the 10th day after the date of |
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issuance of the policy or contract: |
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(A) notify the applicant by sending a letter, or |
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by verbal communication with the applicant by a person whose duties |
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are separate from the marketing area of the insurer, that the agent |
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has represented that copies of all sales material have been left |
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with the applicant in accordance with Section 1114.051(f); |
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(B) provide the applicant with a toll-free |
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telephone number to contact the insurer's personnel involved in the |
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compliance function if copies of all sales material have not been |
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left with the applicant in accordance with Section 1114.051(f); and |
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(C) stress the importance of retaining copies of |
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the sales material for future reference; and |
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(3) be able to produce a copy of the letter or other |
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verification in the policy file until the fifth anniversary of the |
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date of termination or expiration of the policy or contract. |
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Sec. 1114.054. DUTIES OF EXISTING INSURER. (a) If a |
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transaction involves a replacement, the existing insurer shall |
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comply with this section. |
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(b) The existing insurer shall retain and be able to produce |
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all replacement notifications received, indexed by the replacing |
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insurer, until the later of: |
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(1) the fifth anniversary of the date of receipt of the |
|
notification; or |
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(2) the date of conclusion of the next regular |
|
examination conducted by the insurance regulatory authority of the |
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existing insurer's state of domicile. |
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(c) The existing insurer shall send a letter to the policy |
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or contract owner regarding the owner's right to receive |
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information regarding the existing policy or contract values. The |
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letter must include, if available, an in force illustration or, if |
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an in force illustration cannot be produced not later than the fifth |
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business day after the date of receipt of a notice that an existing |
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policy or contract is being replaced, a policy summary. The |
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information must be provided not later than the fifth business day |
|
after the date of receipt of the request from the policy or contract |
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owner. |
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(d) On receipt of a request to borrow, surrender, or |
|
withdraw any policy values, the existing insurer shall send a |
|
notice advising the policy owner that the release of policy values |
|
may affect the guaranteed elements, nonguaranteed elements, face |
|
amount, or surrender value of the policy from which the values are |
|
released. The notice must be sent separately from the payment if |
|
the payment is sent to any person other than the policy owner. In |
|
the case of consecutive automatic premium loans, the insurer is |
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only required to send the notice at the time of the first loan. |
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Sec. 1114.055. DUTIES OF INSURERS REGARDING DIRECT RESPONSE |
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SOLICITATIONS. (a) In the case of an application initiated as a |
|
result of a direct response solicitation, the insurer shall require |
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submission of a statement asking whether the applicant, by applying |
|
for the proposed policy or contract, intends to replace, |
|
discontinue, or change an existing policy or contract. The |
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statement may be included with, or submitted as part of, each |
|
completed application for a policy or contract. If the applicant |
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indicates a replacement or change is not intended or if the |
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applicant fails to respond to the statement, the insurer shall send |
|
the applicant, with the policy or contract, a notice, in a form |
|
adopted or approved by the commissioner, regarding replacement. |
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(b) If the insurer has proposed the replacement or if the |
|
applicant indicates a replacement is intended and the insurer |
|
continues with the replacement, the insurer shall: |
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(1) provide to the applicant or prospective applicant, |
|
with the policy or contract, a notice adopted or approved by the |
|
commissioner; and |
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(2) comply with the requirements of: |
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(A) Section 1114.053(c), if the applicant |
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furnishes the names of the existing insurers; and |
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(B) Sections 1114.053(d), (e), and (f). |
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(c) In a situation described by Subsection (b)(1), the |
|
insurer may use a notice that deletes references to the agent, |
|
including the agent's signature, and references not applicable to |
|
the product being sold or replaced, without having to obtain prior |
|
approval of the notice from the commissioner. The insurer's |
|
obligation to obtain the applicant's signature is satisfied if the |
|
insurer can demonstrate that the insurer has made a diligent effort |
|
to secure a signed copy of the notice. The requirement to make a |
|
diligent effort is deemed satisfied if the insurer includes in the |
|
mailing a self-addressed postage prepaid envelope with |
|
instructions for the return of the signed notice. |
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Sec. 1114.056. REGISTERED CONTRACTS. A registered contract |
|
is exempt from the requirements of Sections 1114.053(c) and |
|
1114.054(c) with respect to the provision of illustrations or |
|
policy summaries, but must provide instead premium or contract |
|
contribution amounts and identification of the appropriate |
|
prospectus or offering circular. |
|
[Sections 1114.057-1114.100 reserved for expansion] |
|
SUBCHAPTER C. ENFORCEMENT |
|
Sec. 1114.101. UNFAIR METHOD OF COMPETITION; SANCTIONS AND |
|
PENALTIES. (a) A failure by an insurer or agent to comply with this |
|
chapter constitutes a violation of Chapter 541 and is subject to |
|
sanctions and penalties as provided by that chapter. For purposes |
|
of this section, examples of violations include: |
|
(1) deceptive or misleading information set forth in |
|
any sales material; |
|
(2) failing to ask the applicant in completing the |
|
application the pertinent questions regarding the possibility of |
|
financing or replacement; |
|
(3) intentionally recording an answer incorrectly; |
|
(4) advising an applicant to respond negatively to any |
|
question regarding replacement in order to prevent notice to the |
|
existing insurer; or |
|
(5) advising a policy or contract owner to contact the |
|
insurer directly in such a way as to attempt to obscure the identity |
|
of the replacing agent or insurer. |
|
(b) A policy or contract owner has the right to replace an |
|
existing life insurance policy or annuity contract after indicating |
|
in or as a part of applications for new coverage that replacement is |
|
not the intention. However, patterns of that action by policy or |
|
contract owners of the same agent shall be deemed prima facie |
|
evidence of the agent's knowledge that replacement was intended in |
|
connection with the identified transactions, and those patterns of |
|
action shall be deemed prima facie evidence of the agent's intent to |
|
violate this chapter. |
|
(c) If it is determined that the requirements of this |
|
chapter have not been met, the replacing insurer shall provide to |
|
the policy owner: |
|
(1) an in force illustration or, if an in force |
|
illustration is not available, a policy summary for the replacement |
|
policy or an available disclosure document for the replacement |
|
contract; and |
|
(2) the appropriate notice regarding replacements. |
|
Sec. 1114.102. ADDITIONAL SANCTIONS. (a) In addition to |
|
sanctions and penalties under Chapter 541 as provided by Section |
|
1114.101, an insurer or agent that violates this chapter is subject |
|
to sanctions as provided by Chapter 82, which may include: |
|
(1) the revocation or suspension of the agent's |
|
license or the insurer's certificate of authority; |
|
(2) administrative penalties under Chapter 84; and |
|
(3) forfeiture of any commissions or other |
|
compensation paid to an agent as a result of the transaction in |
|
connection with which the violations occurred. |
|
(b) In addition, if the commissioner has determined that the |
|
violations of this chapter were material to the sale, the insurer |
|
may be required to: |
|
(1) make restitution in the manner provided by Section |
|
82.053; |
|
(2) restore policy or contract values; and |
|
(3) pay interest at the rate set by Section 84.050 on |
|
the amount refunded in cash. |
|
SECTION 2. The commissioner of insurance shall adopt rules |
|
and adopt or approve model documents as necessary to implement |
|
Chapter 1114, Insurance Code, as added by this Act, not later than |
|
December 1, 2007. |
|
SECTION 3. This Act applies only to replacement of an |
|
insurance policy or annuity contract on or after January 1, 2008. |
|
Replacement of a policy or annuity contract before January 1, 2008, |
|
is governed by the law as it existed immediately before the |
|
effective date of this Act, and that law is continued in effect for |
|
that purpose. |
|
SECTION 4. This Act takes effect September 1, 2007. |
|
|
|
______________________________ |
______________________________ |
|
President of the Senate |
Speaker of the House |
|
|
|
I certify that H.B. No. 2762 was passed by the House on May 8, |
|
2007, by the following vote: Yeas 146, Nays 0, 2 present, not |
|
voting; and that the House concurred in Senate amendments to H.B. |
|
No. 2762 on May 25, 2007, by the following vote: Yeas 143, Nays 0, |
|
1 present, not voting. |
|
|
|
______________________________ |
|
Chief Clerk of the House |
|
|
I certify that H.B. No. 2762 was passed by the Senate, with |
|
amendments, on May 23, 2007, by the following vote: Yeas 31, Nays |
|
0. |
|
|
|
______________________________ |
|
Secretary of the Senate |
|
APPROVED: __________________ |
|
Date |
|
|
|
__________________ |
|
Governor |