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AN ACT
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relating to the total benefit amount under a prepaid funeral |
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contract. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 4054.157, Insurance Code, is amended to |
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read as follows: |
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Sec. 4054.157. LIMIT ON AGENT'S AUTHORITY. Except as |
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provided by Section 154.2021, Finance Code, a [A] funeral |
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prearrangement life insurance agent licensed under this subchapter |
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may not write any coverage or combination of coverages with an |
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initial guaranteed death benefit on any life that exceeds the total |
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cost of the prepaid funeral benefits purchased under the prepaid |
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funeral contract [$15,000 on any life]. |
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SECTION 2. The change in law made by this Act applies to a |
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prepaid funeral contract that is formed on or after the effective |
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date of this Act. A contract that is formed before the effective |
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date of this Act is covered by the law in effect when the contract |
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was formed, and the former law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 579 passed the Senate on |
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March 31, 2011, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 579 passed the House on |
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May 19, 2011, by the following vote: Yeas 148, Nays 0, one |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |