TAX ADMINISTRATION

(a) For any policy of insurance delivered or issued for delivery in this state after the operative date of former Insurance Code Article 3.44a, §8 (recodified in Insurance Code Chapter 1105, Subchapter B, §§1105.051 - 1105.057), for that policy form and before January 1, 1989, at…

For each plan of insurance with separate rates for smokers and nonsmokers, an insurer may: (1) use composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits or benefits under any extended te…

If any provision of these sections or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the sections and the application of such provision to other persons or circumstances shall not be affected thereby. Notes 28 Tex. Adm…

The 2001 CSO Mortality Table shall be used for purposes of this subchapter pursuant to the requirements of §§ 3.9101 - 3.9106 of this title (relating to 2001 CSO Mortality Table). Notes 28 Tex. Admin. Code § 3.1406 The provisions of this §3.1406 adopted to be effective April 14, …

(a) Filings submitted under this subchapter are subject to Government Code Chapter 552, concerning Public Information, including any applicable exception from required disclosure under that chapter. Except as provided in subsection (b) of this section, each submitted filing, incl…

The purpose of this subchapter is to approve and adopt the following mortality tables and establish the effective dates of their use in determining the minimum standard of valuation for annuity and pure endowment contracts: (1) the 1983 Table "a"; Attached Graphic (2) the 1983 GA…

The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise. (1) 1983 GAM Table--Mortality table developed by the Society of Actuaries' Committee on Annuities and adopted as a recognized mortality table …

(a) Except as provided in subsections (b) and (c) of this section, the 1983 Table "a" is recognized and approved as an individual annuity mortality table for valuation and, at the option of the company, may be used to determine the minimum standard of valuation for any individual…

(a) Except as provided in subsections (b) and (c) of this section, the 1983 GAM Table, the 1983 Table "a", and the 1994 GAR Table are recognized and approved as group annuity mortality tables for valuation and, at the option of the company, any one of these tables may be used for…

In using the 1994 GAR Table, the mortality rate for a person age x in year (1994 + n) is calculated as follows: Attached Graphic Notes 28 Tex. Admin. Code § 3.1505 The provisions of this §3.1505 adopted to be effective December 22, 1999, 24 TexReg 11393; amended to be effective M…

In using the 2012 IAR Mortality Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows: Attached Graphic Notes 28 Tex. Admin. Code § 3.1506 The provisions of this §3.1506 adopted to be effective March 4, 2014, 39 TexReg 1394

(a) General certification - all filings. All filings must include the following certifications: (1) the certification is on behalf of the issuer; (2) the issuer is bound by the certification; (3) the issuer is familiar with all statutes and regulations of this state and the Unite…

The purpose of this subchapter is to prescribe guidelines and standards for the activities described in paragraphs (1) - (3) of this section: (1) the submission of a statement of actuarial opinion in accordance with Insurance Code § 425.054 and for memoranda in support of such op…

(a) This subchapter shall apply to all life insurance companies doing business in this state and to all life insurance companies which are authorized to reinsure life insurance, annuities or accident and health insurance business in this state. (b) This subchapter shall be applie…

The commissioner may require any company, otherwise exempt from asset adequacy analysis requirements in this subchapter, to provide an actuarial opinion and actuarial memorandum which complies with the asset adequacy analysis requirements in this subchapter including requirements…

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. (1) AVR--Asset valuation reserve. (2) Actuarial opinion--The opinion of an appointed actuary regarding the adequacy of the reserves and …

(a) Submission of statement of actuarial opinion. Any statement of actuarial opinion required by this subchapter must be submitted in accordance with paragraphs (1) and (2) of this subsection. (1) There is to be included on or attached to page one of the annual statement for each…

(a) General description. The statement of actuarial opinion required by this section must consist of the following paragraphs: (1) a paragraph identifying the appointed actuary and his or her qualifications, recommended language is provided in subsection (b)(1) of this section; (…

(a) General. Any actuarial memorandum required by the provisions of this subchapter must be prepared in accordance with and subject to the provisions and qualifications of paragraphs (1) - (5) of this subsection. (1) In accordance with Insurance Code §§ 425.054 - 425.057 , the ap…

(a) Companies that do business only in Texas and no other state are not required to perform the asset adequacy analysis required by § 3.1605 of this title (relating to General Requirements) unless required by the commissioner pursuant to § 3.1603 of this title (relating to Commis…

(a) Except as provided by subsection (b) of this section, for a form or rate filing, only one product (including all forms that will constitute the entire contract and their associated rates) may be submitted in a single filing. This does not prevent an issuer from filing a produ…

(a) Purpose. Under Insurance Code Chapter 1111A, the Life Settlements Act, the commissioner implements this subchapter to: (1) establish life settlement requirements concerning license applications, renewal, continuing education, and disclosures; (2) establish form filing require…

This subchapter: (1) applies to all persons involved in the business of life settlements in this state as specified in Insurance Code Chapter 1111A; (2) does not regulate the actions of an investor providing money to a life settlement provider, and does not preempt, supersede, or…

In this subchapter, the following terms have the meanings assigned by Insurance Code § 1111A.002 , unless the context clearly indicates otherwise: (1) advertisement; (2) broker; (3) business of life settlements; (4) insured; (5) life expectancy; (6) life insurance agent; (7) life…

(a) Application form. The commissioner adopts by reference the License Application for a Life Settlement Provider or Broker form (revised April 2013) as the application for license for each person engaging in, or desiring to engage in, business as a life settlement broker or life…

(a) Applicant. In this section, "applicant" means a person applying for a life settlement broker or provider license. (b) License requirements. (1) A person engaging in business as a life settlement broker or life settlement provider in this state must apply for and obtain a lice…

(a) Renewal form. To renew an unexpired life settlement provider's or broker's license, a license holder must submit to the department a completed Application for Renewal, Surrender, or Change of Information for a Life Settlement Provider or Broker form. The license holder must s…

(a) Individual continuing education requirement. A life settlement broker must complete at least 15 hours of department-certified life settlement continuing education during each two-year license period. (b) Entity continuing education requirement. A partnership, corporation, or …

(a) A continuing education provider for life settlement broker continuing education must comply with: (1) Sections 19.1005 , 19.1007 , and 19.1008 of this title (relating to Provider Registration, Instructor, and Speaker Criteria; Course Certification Submission Applications, Cou…

(a) Operating as a life settlement broker. A licensed life insurance agent may operate as a life settlement broker, provided that: (1) the life insurance agent has held a license as a life insurance agent: (A) in this state for at least one year; or (B) in the person's home state…

(a) Insurance Code §§ 1111A.003(p) , 1111A.012 , and 1111A.014(l) and (m) do not apply to a life settlement broker who acts solely as a life expectancy estimator. (b) A life settlement broker or life insurance agent who solely performs estimates of life expectancy must indicate o…

For purposes of Insurance Code § 101.051(b)(8) and (9) , unauthorized insurance includes participation of a life settlement broker or provider in connection with a life settlement contract for which the insured resides in this state but for which the owner is a trust or similar e…

Breach of a life settlement broker's fiduciary duty includes, but is not limited to: (1) receiving compensation for negotiating a life settlement contract that would result in the owner receiving less than either the cash surrender value or accelerated death benefit, if such acce…

A life settlement broker or provider must maintain a copy of the life settlement contract, verification of coverage, and any life expectancy estimate for each settled policy for five years from the date of execution of the contract. Notes 28 Tex. Admin. Code § 3.1729 The provisio…

(a) Who can verify health status. Only a licensed life settlement broker, licensed life settlement provider, or authorized representative of a licensed life settlement broker or licensed life settlement provider may contact an insured to determine the insured's health status or t…

(a) General form filing requirement. A person must not use a form used to effectuate a life settlement in this state unless the form has been filed with and approved by the commissioner under this section, if prior approval is required by subsection (f) of this section. (b) Requi…

(a) Life settlement contracts. All contracts used to effectuate life settlements must contain the provisions set forth in paragraphs (1) - (8) of this subsection, as follows: (1) a provision that the life settlement contract or the contract together with the application, includin…

The commissioner adopts by reference the form Important Information You Should Know Before Entering Into A Life Settlement (revised April 2013), as a shopper's guide for delivery to owners during the solicitation process. The life settlement broker, or the provider if the transac…

A life settlement provider may not offer an owner a life settlement contract with a minimum value that is less than the cash surrender value or accelerated death benefit, if such accelerated death benefit may be claimed at the time the owner enters into the life settlement contra…

(a) Filing requirement. Each life settlement broker or provider must file with the department any advertisement or other solicitation materials used to market life settlement contracts or broker's or provider's services to owners in this state on or before the date such materials…

(a) General reporting requirements applicable to all life settlement providers. All life settlement providers must comply with the general reporting requirements set forth in paragraphs (1) and (2) of this subsection. (1) On or after January 1 and before March 1 of each year, eac…

(a) Variable material generally. As specified in this section, an issuer may file forms, advertising, or provider contracts using variable material to illustrate the ways an issued document may vary from the filed material. Any variable material must be identified using brackets …

(a) Forms may be submitted as matrix or insert page forms. Any issuer submitting a matrix or insert page form: (1) must identify each matrix provision or insert page with a unique form number that: (A) is sufficient to distinguish it from all other matrix provisions or insert pag…

The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise. (1) Amendment or endorsement--A form that is not a rider that changes or modifies the provisions of an issued policy, certificate, contract, o…

(a) Purpose. This section establishes plain language requirements and procedures to make contracts easier to read by the public and to remove language that may be unjust, deceptive, misleading, or unreasonably confusing. (b) Applicability. This section applies to all forms that a…

A "certain participating" policy is defined as any contract of life insurance which contains a provision through which the policy holder becomes, or which creates or tends to create the understanding that he will become, an investor in the insurance company, and that, as an inves…

Consistent with the definitions and principles contained and expressed in § 3.201 of this title (relating to Definition of Certain Participating Policies), and without limiting their generality, the types of policies described in paragraphs (1) and (2) of this section are also de…

From and after the effective date hereof, the commissioner will not approve any "certain participating" policy form as defined herein. The commissioner will proceed to withdraw approval, under authority of Insurance Code Chapter 1701, of any such forms which have heretofore been …

When any other type participating policies are being reviewed by the commissioner of insurance for approval or disapproval, the commissioner is authorized to study and take into consideration not only the titles, terms, and text of such policy itself but also the following additi…

(a) A defunding determination issued by the PSO may be terminated by the PSO if the defunding municipality has reversed the reduction in appropriation to the municipality's police department, as described by Section 109.005 , Local Government Code. (b) A termination of a defundin…