<<Prev Rule

Texas Administrative Code

 Next Rule>>
TITLE 28INSURANCE
PART 1TEXAS DEPARTMENT OF INSURANCE
CHAPTER 3LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
SUBCHAPTER KMAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS
RULE §3.1002Purpose

It is the purpose of this subchapter:

  (1) to encourage a company's awareness that imprudent guarantees on annuity contracts and miscellaneous funds may lead to a hazardous financial condition, and to call attention of the fact that the commissioner of insurance may wish to make use of the early warning system;

   (2) to provide for proper disclosure of benefits provided by annuity contracts and miscellaneous funds; and

   (3) to clarify the interpretation of Insurance Code Chapter 425, Subchapter B, as it relates to the computation of reserves for annuity contracts and miscellaneous funds.
Source Note: The provisions of this §3.1002 adopted to be effective January 1, 1976; amended to be effective December 10, 1982, 7 TexReg 4106; amended to be effective May 11, 2022, 47 TexReg 2758

Link to Texas Secretary of State Home Page | link to Texas Register home page | link to Texas Administrative Code home page | link to Open Meetings home page