| (a) Group and individual life forms. The group and
individual life insurance forms specified in this subsection are exempt
from the review and approval requirements of Insurance Code Chapter
1701, unless the forms are required by the laws of Texas, another
state, or the United States, to be specifically approved or are otherwise
excepted in subsection (b) of this section:
(1) group life insurance master policies, contracts,
certificates, applications, enrollment forms, riders, amendments,
and endorsements applicable thereto, issued under the authority of
Insurance Code §§1131.003, 1131.051 - 1131.058, 1131.060,
and 1131.064(b), listed in subparagraphs (A) and (B) of this paragraph:
(A) term policies and riders; and
(B) cash value and endowment policies with no more
than five death benefit and/or premium changes;
(2) any alternate face pages filed subsequent to the
original approval of a policy for use with multiple employer trusteed
arrangements as defined in Insurance Code §1131.053;
(3) individual, joint life, and last survivor insurance
forms, including applications, listed in subparagraphs (A) - (Q) of
this paragraph:
(A) ordinary life;
(B) limited pay life with no more than five death benefit
and/or premium changes;
(C) life paid up at specified ages with no more than
five death benefit and/or premium changes;
(D) single premium life with no more than five death
benefit changes;
(E) modified premium level death benefit life with
no more than five premium changes;
(F) level premium life with no more than five death
benefit changes;
(G) retirement income policies;
(H) level or decreasing term policies and riders;
(I) increasing term policies and riders;
(J) family plans;
(K) family income;
(L) family plan riders, including but not limited to
children's term riders, dependent term riders, and spouse term riders;
(M) limited pay endowment with no more than five death
benefit and/or premium changes;
(N) level premium endowment with no more than five
death benefit changes;
(O) single premium endowment with no more than five
death benefit changes;
(P) indeterminate premium policies with no more than
five death benefit changes; and
(Q) variable life policies with a separate account
only;
(4) rider forms listed in subparagraphs (A) - (K) of
this paragraph:
(A) accidental death benefit riders;
(B) waiver of premium riders;
(C) guaranteed insurability riders;
(D) individual retirement accounts (IRA) (to include
Roth and Simple IRA) riders;
(E) preliminary term riders;
(F) conversion riders;
(G) exchange riders;
(H) waiver of cost riders, including waiver of cost
and monthly expense charge, and waiver of cost and premium payment;
(I) dividend option riders;
(J) additional insured riders; and
(K) additional insurance on base insured riders;
(5) endorsement forms listed in subparagraphs (A) -
(K) of this paragraph:
(A) ORP endorsements;
(B) nontransferability endorsements;
(C) H.R. 10 endorsements;
(D) tax sheltered annuity endorsements;
(E) nonassignability endorsements;
(F) settlement option endorsements;
(G) individual retirement account endorsements (to
include Roth and Simple IRA endorsements);
(H) unisex endorsements;
(I) loan endorsements;
(J) waiver of surrender charges on disability or confinement
in a hospital or nursing home endorsements; and
(K) step-up or roll-up death benefit endorsements;
(6) limited refilings for life insurance which indicate
only a change in the mortality table or interest rates for new issues
under the policy form, or changes to the separate account for variable
products.
(b) Exceptions. The provisions of subsection (a)(1)
and (2) of this section do not apply to any group or individual life
insurance forms providing the types of coverages set out in paragraphs
(1) - (12) of this subsection:
(1) universal life;
(2) universal related life;
(3) adjustable life;
(4) variable life with a fixed account;
(5) business value;
(6) any forms containing a market value adjustment;
(7) deposit term;
(8) forms subject to Insurance Code Chapter 1153;
(9) any life insurance product used to fund prepaid
funeral contracts;
(10) any form containing a persistency bonus provision,
no-lapse premium provision, or other additional interest credit to
the policy value provision (guaranteed or non-guaranteed), equity
indexed provision, residual death benefit provision, accelerated death
benefit provision, long-term care or other accident and health related
benefit provision;
(11) applications for use with variable life or equity
indexed life, or forms that contain a market value adjustment provision,
a long-term care or other accident and health related benefit provision;
or
(12) group life master policies, contracts, certificates,
applications, enrollment forms, riders, amendments, and endorsements
applicable thereto, issued under the authority of Insurance Code §1131.064,
relating to discretionary groups.
(c) Group and individual annuity forms. The group and
individual annuity forms, including applications, specified in paragraphs
(1) - (7) of this subsection are exempt from the review and approval
requirements of Insurance Code Chapter 1701, unless the forms are
required by the laws of Texas, another state, or of the United States
to be specifically approved or are otherwise excepted in subsection
(d) of this section:
(1) single premium immediate annuities (including variable
immediate annuities);
(2) deferred annuities used as structured settlement
options;
(3) individual deferred annuities that do not include
persistency bonuses or additional interest credits of any type, waiver
of surrender charges (except for death, disability or confinement
in a hospital or nursing home); two-tier values; or a market value
adjustment:
(A) for purposes of this paragraph, and paragraph (4)
of this subsection, "waiver of surrender charges" means a waiver of
surrender charges which is applied to any amount greater than 10%
of the surrender value;
(B) for purposes of this paragraph, and paragraph (4)
of this subsection, "two-tier values" means values on an annuity available
at the maturity date of the contract which are different, depending
on whether the value is taken from the contract in a lump sum or left
with the issuer for periodic payments, regardless of whether the different
values are available at issue or later;
(4) group annuities that do not include persistency
bonuses or additional interest credits of any type, waiver of surrender
charges (except for death, disability or confinement in a hospital
or nursing home), two-tier values, or a market value adjustment; group
annuities that are guaranteed investment contracts (GICs), synthetic
GICs, funding agreements, and unallocated group annuities funding
pension plans;
(5) limited refilings for annuity products which indicate
only a change in the mortality table or interest rates for new issues
under the policy form, or changes to the separate account for variable
products;
(6) variable annuities with a separate account only,
which do not include a provision for guaranteed living benefits; and
(7) reversionary annuities.
(d) Exceptions. The provisions of subsection (c) of
this section do not include any of the following annuity forms:
(1) annuities used to fund prepaid funeral contracts;
(2) variable annuities that contain guaranteed living
benefit provisions;
(3) annuities that contain an equity indexed provision,
long-term care or other accident- and health-related benefit provision;
(4) applications for use with variable annuities, equity
indexed annuities, annuities that contain a market value adjustment
provision, long-term care or other accident- and health-related provision;
Cont'd... |
