Texas Administrative Code
|PART 1||TEXAS DEPARTMENT OF INSURANCE|
|CHAPTER 3||LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES|
|SUBCHAPTER FF||CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE|
|DIVISION 10||RESPONSIBILITIES AND OBLIGATIONS OF INSURANCE COMPANIES AND THEIR AGENTS AND REPRESENTATIVES|
|RULE §3.6003||Restrictions on Interest of Creditors under Group and Individual Policies|
No group policy may be issued to other than a bona fide creditor. No first beneficiary may be designated except a creditor. No creditor may be designated as owner of the individual policy, nor have any rights thereunder other than that of first beneficiary except as specifically authorized by law.
|Source Note: The provisions of this §3.6003 adopted to be effective October 1, 1980, 5 TexReg 2772.|