(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 requirements for life settlement
contracts;
(3) prohibit or require certain contractual provisions
in life settlement contracts; and
(4) establish annual reporting requirements for life
settlement providers.
(b) Severability. If a court of competent jurisdiction
holds that any provision of this subchapter or its application to
any person or circumstance is invalid for any reason, the invalidity
does not affect other provisions or applications of this subchapter
that can be given effect without the invalid provision or application.
To this end, the provisions of this subchapter are severable.
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