Definiciones sobre agentes de seguros y productos de anualidades en Texas

Sec. 1115.002. DEFINITIONS. In this chapter: (1) "Agent" means an individual who holds a license under Chapter 4054 and who sells, solicits, or negotiates insurance or annuity contracts in this state. (2) "Annuity" means an annuity that is an insurance product under the laws of this state that is individually solicited, whether Statute text rendered on: - 1864 - 10/18/2024 INSURANCE CODE the product is classified as an individual annuity or group annuity. (2-a) "Cash compensation" means a discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by an agent from an insurer, intermediary, or consumer in connection with the recommendation or sale of an annuity. (2-b) "Consumer profile information" means information that is reasonably appropriate to determine whether a recommendation addresses the consumer's financial situation, insurance needs, and financial objectives, including the following: (A) age; (B) annual income; (C) existing assets and financial products, including investment, annuity, and insurance holdings; (D) financial situation and needs, including debts and other obligations; (E) financial experience; (F) financial objectives; (G) financial resources used to fund the annuity; (H) financial time horizon; (I) insurance needs; (J) intended use of the annuity; (K) liquid net worth; (L) liquidity needs; (M) risk tolerance, including willingness to accept non-guaranteed elements in the annuity; and (N) tax status. (2-c)