Definiciones sobre contratos de anualidades en el Código de Seguros de Texas

Sec. 1154.003. DEFINITIONS. In this chapter: (1) "Annuity contract" means a contract, including a funding agreement, guaranteed investment contract, and synthetic guaranteed investment contract, issued by a life insurer, with or without a mortality or morbidity contingency, under which: (A) the owner deposits cash or assets in one or more installments with the life insurer; and (B) the owner or a beneficiary designated by the owner has a right to receive periodic payments for a specified future term. (2) "Funding agreement" means a type of annuity contract under which a life insurer: (A) accepts and accumulates funds, including noncash assets; and (B) makes one or more payments at a future date in amounts that are not based on mortality or morbidity contingencies. (3) "Governmental body" means a federal, state, municipal, local, or foreign court, tribunal, governmental department, commission, board, bureau, agency, authority, instrumentality, regulatory body, or quasi-regulatory body. (4) "Group" means a group to which a group life insurance policy may be issued under Subchapter B, Chapter 1131. (5) "Group annuity contract" means an annuity contract issued to a group and not an individual. (6) "Guaranteed investment contract" means a type of annuity contract issued by a life insurer: (A) that is a funding vehicle typically issued to a retirement plan; and (B) under which the life insurer accepts a deposit or series of deposits from the purchaser and guarantees to pay a specif