1102.003 – STATEMENT REGARDING VALUE OF FOREIGN CURRENCY.
Texas Insurance Code § 1102.003
Summary
This law requires insurance policies that pay benefits in foreign currency to include a clear statement about potential fluctuations in currency value compared to U.S. currency. It affects insurers offering such policies and ensures transparency for policyholders regarding currency risks.
Requires disclosure of currency value fluctuations in foreign currency policies.
Statement must be included in or attached to the policy.
Aims to protect consumers from currency risk misunderstandings.
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In simple terms: Learn about Texas's STATEMENT REGARDING VALUE OF FOREIGN CURRENCY. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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