1102.004 – PREVIOUSLY APPROVED INSURANCE POLICY FORM
Texas Insurance Code § 1102.004
Summary
This law allows the commissioner to disapprove insurance policy forms that pay benefits in foreign currency if that currency has been unstable compared to the U.S. dollar over the last 20 years. It ensures that policyholders are protected from potential currency risks. The law does not mandate resubmission of previously approved forms unless specific conditions are met.
Commissioner can disapprove foreign currency policy forms.
Stability of currency compared to U.S. dollar is assessed.
No resubmission required unless specific conditions apply.
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In simple terms: Learn about Texas's PREVIOUSLY APPROVED INSURANCE POLICY FORM 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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