1105.056 – NONFORFEITURE INTEREST RATE. (a) For a policy
Texas Insurance Code § 1105.056
Summary
This law establishes the nonforfeiture interest rate for certain insurance policies, ensuring policyholders receive a minimum interest rate on their cash values. It affects policies issued before a specific valuation manual's operative date, setting a baseline interest rate to protect policyholders.
Sets nonforfeiture interest rate at 125% of statutory valuation rate.
Minimum interest rate cannot be less than four percent.
Applies to policies issued before the valuation manual's operative date.
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In simple terms: Learn about Texas's NONFORFEITURE INTEREST RATE. (a) For a policy 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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