1107.005 – CONTACT DISCLOSURE THAT CERTAIN BENEFITS NOT
Texas Insurance Code § 1107.005
Summary
This law requires annuity contracts that lack certain benefits to clearly disclose this information within the contract. It specifically targets contracts without a cash surrender benefit or a minimum death benefit, ensuring transparency for consumers.
Contracts lacking specific benefits must disclose this prominently.
Applies to annuities without cash surrender or minimum death benefits.
Enhances consumer awareness and protection in annuity agreements.
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In simple terms: Learn about Texas's CONTACT DISCLOSURE THAT CERTAIN BENEFITS NOT 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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