1107.052 – CONTRACT WITH FLEXIBLE CONSIDERATIONS. (a)
Texas Insurance Code § 1107.052
Summary
This law governs annuity contracts that allow for flexible payment amounts. It establishes minimum nonforfeiture amounts based on net considerations and interest rates, ensuring consumers receive a fair return on their investments.
Applies to annuity contracts with flexible payment options.
Sets minimum nonforfeiture amounts based on net considerations.
Accumulates interest at a rate of three percent per year.
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In simple terms: Learn about Texas's CONTRACT WITH FLEXIBLE CONSIDERATIONS. (a) 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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