1107.055 – INTEREST RATE. The interest rate used in
Texas Insurance Code § 1107.055
Summary
This law establishes the interest rate for calculating minimum nonforfeiture amounts in insurance contracts. It mandates that the rate must be specified in the contract and cannot exceed three percent per annum or a specified Treasury rate.
Sets maximum interest rate for nonforfeiture amounts at 3% per annum.
Allows use of specified Treasury rate if lower than 3%.
Requires contract to clearly state the applicable interest rate.
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In simple terms: Learn about Texas's INTEREST RATE. The interest rate used in 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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