1107.103 – COMPUTATION OF CASH SURRENDER BENEFIT. (a)
Texas Insurance Code § 1107.103
Summary
This law mandates that the cash surrender benefit for an annuity contract must be at least equal to the present value of the paid-up annuity benefit at the time of surrender. It protects consumers by ensuring they receive a fair value when surrendering their annuity before maturity. The provision applies to all annuity contracts in Texas.
Cash surrender benefit must meet present value requirements.
Applies to annuity contracts surrendered before maturity.
Ensures fair compensation for consumers upon surrender.
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In simple terms: Learn about Texas's COMPUTATION OF CASH SURRENDER BENEFIT. (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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