1116.003 – RULEMAKING AUTHORITY FOR CONTINGENT DEFERRED
Texas Insurance Code § 1116.003
Summary
This law grants the commissioner the authority to create rules regarding contingent deferred annuity contracts, which are designed to provide lifetime payments based on the depletion of a designated investment. It affects life insurers and annuitants involved in such contracts.
Defines contingent deferred annuity contracts and their payment structure.
Empowers the commissioner to establish relevant rules.
Addresses payments based on external investment depletion.
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In simple terms: Learn about Texas's RULEMAKING AUTHORITY FOR CONTINGENT DEFERRED 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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