1152.053 – TRANSFER OF ASSETS BETWEEN SEPARATE ACCOUNTS.
Texas Insurance Code § 1152.053
Summary
This law regulates the transfer of assets between separate accounts of insurance companies, ensuring that such transfers are conducted under specific conditions. It primarily affects insurance companies managing separate accounts and their investment practices.
Prohibits asset transfers between separate accounts without conditions.
Transfers must support account establishment or contract operations.
Ensures compliance to protect policyholder interests.
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In simple terms: Learn about Texas's TRANSFER OF ASSETS BETWEEN SEPARATE ACCOUNTS. 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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