1152.055 – GUARANTEED BENEFITS AND MONEY RESTRICTION FOR
Texas Insurance Code § 1152.055
Summary
This law regulates how domestic insurance companies manage reserves for guaranteed benefits. It requires companies to obtain approval from the commissioner before maintaining such reserves in separate accounts, ensuring that the guaranteed nature of benefits is recognized and properly managed.
Requires commissioner approval for separate account reserves.
Applies to domestic insurance companies only.
Ensures proper management of guaranteed benefits.
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In simple terms: Learn about Texas's GUARANTEED BENEFITS AND MONEY RESTRICTION FOR 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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