1152.059 – SEPARATE ACCOUNT NOT CHARGEABLE WITH OTHER
Texas Insurance Code § 1152.059
Summary
This law protects the assets of a separate account in an insurance company from being used to cover liabilities from other business activities. It ensures that the reserves and contract liabilities of that account remain distinct and unaffected by the company's other financial obligations.
Assets in a separate account are shielded from other liabilities.
Applies to reserves and contract liabilities of that account.
Ensures financial integrity of variable contracts.
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In simple terms: Learn about Texas's SEPARATE ACCOUNT NOT CHARGEABLE WITH OTHER 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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