86th Texas Legislature, Regular Session, House Bill 207, Chapter 1026 Page: 2 of 6
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H.B. No. 207
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policy loan interest rate charged on a policy loan.
Sec. 1101.203. APPLICABILITY. (a) This subchapter applies
to a life insurance policy issued by an insurer, as defined by
Section 1102.001, that contains non-guaranteed charges that may
change at the discretion of the insurer.
(b) This subchapter does not apply to:
(1) group life insurance without separately
identifiable accounts for insureds;
(2) a life insurance policy in which the insurer
assumes all risk and contractually guarantees a death benefit in
exchange for a guaranteed premium set at the time of the policy's
issuance;
(3) an individual or group annuity contract;
(4) credit life insurance;
(5) a life insurance policy with no illustrated death
benefits on any individual exceeding $10,000;
(6) a bank-owned or corporate-owned life insurance
policy; or
(7) a life insurance policy that does not provide for
cash values or nonforfeiture values.
Sec. 1101.204. DISCLOSURE OF NON-GUARANTEED CHARGE
INCREASE AFTER ISSUANCE OF POLICY. (a) If an insurer increases a
non-guaranteed charge applied to a policy, the insurer must provide
a written notice to the policy owner:
(1) disclosing:
(A) each non-guaranteed charge that has changed;
(B) the new scale of non-guaranteed charges after
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Texas. Legislature. House of Representatives. 86th Texas Legislature, Regular Session, House Bill 207, Chapter 1026, legislative document, June 14, 2019; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1200765/m1/2/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.