86th Texas Legislature, Regular Session, House Bill 207, Chapter 1026 Page: 4 of 6
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H.B. No. 207
1 credited interest rate paid on a policy's accumulation value, the
2 insurer must provide annually a written notice to the policy owner:
3 (1) disclosing:
4 (A) the new current credited interest rate;
5 (B) the previous credited interest rate;
6 (C) the minimum credited interest rate stated in
7 the policy; and
8 (D) the effective date of the change; and
9 (2) including a prominent display of the new age and
10 year at which the policy will lapse based on all changes to
11 non-guaranteed charges and the credited interest rate if there are
12 no changes to payments or coverage.
13 (b) The notice under Subsection (a) must include the
14 insurer's telephone number and the following statement placed
15 prominently on the front of the notice:
16 "YOU SHOULD KNOW: This decrease may change the value of your
17 policy and may change how long your policy will last unless you
18 increase your premium payments or reduce your coverage. Ask your
19 insurance company for an in-force illustration that shows the
20 effect of this change on your policy and discuss with your agent or
21 financial advisor other options that are available to you."
22 (c) Notwithstanding any other provision of this section,
23 this section does not apply to or require disclosures for a variable
24 universal or indexed life insurance policy.
25 Sec. 1101.206. ANNUAL ILLUSTRATION. Regardless of whether
26 any non-guaranteed charges are changed, an insurer that issues a
27 policy subject to this subchapter must offer to provide to the4
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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/m1/4/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.